Brett Blundy is still keen on getting into the Victoria’s Secret & Co. boardroom.
But the billionaire investor and entrepreneur, whose BBRC International owns 12.9 percent of the lingerie giant, said he’s being put off.
Victoria’s Secret said it is just being mindful of who it lets get close and conducting additional due diligence of Blundy given “conflicts of interest and competitive concerns.”
Blundy first bought into Victoria’s Secret in 2022 and has been trying to nudge the company both behind the scenes and in public.
“We have initiated several calls, meetings and email exchanges with the board this year to communicate our views and solve the long-term problems with the company’s direction,” Blundy wrote on Tuesday in a letter to the company’s directors.
“Unfortunately, the board, through its counsel at Kirkland & Ellis, took an adversarial stance that precluded meaningful dialogue and has continued with that approach despite our request for constructive engagement on board representation,” he said.
Blundy is both looking to join the board and oust chair Donna James, who’s been a director for over 22 years and has been in the head chair since the business was spun off from L Brands four years ago.
“The board’s historical oversight of capital allocation, M&A activity and cybersecurity — particularly the lapse this spring — raises concerns about whether the current directors possess adequate experience and skills to effectively manage risk and anticipate vulnerabilities,” the investor claimed.
That was a reference to both the Adore Me acquisition, which Blundy has said did not produce “meaningful returns,” and the company’s website outage that slowed business for several days around Memorial Day this year.
“Despite numerous meetings, emails and significant time invested in dialogue, we have not received an answer to a straightforward question: would the board welcome me as a director?” Blundy said. “The board’s inability to provide a clear response after several months of engagement is another indication of its operational ineffectiveness.”
If the board doesn’t change course, Blundy said he intends to try to replace directors at the company’s next annual meeting.
The board responded that it has “engaged extensively with BBRC” and has outperformed other specialty retailers with an 89 percent increase in its stock price since Hillary Super was named chief executive officer last year.
Victoria’s Secret already considered Blundy as a director in late 2023 and early 2024.
“At the board’s invitation, Mr. Blundy presented at the board’s late September 2025 meeting, where he demanded his appointment to the board and made multiple new demands including the resignation of the board’s chair, the suggestion that he should be made chair,” the board said.
“In response, the board promptly launched a renewed evaluation of Mr. Blundy’s director candidacy, including additional required due diligence and vetting due to conflicts of interest and competitive concerns, and the potential for reputational and legal risk arising from past conduct-related issues at affiliates owned or controlled by BBRC,” the board said.
In May, Blundy launched Léays, a lingerie brand that sits squarely in Victoria’s Secret sweet spot.
Victoria’s Secret said its “good-faith evaluation of Mr. Blundy’s candidacy remains ongoing.”
