Brett Blundy is reportedly planning a new brand. Here are his biggest bets to date
Amid reports of a new brand, here are a handful of retail founder and investor Brett Blundy’s most notable successes.
Australian retail founder and multi-billionaire Brett Blundy is reportedly working on a new lingerie brand, after building a fortune from brands like Bras-N-Things and Honey Birdette.
The Australian Financial Review exclusively reports Blundy envisions a new competitor in the global lingerie market, and is scooping up talent from both the Bras-N-Things and Honey Birdette teams.
Should the venture take off, it will mark the latest bet from a founder and investor who has amassed an estimated $3.3 billion fortune.
Here are just a few of the pivotal business decisions and investments that have powered Blundy, and BBRC Worldwide, his private investment firm.
Sanity
Blundy may be best known as the founder of physical media retailer Sanity, which dominated the home entertainment market from the onset of affordable VHS machines through to the latter days of CD and DVD player dominance. Founded in 1980, the retail group that would become Sanity gradually expanded to hundreds of outlets nationwide.
Yet the digital media revolution changed how many Australians engaged with music, film, and television, hitting Sanity’s bottom line; in 2009, Ray Itaoui, who served as Sanity’s chief executive, executed a management buyout. The retailer experienced a late-period renaissance before it migrated entirely online in 2023. The pair would continue working together on a series of business ventures.
Bras-N-Things
Blundy founded retailer Bras-N-Things in 1987, focusing on bras, underwear, and lingerie. The model proved a success in the Australian market, amassing many dozens of locations nationwide by the late 2000s. Blundy’s bet on personalised service in intimates retailing paid off in 2008, when he sold a 50% stake to ANZ and private equity firm IMF Investors.
The second bet? Rebuying that stake in 2013, along with Itaoui, who repurchased his own stake. Bras-N-Things then sold to international underwear giant Hanes in 2018 for $500 million. BBRC says that between 2013 and 2018, it secured a 1040% return on investment.
Honey Birdette
Founded by Eloise Monaghan and Janelle Barboza in 2006, lingerie retailer Honey Birdette promises a “flirty, playful and unapologetically sensual” retail experience. Buoyed by his successes in Bras-N-Things, BBRC partnered with Honey Birdette in 2011 to drive its expansion. The brand grew its retail footprint but was not without controversy.
It faced allegations of inappropriate working conditions from some employees in 2016; at the time, a Honey Birdette spokesperson told SmartCompany the venture was “all about empowering women and supporting our wonderful staff”. The brand also brushed with the Australian ads watchdog over some of its display advertising. Honey Birdette sold to Playboy’s parent company in 2021, in a deal BBRC says netted it $291 million, for a 7589% return on investment.
Lovisa (and Diva)
BBRC partnered with Shane Fallscheer, former manager of BBRC’s costume jewelry chain Diva, to launch Lovisa — a jewelry retailer aimed at a slightly older demographic. That was in 2010. In the next few years, Diva would wane in prominence, with many of its stores reworked as Lovisa locations. The Lovisa brand successfully executed an IPO in 2014. Lovisa now has a market capitalisation of some $3.29 billion, of which BBRC owns nearly 40%.
Adairs Group
BBRC acquired 90% of the Adairs Group, a retail operation focused on linen, homewares, and accessories, in 2008. It deployed a $90 million investment to do so. Nearly a hundred years after Adairs first launched, BBRC took the venture public in 2015 and exited its position in 2019; BBRC says it booked a 106% return on investment over that time period.
Politix
Founded in 1975, menswear retailer Politix is focused on accessible suiting and casual dress attire. The brand has become a shopping centre mainstay nationwide, outfitting generations of Australians. BBRC invested $300,000 in the venture in 2006, and exited its position a decade later for $5 million — a 1567% return on investment. While not the largest dollar figure in the BBRC investment stable, Politix certainly represented one of its largest wins by percentage.
Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on LinkedIn.
