SCHEDULE 13D/A: Major Investor Brett Blundy's Entities Increase Stake in Victoria's Secret to 11.7%

Entities associated with investor Brett Blundy have significantly increased their beneficial ownership in Victoria's Secret & Co. through recent open market purchases, bringing their total stake to 11.7%.

Summary

• The filing is an Amendment No. 1 to a Schedule 13D, updating beneficial ownership information for Victoria's Secret & Co. (the "Issuer").
• The Reporting Persons include BBFIT Investments Pte Ltd, The BB Family International Trust, BBRC International Pte Limited, and Brett Blundy.
• BBFIT Investments Pte Ltd made several open market purchases of Victoria's Secret Common Stock in March 2025.
• On March 6, 2025, BBFIT purchased 54,000 shares at a weighted-average price of $19.9798 per share.
• On March 7, 2025, BBFIT purchased 496,000 shares at a weighted-average price of $19.1677 per share.
• On March 10, 2025, BBFIT purchased 542,000 shares at a weighted-average price of $17.3235 per share.
• On March 11, 2025, BBFIT purchased 480,000 shares at a weighted-average price of $16.525 per share.
• All share purchases were funded by the working capital of BBFIT.
• As of the filing date, the Reporting Persons collectively beneficially own 9,175,019 shares of Victoria's Secret & Co.
• This aggregate ownership represents approximately 11.7% of the Issuer's 78,621,590 shares outstanding as of November 29, 2024.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. A significant increase in stake by a major investor like Brett Blundy suggests confidence in the company's future, which is generally viewed favorably. However, the purchases occurred during a period of declining stock prices, which introduces a slight negative nuance, but the overall action of increasing the stake is positive.

Positives

• A significant increase in beneficial ownership by a major investor (Brett Blundy and associated entities) indicates confidence in Victoria's Secret & Co.'s future prospects.
• The purchases were made in open market transactions, suggesting a belief in the current valuation or long-term potential of the company's stock.

Negatives

• The share purchases occurred at progressively declining weighted-average prices, from $19.9798 on March 6, 2025, to $16.525 on March 11, 2025, which could suggest a falling stock price during the accumulation period.

Future Outlook

NA

Management Comments

• "The Reporting Persons undertake to provide to the Issuer or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to this Schedule 13D."
• "The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own."
• "Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own."

Industry Context

This filing indicates a significant investment by a prominent private investor in Victoria's Secret & Co., a major player in the intimate apparel and beauty retail sector. Such an increase in stake by a large shareholder can signal a belief in the company's turnaround potential or long-term value, potentially influencing market perception within the broader retail industry.

Stakeholder Impact

• Shareholders: The increased stake by a prominent investor could be perceived positively, potentially boosting investor confidence and share price.

Next Steps

• Reporting Persons undertake to provide full information regarding shares purchased at each separate price upon request by the SEC staff.

Key Dates

Recommendation

Keywords

Victoria's Secret & Co., VSCO, Schedule 13D/A, Beneficial Ownership, Brett Blundy, BBFIT Investments, Share Purchase, Investor Stake, Retail, Apparel