The original owner of Bras N Things, who started the business almost 30 years ago, has bought back the remaining 50 per cent share of the lingerie chain from co-investors ANZ and IMF Investors.

Brett Blundy, who is the chairman and founder of BB Retail Capital (BBRC) Group, initially sold his 50 per cent shares in 2008 to the private equity consortium to finance growth in other retail brands and homemaker properties within the BBRC portfolio, which includes Adairs, Dvia, Lovisa and Dusk.

But now given it’s one of the fastest growing lingerie brands in Australia and New Zealand with over 200 stores, Blundy said it was an appropriate decision to make the purchase.

“Today, more than ever, I believe in Bras N Things and our business model. I believe in our customer and I believe in our people,” he said.

“We have an exciting new team, including a new CEO and product team, who are creating new products which our customers are responding to really well.

“I’m also excited about the potential of Honey Birdette [an emerging lingerie brand in which Bras n Things is parent company]. It has true global potential and fits with my move to Singapore as a springboard for global growth.”

As part of the transaction, Blundy also invited former colleague Ray Itaoui to co-invest in the buy-back. Itaoui, the current owner of Sanity Entertainment, had bought the music group off Blundy back in 2009.

“Ray has done a remarkable job with Sanity. We have always worked well together and I’m excited about our next venture taking Bras N Things to the next level,” Blundy said.

The group also recently moved its regional headquarters to Singapore for further expansion plans in the region. The Bras N Things transaction is one of three major transactions the BBRC Group has made in the past six months. BBRC announced its acquisition of Belrose and Jindalee Retail Homemaker Centres in April and July 2013 respectively.

“It is an exciting time for us,” Blundy said.

“We have made some exciting changes this year including a step change in international focus for our retail brands. Our retail property Funds Management division has also been performing above expectations, growing our Retail Homemaker Centre portfolio.”