Victoria’s Secret rises after it adds a poison pill to fend off activist investor
The legacy lingerie brand wants to protect management (and its valuation) as its stock craters.
Victoria’s Secret shares jumped as much as 3.5% after the lingerie giant adopted a shareholder rights plan, or “poison pill.” The move was aimed at stopping Australian billionaire Brett Blundy from gaining too much control of the company after his Singapore-based firm, BBRC International, boosted its stake to about 13% and shifted to activist-style filings earlier this year.
The pill would kick in if any investor hits a 15% ownership threshold, triggering the issuance of new shares to dilute their stake. Victoria’s Secret said the move is meant to protect long-term shareholders and block any efforts to seize control without paying a premium.
Blundy has been in talks with the company for years and recently launched a rival lingerie brand, Léays. Victoria’s Secret stock has tumbled more than 43% this year, fueling concerns of a takeover attempt that would capitalize on its weaker valuation.
Victoria’s Secret tapped Hillary Super, the former CEO of Rihanna’s Savage X Fenty, last August to take the reins as chief executive, hoping to reboot growth amid rising pressure from brands like Skims. But tariffs and broader retail headwinds have made the turnaround a challenge.
