Brett Blundy goes overweight on underwear and buys other half of Bras N Things; His other investments include stakes in homewares chain Adairs, jewellery retailer Diva and tourism venture BridegClimb

November 8, 2013 Leave a comment

Andrew Heathcote Rich Lists editor

Brett Blundy goes overweight on underwear and buys other half of Bras N Things

Published 06 November 2013 10:24, Updated 07 November 2013 07:53

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Brett Blundy is back in full control of the Bras N Things chain. Singapore resident and Rich 200 list member Brett Blundy has bought back the other half of women’s underwear chain Bras N Things after selling it to private equity investors in 2008. The purchase price is undisclosed, but last year’s annual report shows the business had revenue of $153 million in 2012 and net assets of $127 million. An IPO of Bras N Things was planned in 2011 but never eventuated. It had been expected to raise about $400 million.The 200-plus store chain was founded by Blundy 30 years ago when he acquired a small three store franchise called The Bra Shop. It has since become one of the flagship chains in his sizable portfolio of retail stores and commercial property.

“Today, more than ever, I believe in Bras N Things and our business model,” Blundy said in announcing the acquisition.

Blundy bought back the remaining stake from ANZ and IMF Investors. As part of the buy-back, Blundy has invited Ray Itaoui to co-invest. Itaoui was part of a consortium that bought music group Sanity Entertainment from Blundy in 2009.

It has been a busy year for Blundy. In recent months, he has spent $150 million on three shopping centres in Jindalee, Queensland, and Belrose, New South Wales.

Blundy was valued at $845 million on this year’s Rich 200. His other investments include stakes in homewares chain Adairs, jewellery retailer Diva and tourism venture BridegClimb.

He is one of several wealthy Australians who have recently relocated to Singapore.

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