Key Summary: Between June 2025 and May 2026, BBRC International escalated its campaign against Victoria’s Secret’s board, criticizing long-term value destruction, weak governance, poor capital allocation, excessive board tenure, and the failed Adore Me acquisition. BBRC repeatedly called for the removal of Chair Donna James, greater board independence, and shareholder representation, eventually launching a proxy campaign against James and Mariam Naficy at the 2026 AGM. The company defended its turnaround strategy and rejected BBRC founder Brett Blundy’s board candidacy over governance concerns, while BBRC continued urging shareholders to oppose James, citing weak oversight, failed buybacks, low insider ownership, poison pill adoption, and governance controversies linked to the Jeffrey Epstein-related litigation at L Brands. On June 12, 2026, the company announced that preliminary voting results from its 2026 annual meeting showed shareholders voted to re-elect the entire board, including independent chair Donna James