Latest news with #BBRC
Yahoo
3 days ago
- Business
- Yahoo
Victoria's Secret responds after website, app shutdown leaving customers in the dark
REYNOLDSBURG, Ohio (WCHM) — Victoria's Secret is responding after customers said they were confused when the company shut down its website and app without fully explaining its decision. 'We identified and are taking steps to address a security incident,' a spokesperson for the retailer said in a statement sent to NBC4. 'We immediately enacted our response protocols, third-party experts are engaged, and we took down our website and some in store services as a precaution. We are working to quickly and securely restore operations. We continue to serve customers in our Victoria's Secret and PINK stores.' A message on the website has also been updated. Previously, it stated, 'We identified an issue affecting the operation of our site. Thank you for your patience while we work to restore operations. In the meantime, you can visit your local Victoria's Secret and PINK stores.' Now the communication echoes the official announcement, 'Valued customer, we identified and are taking steps to address a security incident. We have taken down our website and some in store services as a precaution. Our team is working around the clock to fully restore operations. We appreciate your patience during this process. In the meantime, our Victoria's Secret and PINK stores remain open and we look forward to serving you.' On social media, shoppers report that the outage began on Sunday, before Memorial Day. The company's last Facebook post, time-stamped May 25 at noon, advertises a sale on body care items. However, the hundreds of comments under the post mainly refer to the online blackout. 'I can't believe they haven't said anything about this issue, not a text or email apologizing,' one client wrote. The days-long silence led many people to speculate about a data breach or ransomware attack, several mentioning concerns about having their information exposed. 'At least respond to customers,' said one Facebook commenter. 'The fact that there is no update and no response is alarming.' The shutdown comes days after the company announced it was taking a 'poison pill' approach to stop a potential takeover by an Australian investment firm. BBRC International recently bought up about 13% of the company's stock. The Victoria's Secret & Co. board adopted a temporary 'shareholder rights plan' designed to prevent an investor, like BBRC, from quietly buying up too many shares and gaining control of the company without offering a fair price to all shareholders. 'In light of the circumstances and consistent with its fiduciary duties, the Board determined it was necessary to adopt a rights plan to protect the long-term interests of all Victoria's Secret shareholders and guard against tactics to gain control of the Company without paying all shareholders an appropriate premium for that control,' said board chair Donna James in a news release. VS&Co noted the board is concerned because BBRC has a history of buying retail brands and just launched its own lingerie, sleepwear, and beauty brand. BBRC's website shows that its investments include DISSH, Lovisa, Best & Less, Hot 8 Yoga, BBCR Private Equity, Plant Therapy and BBRC Beef. Prior investments include Accent Group, Aventus Property Group & Retail Fund, Bras N things, Adairs and Universal Store. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business of Fashion
3 days ago
- Business
- Business of Fashion
Victoria's Secret Website Down in Dayslong Unexplained Outage
Victoria's Secret & Co.'s website was offline Wednesday, with some customers saying they've been unable to shop online with the lingerie maker since at least Monday. The company's website shows a black screen with the text: 'We identified an issue affecting the operation of our site.' No explanation was provided on its social media channels. The Reynoldsburg, Ohio-based company did not respond to a request for comment. Its shares fell as much as 7.7 percent Wednesday, the most since April 10. Website outages lasting more than a day are uncommon for major apparel brands like Victoria's Secret. Digital sales, including from its website and mobile applications, accounted for a third of the lingerie maker's revenue in 2024, or $2 billion. ADVERTISEMENT The outage comes as activist firm BBRC International Pte Limited attempts a takeover of Victoria's Secret. In response, the retailer, which is due to report earnings next week, adopted a poison pill strategy to fend off the bid. Meanwhile, Victoria's Secret is in the midst of a turnaround effort, which includes revamping its stores and emphasising inclusivity. By Lara Sanli Learn more: Victoria's Secret Adopts Poison Pill to Thwart Investor BBRC After BBRC significantly increased its shares, the undergarments, sleepwear and beauty brand introduced a new shareholders rights plan with the goal of preventing a hostile takeover.
