Victoria's Secret Accuses Shareholder of Spying for Board Seat

Victoria's Secret is accusing a major shareholder of corporate espionage. This is happening as the company fights his attempt to join the board.
By Newsroom | Business, Retail |

Victoria’s Secret has accused Brett Blundy, a billionaire and the firm's second-largest shareholder, of corporate espionage as the retailer faces an intensifying leadership battle. Documents filed with the US Securities and Exchange Commission (SEC) claim an associate of Blundy’s BBRC International firm posed as a company representative to illicitly acquire confidential sales data from at least 17 retail locations starting in late 2024.

  • The Conflict: Blundy, who holds a 13% stake, is campaigning for a seat on the board. The company has formally rejected this bid, citing these espionage claims and alleged violations of securities and antitrust laws.

  • Corporate Fallout: The friction has caused visible instability within the boardroom. Director Mariam Naficy has withdrawn her bid for re-election ahead of the June 11 annual meeting.

  • Legal Framing: The board contends that Blundy’s history of questionable business practices risks the company’s standing under the L Brands Settlement Agreement.

"Victoria’s Secret employees notified management in late 2024 that a senior employee of Blundy’s private-equity firm BBRC International visited at least 17 stores and falsely presented himself as being affiliated with the lingerie retailer." — Proxy materials filed by Victoria’s Secret.

StakeholderRoleCurrent Status
Brett Blundy (BBRC)13% ShareholderSeeking board seat; accused of spying
Victoria’s Secret BoardGoverning BodyBlocking entry; seeking tech-focused replacement
Mariam NaficyFormer DirectorWithdrawn from re-election

Background and Context

The rift represents a clash between a Corporate Turnaround strategy supported by current leadership and an activist push for structural changes directed by Blundy. By characterizing the activist’s intelligence-gathering as Corporate Espionage, the board is attempting to disqualify Blundy not just through standard voting proxies, but by framing his conduct as a regulatory and ethical liability. The company is now publicly scouting for a new director with expertise in Technology and Artificial Intelligence to fill the gap left by Naficy. The dispute remains a focal point for investors ahead of the upcoming shareholder meeting, marking a shift from internal boardroom disagreement to an open, litigious struggle for influence over the retailer's future.

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Frequently Asked Questions

Q: What did Victoria's Secret accuse Brett Blundy of doing?
Victoria's Secret accused Brett Blundy, a major shareholder, of corporate espionage. They claim his firm's employee spied on at least 17 stores to get secret sales data.
Q: Why is Victoria's Secret fighting Brett Blundy's attempt to join the board?
The company is fighting his board seat bid because they claim he used spying methods. They also say he has a history of bad business practices that could harm the company.
Q: What is happening with the Victoria's Secret board because of this fight?
Board director Mariam Naficy has decided not to run for re-election. The company is also looking for a new director with tech and AI skills.
Q: When is the Victoria's Secret shareholder meeting?
The annual shareholder meeting is on June 11. Investors are watching closely to see how this fight for control will end.