Victoria's Secret Board Defeats Billionaire Brett Blundy's Proxy Challenge
Victoria's Secret & Co. shareholders voted to re-elect all nine board members at the company's annual meeting, defeating a proxy campaign by Australian billionaire Brett Blundy's investment firm BBRC International. Blundy, the company's second-largest shareholder with a 13% stake, had sought to remove board chair Donna James and other directors, but scaled back his campaign last month to focus solely on ousting James. The result is a significant defeat for Blundy and a strong endorsement of current leadership, with James receiving over 99% approval from shareholders excluding BBRC's votes.
Victoria's Secret & Co. shareholders overwhelmingly backed the company's existing board at its annual meeting on June 12, 2026, re-electing all nine director nominees and rejecting the proxy challenge mounted by Australian retail billionaire Brett Blundy's firm BBRC International. Board chair Donna James, the primary target of Blundy's campaign, was re-elected with over 83% of all votes cast and over 99% of votes excluding BBRC's. Blundy, who holds a 13% stake making him the company's second-largest investor, had originally sought to remove James and three other board members while installing his own nominees, but withdrew the nomination slate last month and narrowed his focus to removing James on grounds of insufficient board refreshment and independence. Victoria's Secret's board had countered by alleging BBRC violated US securities laws and raising concerns about Blundy's track record, including hiring executives with histories of alleged sexual harassment, citing specific issues at BBRC-linked companies Lovisa and Honey Birdette. The company declared the outcome a 'decisive statement of support' for its current leadership and its 'Path to Potential' strategy, noting that Victoria's Secret shares are trading at their highest levels since 2021.
What's missing
The articles do not detail what specific US securities law violations Victoria's Secret alleged against BBRC, nor the current status of any regulatory proceedings related to those allegations. Blundy's full public response to the shareholder vote outcome is also not reported.
How coverage differed
Bloomberg's brief report framed the result neutrally as a board win and a loss for Blundy. The Sydney Morning Herald and The Age provided substantially more detail on the background of the proxy battle, including allegations against Blundy's track record and the specific misconduct claims raised by Victoria's Secret's board, giving the story a more investigative tone.
What different sources said
- Sydney Morning HeraldCenter
Victoria’s Secret fends off reclusive Aussie billionaire
- BloombergCenter
Victoria’s Secret Board Wins Shareholders Approval
- The AgeCenter
Victoria’s Secret fends off reclusive Aussie billionaire
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