BBRC International PTE Limited, holding 12.9 % of Victoria’s Secret & Co., sent a letter to the company’s board on November 4, 2025, demanding the removal of Chair Donna James and the appointment of founder Brett Blundy as a board member.
The letter cites concerns over governance, cybersecurity oversight, and the lack of technology expertise among current directors. BBRC also highlights minimal stock ownership by board members and references a cybersecurity lapse earlier in the year.
Victoria’s Secret has recently reported positive sales growth. In Q3 2024, net sales rose 7 % to $1.347 billion, and adjusted operating loss improved to $28 million from $60 million in the same quarter a year earlier. In Q2 2025, net sales increased 3 % to $1.459 billion, with adjusted operating income of $55 million versus $62 million in Q2 2024.
The company raised its full‑year 2025 sales guidance to $6.330 billion–$6.410 billion and appointed Hillary Super as CEO in September 2024. New presidents for the Victoria’s Secret, PINK, and Beauty brands were named in April 2025.
BBRC has been an activist investor in Victoria’s Secret since 2022 and previously filed a Schedule 13D in February 2024. The firm also criticized the company’s shareholder rights plan adopted in May 2025 and alleged that the company failed to file required antitrust notices for nearly three years.
Another activist, Barington Capital Group, had earlier urged board changes and the removal of the shareholder rights plan in June 2025, citing a $2.4 billion loss in shareholder value under the current board.
Management has not yet issued a formal response to BBRC’s letter, and the company has not announced any immediate changes to its board composition.
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