Billionaire Brett Blundy Reclaims Bras N Things with $700m Retail Deal

The latest sale was handled through BB FIT Investments, an arm of Blundy’s private investment company BBRC Worldwide, and is expected to complete later this year.

Blundy’s company sold another Australian intimate apparel brand, Honey Birdette, to Playboy for $439 million in 2021.

It’s not the first time the portfolio has changed hands. Hanesbrands picked up Bonds, Berlei and Sheridan when it acquired Australian company Pacific Brands—restyled Hanes Australasia—for $1.1 billion in 2016.

Hanesbrands ran into trouble in 2023 with activist investor Barington Capital Group pressuring the company to replace its chief executive and cut admin costs by $300m a year when Hanesbrands’ stock value dropped by about 17 per cent.

Blundy sold a 50 per cent share in Bras N Things in 2008 to ANZ and IMF Investors, but bought it back in 2013.

Bonds, Berlei and Sheridan were all founded in Australia in the mid-late 20th century.

▲ Iconic brand Bonds was among the labels Blundy has scooped up as part of the deal with  Canadian clothing manufacturer Gildan Activewear.

Alongside Bras N Things, the four companies bring in $80 million annually and generate $1 billion in sales annually.

BBRC Worldwide reportedly has $3 billion invested in retail brands across the globe.

The company’s investments include mum-and-daughter global fashion brand DISSH, clothing retailer Best and Less, a jewellery brand chaired by Blundy called Lovisa, and Victoria’s Secret.

Blundy founded yet another lingerie brand last year—Léays.

Victoria’s Secret blocked Blundy from taking over its company’s chair earlier this year, accusing him of having a conflict of interest owing to his launch of Léays.

The US lingerie giant also accused Blundy “of hiring executives with a history of serious allegations of sexual harassment or other misconduct”, according to media reports.

Blundy has been estimated to be worth $4.5 billion.