Billionaire Brett Blundy Prepares to Launch New Lingerie Brand Amid Fashion Market Shifts

Brett Blundy, a prominent figure in the Australian retail landscape, is making a return to the lingerie and sleepwear sector, a market in which he has built and sold highly successful businesses in the past. Working closely with Mark McInnes, the chief executive of his private investment vehicle BBRC Worldwide, Blundy is reportedly in the process of developing a new lingerie brand. While details remain under wraps, his return signals a continued interest in expanding his retail empire, particularly in a sector where he has made significant profits before. 

Blundy has a remarkable history in the lingerie business, having sold Bras N Things, a major Australian retailer, to the US-based Hanes Group in 2018 for $500 million. Additionally, Honey Birdette, another lingerie brand previously under his ownership, was acquired by Playboy Enterprises in 2021. Drawing from this experience, Blundy has started assembling a high-profile team, including former Bras N Things product head Jessica Lauppe-Guy, Honey Birdette designer Emma Stubbs, and former chief executive of Honey Birdette, Julie Hastings. These key hires indicate that Blundy’s new venture is poised to compete not only in Australia but also in the global market, possibly challenging global giants like Victoria’s Secret. 

BBRC Worldwide, Blundy’s investment arm, is heavily involved in multiple sectors of the retail industry. Through BBRC, Blundy owns Best & Less, a discount clothing retailer, and holds significant stakes in other well-known companies such as City Chic Collective (ASX:CCX), a prominent plus-size fashion retailer. Blundy also serves as the chairman of Lovisa Holdings Ltd (ASX:LOV), a global fast-fashion jewellery retailer with an international presence. 

His retail activity doesn't stop there. Recently, Blundy divested his holdings in Accent Group Ltd (ASX:AX1), an ASX-listed retailer known for its brands like Platypus, Hype, and Hoka, selling his shares for approximately $160 million. Accent Group remains one of Australia’s most prominent footwear retailers, and Blundy’s exit marks a notable shift in his investment portfolio. 

Despite the success he has seen with past lingerie ventures, Blundy’s vision for this new brand appears to be even more ambitious. The yet-unnamed brand is scouting store locations in Sydney and Melbourne, positioning itself to launch in major Australian cities with the potential for international expansion. Given the talent he has recruited, the brand is expected to tap into the global market and compete directly with major lingerie brands, including Victoria’s Secret, where BBRC Worldwide holds a significant investment stake. Victoria’s Secret, which has a global following due to its iconic fashion shows and supermodels, stands as one of the most recognizable names in the lingerie business. Blundy’s involvement with the New York-listed company further reflects his deep connection to the sector. 

Blundy’s return to the Australian lingerie market comes at a time when local fashion retailers face challenges. Mosaic Brands Ltd (ASX:MOZ), the country’s largest specialty fashion retailer, is reportedly struggling, with some analysts predicting potential financial difficulties. Yet, Blundy’s ventures have shown resilience, and he seems unfazed by the broader market conditions. 

His track record with BBRC Worldwide shows a clear appetite for fashion and retail investments. Earlier in the year, BBRC acquired a 40% stake in Queensland-based fashion brand Dissh, a label known for its focus on natural fibres and a rapid design turnover. The brand, celebrated for its breezy and comfortable designs, is now eyeing the US market for expansion, thanks in part to Blundy’s vision and financial backing. 

Mark McInnes, who was brought in to helm BBRC’s retail operations, has a significant background in fashion retail himself. Having previously served as the CEO of Premier Investments Ltd (ASX:PMV), McInnes brings a wealth of knowledge and strategic foresight. His tenure at Premier saw the rapid growth of Peter Alexander, a sleepwear brand now valued at up to $1.6 billion according to E&P Capital brokers. Premier Investments, known for its aggressive expansion strategy, continues to pursue growth avenues for Peter Alexander, including its entry into dozens of international markets. McInnes’ experience in overseeing the expansion of Premier Investments could prove instrumental in guiding Blundy’s latest retail endeavour. 

Blundy, whose personal fortune is estimated at $3.6 billion, continues to maintain a low profile. His residence in Monaco places him among the world’s elite, but he remains active in shaping the Australian and international retail scenes. His consistent ability to innovate and grow brands, especially in the fashion sector, speaks to his prowess as one of Australia’s leading entrepreneurs. 

As his new lingerie brand begins to take shape, it will be interesting to watch how Blundy navigates the challenges of an evolving retail landscape. With global competition heating up and several Australian fashion brands facing turbulent times, Blundy’s venture might set the tone for future success in both domestic and international markets. Investors and market watchers will undoubtedly be keen to see the impact his strategic moves will have on the retail sector and how his diverse portfolio continues to evolve.