In the delicate dance of lingerie, the corset has long symbolized both constraint and liberation—a paradox that now plays out in the boardroom of Victoria’s Secret. Australian billionaire Brett Blundy, whose BBRC International holds a 13% stake in the brand, has launched a proxy battle to unseat two board members, chair Donna James and director Mariam Naficy, ahead of the June annual meeting.
Blundy’s open letter to shareholders praises CEO Hillary Super—a recruit from Savage x Fenty, where she helped weave inclusive sizing into the fabric of modern lingerie—but argues the board has failed to match her ambition. “Months of turnaround do not make up for years of underperformance,” he writes, pointing to the $591 million Adore Me acquisition that missed EBITDA targets, and $155 million in impairment charges. He questions why it took three years and a 70% stock decline to replace the prior CEO, noting James’s 25-year tenure as a governance concern.
Victoria’s Secret, once the garter-belted titan of mall culture, has staged a revival under Super—shares up 117%—but Blundy insists the foundation needs repair. Proxy battles are rare; Lululemon faces a similar challenge from founder Chip Wilson. For a brand that redefined the push-up bra, the question now is whether its board can support the structure beneath the lace.
The Lingerie Museum notes: Victoria’s Secret was born in 1977 as a refuge for men uncomfortable buying lingerie. Its current struggle reflects a broader shift from fantasy to fit—a corset unlaced, if only the board will let it breathe.
Originally reported by WWD