Victoria’s Secret accused Brett Blundy, an Australian billionaire and major shareholder, of orchestrating a proxy fight to oust two board members. The lingerie giant called Blundy’s bid a “distracting campaign” after his repeated attempts to secure a board seat were rejected. The company’s board cited “serious reputational, legal, and governance risks” tied to Blundy’s history, including prior conflicts with other firms.

Blundy’s private-equity firm, BBRC International, has quietly pushed for leadership changes since 2024, escalating tensions in the company’s monthslong standoff.