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