Australian billionaire takes off the gloves

Brett Blundy, Australia’s most low-profile and publicity-shy billionaire, doesn’t much enjoy being on stage. However, he turned his fight against Victoria’s Secret, one of the most famous brands in the world, into a public war.

It’s getting more sinister and personal as the Monaco-based Australian investor and rag dealer takes off the gloves and takes his fight into the public arena.

Having been behind brands such as Bras N Things, Adairs, Best and Less and Lovisa over the years, Blundy has become one of our most successful investors and founders in retail brands. For three years, he has been buying shares in Victoria’s Secret, the world’s largest specialty clothing company, famous for its push-up bras and Brazilian panties. He appears motivated by his candidacy as a comeback opportunity.

The Victoria’s Secret brand, which boldly markets intimate clothing with its sexy supermodels, has experienced lackluster financial performance in recent years; This is reflected in share prices, which have fallen by more than 12 percent this year.

This management fight is now as seductive as a Victoria’s Secret runway show.

Blundy announced plans to oust the head of Victoria’s Secret and remove other board members after unsuccessfully trying to be appointed as a director for a year.

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Both parties are at pains to declare that they are trying to establish a cooperative relationship with each other, but the evidence suggests otherwise.

In response to Blundy’s previously unsuccessful behind-the-scenes approaches to joining the Victoria’s Secret board, the company in May this year implemented a so-called poison pill to thwart any moves by Blundy to increase its stake above 15 percent from the current 13 percent.