Victoria’s Secret says in process of ‘carefully vetting’ Blundy’s candidacy

Victoria’s Secret (VSCO) issued the following statement regarding the recent public letter from BBRC International Pte Limited and its Chairman, Brett Blundy, sent to VS&Co’s board: “The Board has engaged extensively with BBRC and is conducting a thorough review of Mr. Blundy in response to his demand for a Board seat and other changes. Members of the Board and management team have met extensively with Mr. Blundy and other BBRC representatives over the past three years, including during the previous evaluation of his director candidacy in late 2023 and early 2024. At the Board’s invitation, Mr. Blundy presented at the Board’s late September 2025 meeting, where he demanded his appointment to the Board and made multiple new demands including the resignation of the Board’s Chair, the suggestion that he should be made Chair, and other extensive changes to Board and committee composition. In response, the Board promptly launched a renewed evaluation of Mr. Blundy’s director candidacy, including additional required due diligence and vetting due to conflicts of interest and competitive concerns, and the potential for reputational and legal risk arising from past conduct-related issues at affiliates owned or controlled by BBRC, each of which has at various times been discussed with at least one of the four outside counsel BBRC has engaged throughout the process. This process has included multiple in-person and virtual meetings and written correspondence between BBRC and members of the Board and other Company representatives, and respective counsel. This process was agreed upon by both parties, follows best practices, and the Company approached all discussions in a spirit of collaboration. The Board’s good-faith evaluation of Mr. Blundy’s candidacy remains ongoing. However, despite the Board’s collaborative approach, Mr. Blundy has refused to respond to follow-up questions that he and his counsel insisted the Company send. Instead, the Board was disappointed that rather than responding to these questions, BBRC has sought to pre-empt the Board’s process with today’s letter, which was circulated to the media before it was even sent to the Board, an action that we believe demonstrates a lack of interest in a constructive approach. Nevertheless, the Board has consistently engaged with BBRC, welcomed Mr. Blundy’s input, and encouraged open communication. We remain committed to fulfilling our fiduciary duties to the Company and its shareholders, enhancing value and achieving outcomes that serve the best interests of all shareholders.”