'Most people fear him': Behind Brett Blundy's Victoria's Secret gambit
The reclusive billionaire is best known for launching or reviving small Australian retailers. That's why his activist campaign against an iconic US lingerie brand is surprising.
The small Sydney office of reclusive billionaire Brett Blundy’s private investment company fittingly lies just metres from Sydney’s busy Pitt Street shopping precinct.
The modest office of BBRC Capital Management – little more than a glass door, a double row of desks, and a printer perched on a chair – couldn't be further from the superyachts and casinos of Monaco, the elite European enclave where Blundy himself leads a glamorous if quiet life.
Blundy visited these unassuming digs in May to launch his latest lingerie chain Léays. It was at that time that, BBRC, which is best known for investing and nurturing Australian retail brands ranging from Lovisa to Best & Less, launched one of its most audacious plays to date.
On 9 June, BBRC fired off an angry letter to the board and management team of one of the world's most iconic retail brands - New York listed lingerie seller Victoria's Secret. Among other things, it accused the company's leadership of delivering "Dismal Total Stockholder Returns " and engaging in "Failed Capital Allocation" as well as "Disastrous Board-Level Decisions". The stock is down more than 64% since it listed in 2021, the letter noted.
