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Victoria's Secret Blocks Billionaire Blundy from Board
12 May
Summary
- Victoria's Secret cited reputational and legal risks for blocking Brett Blundy.
- One director will not seek re-election due to Blundy's campaign.
- Blundy's firm owns 13% of Victoria's Secret and seeks board changes.
Victoria's Secret disclosed on May 11, 2026, that it rejected billionaire Brett Blundy's bid for a board seat due to concerns over reputational and legal risks, as well as conflicts of interest. The company also announced that a board member would not seek re-election due to Blundy's activism.
Blundy and his investment firm, BBRC International, which holds a 13% stake, had urged investors to withhold votes from two directors. The retailer's filing included a November 2025 letter detailing its decision, citing Blundy's history of hiring executives with harassment allegations and alleged inappropriate employee policies at his controlled companies.
The filing also highlighted that Blundy's company, Leays, operates in the lingerie sector, posing a competitive threat. Furthermore, a BBRC employee was accused of misrepresenting affiliation with Victoria's Secret to access confidential sales information.
Blundy has argued his retail background qualifies him for a board position. An anti-takeover measure adopted after BBRC increased its stake is scheduled to expire later this month.
