Victoria’s Secret successfully beat back a boardroom challenge from Australian billionaire Brett Blundy, securing shareholder support for its existing board and turnaround strategy, according to a report from Inside Retail Asia.
Blundy, who holds a significant stake, had pushed for board seats and a shift in strategy, arguing the company needed fresh leadership to revitalize its brand amid declining sales. However, at a recent shareholder meeting, a majority voted to re-elect the current directors and endorsed management’s ongoing turnaround plan.
The victory strengthens CEO Hillary Super’s position as she continues efforts to modernize the brand, including expanding size inclusivity and revamping store experiences. The company’s ability to fend off activist pressure signals confidence in its current direction, though Blundy may remain a vocal stakeholder.