Victoria's Secret just threw a new charge into its boardroom brawl with billionaire investor Brett Blundy: covert store visits to scoop up inside data. In proxy materials filed with the SEC on Monday, the retailer says a senior executive from Blundy's BBRC International, which owns 13% of VS, posed as a Victoria's Secret insider while visiting at least 17 stores in late 2024, asking staff for confidential sales figures—and getting them in some cases, the Wall Street Journal reports. The visits allegedly came as Blundy was readying rival lingerie label Léays, which launched in 2025. BBRC's lawyers later told Victoria's Secret that any sensitive information collected had been destroyed.
The allegations surface as Blundy wages a proxy fight after being denied a VS board seat for a third time, with the company citing "reputational" and conflict-of-interest risks and pointing to executives he has hired who have faced serious misconduct claims. Blundy is urging shareholders to withhold support from board chair Donna James and another director; that second director, Mariam Naficy, has since opted not to seek re-election, in part because of the pressure campaign, Reuters reports. A Blundy spokesman calls the espionage claims a distortion of routine diligence and says the real issue is "accountable governance" at VS. Meanwhile, under CEO Hillary Super, Victoria's Secret says sales are growing again and its stock has surged about 140% over the past year.
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