URGENT UPDATE: Australian billionaire entrepreneur Brett Blundy has launched a bold multi-billion dollar bid to seize control of the iconic lingerie brand Victoria’s Secret, sending shockwaves through the fashion industry. This power move comes as Victoria’s Secret struggles with a significant slump in financial performance, with its share price plummeting over 25 percent in the past year.
Blundy, known for his retail successes with brands like Bras N Things and Best & Less, is now demanding a restructuring of the company’s leadership. His aggressive bid includes plans to oust chairwoman Donna James and other board members, marking a dramatic shift in the dynamics of the world’s largest intimate apparel retailer, which operates over 1,380 stores across nearly 70 countries.
Victoria’s Secret has faced mounting challenges, attempting to rejuvenate its image with new marketing strategies, including the introduction of the VS Collective line featuring influencers and athletes. However, these efforts have failed to reverse its declining stock performance. Blundy, who holds a 13 percent stake in Victoria’s Secret through his company BBRC Worldwide, has been critical of the company’s management, labeling its current governance as having a “stale perspective.”
Living in Monaco with his wife, Vanessa Speers, Blundy is a reclusive figure who has quietly amassed a fortune estimated at $3.6 billion. His recent public declaration of intent marks a rare foray into the spotlight for the investor, who has built his wealth through strategic investments in various retail sectors.
In a letter to Victoria’s Secret, Blundy expressed his concerns about the brand’s direction, stating that it possesses “tremendous intrinsic value” that has not been realized due to what he describes as “continued mismanagement.” He has urged the board to reconsider its current path and embrace a more aggressive strategy to regain market relevance.
As Victoria’s Secret evaluates Blundy’s demands, including his request for a board seat, the company is also reviewing potential conflicts of interest and legal risks associated with past governance issues. Investors are anxiously watching how this high-stakes battle unfolds, as the outcome could significantly reshape the future of the lingerie giant.
Victoria’s Secret, once synonymous with glamorous fashion shows featuring supermodels like Gisele Bündchen and Tyra Banks, has struggled to maintain its once-dominant market position. The brand’s attempts to pivot by showcasing a more diverse lineup of models and relaunching its celebrated fashion show have yet to yield the desired results.
With Blundy’s bid escalating tensions within the company, industry experts are speculating on the potential implications for Victoria’s Secret and its future strategy. Investors are now left wondering if Blundy’s takeover attempt could herald a new era for the beleaguered brand or if it will further complicate its recovery efforts.
As developments continue to unfold, all eyes are on the boardroom of Victoria’s Secret, where crucial decisions will determine the fate of one of fashion’s most iconic names. Stay tuned for more updates as this story develops.