Yahoo
22-05-2025
- Business
- Yahoo
Victoria's Secret adopts poison pill to halt hostile takeover
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Victoria's Secret & Co's board of directors approved the adoption of a limited-duration shareholder rights plan, or poison pill, to protect the best interest of shareholders, according to a Tuesday announcement. The plan was effective Tuesday and expires in one year. The strategy is in response to the 'substantial accumulation' of Victoria's Secret stock by investment firm BBRC International. BBRC began increasing its position in Victoria's Secret in March to around 13% of outstanding shares. Victoria's Secret will issue one right per share of common stock on May 29, which will become exercisable if a shareholder acquires a 15% or higher stake. Victoria's Secret is pushing back after an Australian investment firm acquired a considerable amount of the company's stock. Victoria's Secret said that, for nearly three years, BBRC acquired stock in violation of U.S. antitrust law. The retailer said the investment firm failed to file forms required under the Hart-Scott-Rodino Act. BBRC has since made corrective filings that would permit the firm to acquire nearly 50% of Victoria's Secret's voting stock once the waiting period expires on Wednesday. A poison pill is a way of deterring investors from amassing enough shares to take control of a company or stage a takeover without the board's approval. 'In light of the circumstances and consistent with its fiduciary duties, the Board determined it was necessary to adopt a rights plan to protect the long-term interests of all Victoria's Secret shareholders and guard against tactics to gain control of the company without paying all shareholders an appropriate premium for that control,' Donna James, board chair, said in a statement. BBRC did not respond to Retail Dive's request for comment. Victoria's Secret has been in talks with BBRC representatives and its owner, billionaire businessman Brett Blundy, for the past three years. 'We value Mr. Blundy's input as a shareholder and look forward to continuing our dialogue,' James said. However, the retailer pointed to BBRC's track record of acquiring controlling interests in retail companies and its recent launch of lingerie, sleepwear and beauty brand, Léays. Blundy also founded Bras N Things in the 1980s and eventually sold it to Hanesbrands in 2018 for around $400 million.
Yahoo
22-05-2025
- Business
- Yahoo
Victoria's Secret Uses ‘Poison Pill' as Brett Blundy's BBRC Increases Stake
On May 20, Australian billionaire Brett Blundy's investment vehicle, BBRC International Private Limited, increased its stake in the lingerie manufacturer, Victoria's Secret & Co. (NYSE:VSCO), to implement a limited-duration shareholder rights plan. According to Board Chair Donna James, the "poison pill" prevents anyone from taking over the business without paying all shareholders a fair premium. One right will be granted per share on May 29 under the proposal, and it will only be exercisable if one investor purchases 15% or more of Victoria's Secret & Co. (NYSE:VSCO) shares. After the announcement, shares began trading at $22.87, which showed a slight increase. A middle aged woman in a boutique trying on intimate products. Since March, BBRC has acquired over 10.31 million shares, or 13% of Victoria's Secret & Co. (NYSE:VSCO). According to the retailer, BBRC purchased stock for over three years without submitting required antitrust filings, but the company has already rectified the documentation, allowing it to raise its holding to as much as 49.99% once a mandated waiting period ends on May 21. Victoria's Secret & Co. (NYSE:VSCO) is facing weak demand as consumers reduce their discretionary spending due to recession concerns and tariff uncertainties. As the business completes its turnaround, the right strategy seeks to maintain strategic flexibility. Board concerns about possible creeping acquisition methods have been heightened by BBRC's history of gaining control of retail firms, including the recent introduction of its own lingerie and beauty line and its support of companies like Bared Footwear and Oz Hair & Beauty. While we acknowledge the potential of VSCO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than VSCO and that has 100x upside potential, check out our report about this READ NEXT: and . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fashion Network
20-05-2025
- Business
- Fashion Network
Victoria's Secret adopts 'poison pill' after Australian billionaire's firm raises stake
Victoria's Secret adopted a shareholder rights plan on Tuesday, after Australian billionaire Brett Blundy's investment firm increased its stake in the lingerie maker. The 'poison pill' plan, known as a limited-duration shareholder rights plan, was adopted to "guard against tactics to gain control of the company without paying all shareholders an appropriate premium for that control," Board Chair Donna James said. Shares of Victoria's Secret were marginally higher at $22.87 in early trading. Under the plan, Victoria's Secret said it will issue one right per share on May 29, which would become active only if a shareholder acquires a 15% or more stake. Blundy-controlled BBRC International Private Limited has increased its stake in Victoria's Secret since March, the apparel maker said. As of April this year, the investment firm holds about 10.31 million shares, or about a 13% stake in the lingerie maker. BBRC bought Victoria's Secret shares for nearly three years without the required filings, which was in violation of U.S. antitrust rules, the specialty retailer said. The investment firm has now corrected its paperwork, which will enable it to acquire up to 49.99% of voting stock once a mandatory waiting period ends at 11:59 p.m. ET on May 21, Victoria's Secret added. Victoria's Secret's poison pill comes at a time when the lingerie maker has been grappling with tepid demand, as consumers avoid expensive purchases amid rising tariff uncertainty and fears of an economic recession. BBRC, which recently launched a new lingerie and beauty business, has a history of taking control of retail brands, Victoria's Secret said. Blundy's investment firm has also backed consumer companies such as shoe brand Bared Footwear and Oz Hair & Beauty.
