The tension inside Victoria’s Secret & Co.’s boardroom has become impossible to ignore. Billionaire Brett Blundy, whose investment firm BB Retail Capital holds a position as the company’s second-largest shareholder, has launched an aggressive campaign to unseat the lingerie brand’s long-serving chair, setting the stage for a confrontation at the annual shareholder meeting that could redefine the company’s governance structure.
The campaign has already drawn attention from institutional investors and proxy advisory firms, who must now weigh the merits of Blundy’s critique against the disruption of an unseated chair during a period of relative operational stabilization. Victoria’s Secret has defended its leadership, pointing to improved same-store sales figures and the successful expansion of its swim and apparel categories as evidence that the current board’s strategy is gaining traction.
Blundy’s argument, laid out in a series of letters and regulatory filings, centers on what he describes as a persistent failure of oversight during a period when Victoria’s Secret was navigating its most consequential identity shift — the transition from the Angel-heavy marketing engine of the 2000s toward a more inclusive, body-positive brand positioning under the ownership of Sycamore Partners and subsequent public listing. The chair, Blundy contends, presided over strategic missteps that left the company trailing behind rivals like Skims, Savage X Fenty, and ThirdLove in the race for market share among younger consumers.
The annual meeting, scheduled for later this week, will serve as a referendum on whether shareholders believe the current board can guide Victoria’s Secret through its next chapter. Regardless of outcome, the public nature of the challenge has already laid bare the fault lines in the company’s recovery narrative — and the impatience of investors who feel that transformation has not moved quickly enough.
