BREAKING: Australian billionaire entrepreneur Brett Blundy has launched a multi-billion dollar bid to take control of the iconic lingerie brand Victoria’s Secret, marking a significant power shift in the intimate apparel industry. Blundy’s aggressive move comes as the struggling retailer grapples with a sharp decline in market performance, prompting urgent calls for change at the top.
In a striking turn of events, Blundy, who has a nearly 13 percent stake in Victoria’s Secret through his company BBRC Worldwide, is demanding the removal of Donna James, the current chairwoman, as he seeks to revitalize the brand’s profitability and relevance. The announcement was made earlier today, November 8, 2025, and has thrust the typically reclusive investor into the limelight.
Victoria’s Secret, with over 1,380 stores worldwide, has experienced a staggering 25 percent drop in share price over the past year, signaling a critical need for strategic overhaul. Despite recent marketing efforts featuring popular models and influencers, the brand continues to struggle to regain its former glory.
Blundy, 65, who has built a fortune of approximately $3.6 billion, is recognized for creating successful retail brands like Bras N Things, Best & Less, and Honey Birdette. His recent ventures include launching Léays, a lingerie and beauty store in Sydney, which some analysts suggest may indicate his ambitions for Victoria’s Secret.
In a pointed letter to the board, Blundy criticized the current leadership for what he termed a “stale perspective,” further asserting that Victoria’s Secret has “tremendous intrinsic value” that has not been realized due to “mismanagement.” He has expressed a keen interest in restructuring the board to bring fresh leadership that can steer the company back to profitability.
The once-thriving Victoria’s Secret was a household name in the 1990s and early 2000s, famed for its glamorous fashion shows featuring supermodels like Gisele Bündchen and Tyra Banks. However, the brand’s recent attempts to pivot towards younger consumers have struggled to resonate, leading to further declines.
As of now, Victoria’s Secret is reviewing Blundy’s demands amid concerns over potential conflicts of interest and reputational risks arising from past management decisions. Investors are closely watching how this power struggle unfolds, as it may determine the future course of one of the most recognized brands in the fashion industry.
What happens next is crucial. Blundy’s bold move could either reinvigorate the brand or lead to more turbulence for Victoria’s Secret. The retail world is on high alert, and developments are expected to unfold rapidly in the coming days. Stay tuned for updates on this unfolding corporate battle.
