Australian retail billionaire Brett Blundy has been dealt a major blow in his row with Victoria’s Secret after attempting to oust certain members of its board and pushes to be added to the global lingerie brand’s board.
Victoria’s Secret & Co revealed this week that all three independent proxy advisors – Institutional Shareholder Services (ISS), Glass Lewis & Co and Egan-Jones Proxy Services – have recommended its shareholders vote for all nine of the company’s director nominees, including independent chair Donna James, at the company’s 2026 annual meeting of shareholders on June 11.
This essentially rejects Blundy’s calls to remove Donna James and fellow board member Mariam Naficy.
Victoria’s Secret welcomed the recommendations, adding this recognises the role its board and the directors have played in the company’s transformation and recent growth.
The company reported a 15 per cent lift in first quarter sales to US$1.56 billion, with comparable sales up 13 per cent. Victoria’s Secret also reported operating income for the first quarter of 2026 of US$76 million, up from US$20 million in the first quarter of 2025.
“Their recommendation to support all our highly qualified director nominees reaffirms that our board is best positioned to continue overseeing the successful execution of our Path to Potential strategy and continued value creation for shareholders.”
The recommendations follow more than four years of engagement between Victoria's Secret and BBRC – Blundy’s investment business – including over 90 interactions and two full reviews of Blundy’s candidacy for the board. Blundy, through BBRC, owns a 13 per cent stake in Victoria’s Secret.
Blundy is also currently the chairman of Lovisa, and has backed various other fashion businesses over the years, including Honey Birdette and, more recently, Dissh. He also launched Leays last year.
Following the review, the Victoria’s Secret board rejected Blundy’s call to be placed on the global retailer’s board, citing conduct, conflict of interest and governance issues.
In correspondence shared with the United States corporate regulator, Victoria’s Secret shared a range of allegations as to why it rejected Blundy’s candidacy, including taking umbrage with Leays.
In a letter to Blundy himself, which was documented and shared in an SEC filing, the global lingerie retailer claimed that Leays’ products, positioning and marketing are similar to Victoria’s Secret, which they think creates a conflict of interest. The company also pointed out that Leays is managed under Best&Less, another entity majority owned by BBRC.
Ragtrader has reached out to BBRC and Brett Blundy for a response.