Lingerie group Victoria’s Secret feels compelled to take action now that shareholder Brett Blundly is buying more and more shares. The American group wants to prevent Blundly from gaining a majority stake or even control of the group, according to a newly submitted plan.
Blundly owns the company BBRC International Pte Limited. For some time, this company was a ‘passive investor’. However, since March 2025, it increased its number of shares to 13 percent of the total outstanding shares of Victoria’s Secret & Co.
The lingerie group said in a statement that BBRC had bought shares in recent years but had not complied with anti-competition laws in the US. Namely, the company did not submit the necessary documents. In addition, it did not observe the necessary waiting period. BBRC has since adjusted and submitted the documents, giving the company the option to buy up to 49.99 percent of Victoria’s Secret & Co’s shares. This option is valid from Wednesday, May 21.
It may be attractive for BBRC to gain control of the lingerie group, as the company has often had majority stakes in retail companies and recently started its own lingerie, nightwear and beauty company.
According to Victoria’s Secret & Co, the current share price is now low due to poor market conditions. If an investor now buys many shares and thereby brings about a takeover, many other shareholders will be worse off.
Due to concerns about this possible intention, a limited-term shareholder rights plan has now been set up. The plan is valid for one year. During that year, existing shareholders will receive more rights. The moment someone gets 15 percent or more of the shares, other shareholders (except the one who initiated it) will have the chance to buy more shares for half the price. This will make it more difficult and expensive for BBRC to acquire a majority stake. This will hopefully prevent a sudden takeover.
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