The proxy war between Victoria’s Secret and Australian billionaire Brett Blundy has tipped in favour of the famed lingerie retailer. Blundy’s investment firm, BBRC, has failed to change the outcome of recent board elections.

Blundy launched a campaign to remove Victoria’s Secret chair, Donna James, and board member, Mariam Naficy, in early May. At this time, he called upon shareholders to vote against their reelection at the company’s annual meeting of shareholders, after accusing them of “ineffective oversight of management”.

The spat intensified when Victoria’s Secret fought back with explosive claims over the history of its turbulent relationship with BBRC. In this, the retailer slammed Blundy’s “distracting and self-interested proxy contest”, before releasing a timeline of events detailing why Blundy himself wasn’t welcomed onto its board of directors.

These allegations claimed that the would-be board member could bring “significant reputational risk” to Victoria’s Secret. During this dispute, however, BBRC continued to acquire shares in the retailer, becoming its second-largest shareholder.

On June 11, Victoria’s Secret shareholders voted to reinstate all nine of its board members, including James and Naficy. The company said that, excluding BBRC’s votes, James was reelected with 99 per cent approval, and all of the other director nominees received the approval of at least 96 per cent of the votes cast, excluding BBRC.

“We thank shareholders for their overwhelming support in electing all nine of the company’s director nominees,” Victoria’s Secret said in a statement. “Today’s outcome is a decisive statement of support for the current Board leadership from VS&Co’s shareholders.”

The markets have reacted strongly to the news, with the retailer trading at a new peak for the first time since August 13, 2021.