Australian billionaire Brett Blundy wages high-stakes campaign to oust chair of Victoria’s Secret

Brett Blundy’s investment firm, BBRC International, owns about 13% of Victoria’s Secret lingerie brand, well-known for its recently reinstated annual fashion show, pictured. Photograph: Dimitrios Kambouris/Getty Images for Victoria's Secret View image in fullscreen Brett Blundy’s investment firm, BBRC International, owns about 13% of Victoria’s Secret lingerie brand, well-known for its recently reinstated annual fashion show, pictured. Photograph: Dimitrios Kambouris/Getty Images for Victoria's Secret Australian billionaire Brett Blundy wages high-stakes campaign to oust chair of Victoria’s Secret Blundy’s investment firm, BBRC International, owns about 13% of the US-listed lingerie brand, giving it a potential platform to launch a hostile takeover Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Australian billionaire Brett Blundy is waging a high-stakes campaign to oust the long-term chair of Victoria’s Secret & Co, setting the stage for a showdown at the company’s annual meeting in the US on Thursday. Blundy’s investment firm, BBRC International, owns about 13% of the US-listed Victoria’s Secret lingerie brand, making it the second biggest single shareholder and giving it a potential platform to launch a hostile takeover. The Monaco-based Australian is also chair of the Lovisa jewellery brand, founder of the Léays lingerie stores and former owner of the Bras N Things and Honey Birdette brands. Sign up for the Breaking News Australia email BBRC is seeking the removal of long-term chair Donna James from the board after a years-long battle over the company’s strategy, and its decision not to appoint him as a director. Blundy, who has a net wealth of $4.5bn according to the AFR’s rich list, has been pushing for changes at the company since about 2021 and has unsuccessfully sought a position on the board. He went public with his concerns in May, when he asked fellow Victoria’s Secret shareholders to get rid of the chair and another director, Mariam Naficy. Naficy has since decided not to stand for re-election. View image in fullscreen Mark McInnes, Brett Blundy (centre) and Ray Itaoui at a Léays lingerie global launch event in Sydney. Photograph: Don Arnold/WireImage BBRC did not respond to questions from Guardian Australia. Blundy has previously said he was concerned the board was not focused on shareholders’ interest as directors were not heavily invested in the company, according to a letter filed with the US securities and exchange commission. He has argued shareholders have “suffered years of value destruction, misallocated capital and anti-stockholder governance”. Blundy has also claimed James’s long tenure has affected independent oversight. The vote will be held at the company’s annual general meeting at 8.30am eastern time, Thursday (10.30pm AEST). The board of the lingerie and beauty company says it rejected Blundy’s past requests to be on the board due to “significant rep