In the rarefied air of high-stakes fashion finance, a drama worthy of a gilded boudoir is unfolding. Victoria’s Secret & Co., a name that has alternately defined and defied American lingerie culture since its 1977 founding by Roy Raymond, finds itself cinched in a proxy battle. The board is closing ranks against BBRC International, the investment vehicle of Australian billionaire Brett Blundy, who holds a 13 percent stake—making him the second-largest shareholder. Blundy is seeking to oust chair Donna James and director Mariam Naficy, a move the board has labeled “distracting.”
To understand the tension, one must look beyond the balance sheet and into the brand’s own history of reinvention. Victoria’s Secret, which revolutionized the market by bringing luxury lingerie to the mall, spent decades as a symbol of a singular, glossy femininity. Yet the corset of that image proved too tight; sales slumped as consumers demanded inclusivity and comfort. Enter CEO Hillary Super in September 2024, tasked with loosening the stays. Her “Path to Potential” strategy—a pivot toward body positivity, adaptive designs, and digital intimacy—has delivered a 164 percent shareholder return, a remarkable recovery in an industry where hemlines and sentiments shift like silk.
But Blundy, who once attempted to buy the company before its 2021 spinoff from L Brands, argues that a few months of turnaround cannot erase years of underperformance. In an open letter, he praised Super’s vision but insisted she “deserves a board that matches her ambition.” The board, however, counters that Blundy’s candidacy was rejected in November 2025 due to “serious reputational, legal, conflict of interest and governance risks.”
As the June annual meeting approaches, the question is whether this proxy fight will tighten or release the brand’s own structural constraints. In lingerie, as in business, the right support can change everything.
Originally reported by WWD