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Victoria’s Secret rises after it adds a poison pill to fend off activist investor

The legacy lingerie brand wants to protect management (and its valuation) as its stock craters.

5/20/25 1:59PM

Victoria’s Secret shares jumped as much as 3.5% after the lingerie giant adopted a shareholder rights plan, or “poison pill.” The move was aimed at stopping Australian billionaire Brett Blundy from gaining too much control of the company after his Singapore-based firm, BBRC International, boosted its stake to about 13% and shifted to activist-style filings earlier this year.

The pill would kick in if any investor hits a 15% ownership threshold, triggering the issuance of new shares to dilute their stake. Victoria’s Secret said the move is meant to protect long-term shareholders and block any efforts to seize control without paying a premium.

Blundy has been in talks with the company for years and recently launched a rival lingerie brand, Léays. Victoria’s Secret stock has tumbled more than 43% this year, fueling concerns of a takeover attempt that would capitalize on its weaker valuation.

Victoria’s Secret tapped Hillary Super, the former CEO of Rihanna’s Savage X Fenty, last August to take the reins as chief executive, hoping to reboot growth amid rising pressure from brands like Skims. But tariffs and broader retail headwinds have made the turnaround a challenge.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.