Articles by Elizabeth Knight

Technology

Australian billionaire takes off the gloves in Victoria’s Secret brawl

Australia’s lowest-profile and publicity-shy billionaire Brett Blundy doesn’t relish being centre stage. But he has just supercharged a battle with one of the world’s most renowned brands, Victoria’s Secret, into a very public war. It is becoming increasingly vicious and personal as the Australian investor and rag trader, who lives in Monaco, has removed the gloves and taken his fight into the public arena. Blundy, who over the years has been behind brands such as Bras N Things, Adairs, Best and Less and Lovisa, has been one of our most successful investors in, and founders of, retail brands. For three years, he has been building a stake in Victoria’s Secret, which is the largest intimate apparel company in the world made famous by push-up bras and Brazilian knickers. He appears to have been motivated by its candidacy as a turnaround opportunity. The Victoria’s Secret brand, known for its sexy supermodels boldly marketing intimate apparel, has suffered lacklustre financial performance in recent years – which has been reflected in its share price that has fallen more than 12 per cent this year.