Victoria’s Secret & Co. went into its 2026 Annual Meeting facing a contested vote – and a proxy defense that would succeed or fail based on how clearly shareholders understood the board’s case. BBRC International, a shareholder holding roughly 13% of the company’s common stock, had launched a campaign against the re-election of Independent Chair Donna James and director Mariam Naficy. The board needed to make a complex case clearly, quickly, and credibly: why shareholders should support its nominees, its leadership, and the Path to Potential strategy already underway.
VS&Co had a substantial response: a turnaround strategy, recent performance momentum, a qualified board, and a documented history of engagement. What it needed was one disciplined digital home where shareholders, analysts, media, advisors, and proxy decision-makers could evaluate that case before voting.
That’s where we come in. Alongside the talented team at Edelman Smithfield, Cardboard Spaceship built the Path to Potential proxy defense website – bringing together narrative strategy, investor relations website development, intuitive design, director video production, shareholder resources, and compliance-aware execution under a deadline that left no room for drift.
When it comes to timelines, a contested vote compresses everything. Materials move quickly. Arguments change. Legal review is constant. Shareholders need the facts in one place, but every word has to hold up under scrutiny.
For VS&Co, the issue was not a lack of substance. The board had a multi-year turnaround story, triple-digit shareholder returns under a new CEO, and a documented history of engagement with the activist. But that evidence sat scattered across SEC filings, earnings calls, and press releases that spoke the language of compliance, not persuasion. The problem was fragmentation.
The website had to turn that scattered record into a clear shareholder experience. It needed to:
One constraint shaped every decision: time. The site had to launch inside a narrow pre-meeting window, survive legal and IR review, and stay current as new filings and letters moved through an active contest. Investor relations website development rarely runs on a campaign clock. This one did.
To meet the timeline, the work could not move in a straight line. Strategy, design, content, video production, development, sourcing, and review had to run in parallel. Cardboard Spaceship organized the build around five connected workstreams.
The site needed to advocate without sounding defensive. We structured the experience around the board’s affirmative case first: progress, performance, strategy, and governance.
Rather than opening with the activist’s claims, the site led with value creation and Path to Potential momentum. Shareholders could quickly see the strategic pillars behind the turnaround, the board overseeing that work, and the reasons VS&Co was asking them to vote the WHITE proxy card.
– Led with a value-creation data layer – total shareholder return since the CEO transition, benchmarked against the analyst peer set and major indices – so the board’s case opened on results, not rebuttal.
– Structured the Path to Potential strategy into four scannable proof points (bra authority, PINK, beauty, brand projection), each tied to a concrete result a shareholder could verify.
– Reframed the years of activist engagement as a documented timeline running from 2021 through the campaign launch – a decision that let the facts carry the argument.
– Kept the voting action consistent throughout the site: vote the WHITE card for all nine nominees ahead of June 11.
This made the site useful for different levels of attention. A busy investor could understand the case in minutes. A detail-oriented analyst could dig into the supporting materials.
Most proxy microsites look like legal documents. This one had to do more. It needed the credibility of an investor relations site and the visual confidence of the brand it was defending.
Cardboard Spaceship integrated Victoria’s Secret & Co. campaign photography, brand assets, and a clean digital system that could carry dense governance and financial content without feeling crowded. The design gave shareholders a polished, current experience while keeping the information architecture practical.
– Integrated Victoria’s Secret campaign photography directly into the experience, so the brand creating that value also framed it.
– Designed responsive layouts for institutional and retail shareholders across desktop and mobile.
– Built the nine director nominees as expandable bio modals, keeping the experience clean while preserving depth.
– Engineered a clear hierarchy for performance data, source notes, shareholder letters, filings, and voting instructions.
The result was not decoration. It was investor relations website development with brand discipline: sharp enough for the moment, restrained enough for scrutiny.
In a proxy defense, written credentials matter. But hearing board members speak directly can do something a bio cannot: create immediacy, accountability, and trust. So, our corporate video production team built that proof into the site.
Cardboard Spaceship produced direct-to-camera messages from key directors, including Independent Chair Donna James and committee chairs Irene Chang Britt and Anne Sheehan. The production moved across Florida, Ohio, and Barcelona, allowing directors to participate from where they were rather than forcing the campaign schedule around a single location. The videos were built for how investors actually watch: concise, focused, and embedded in the site where they could support the broader case.
– Produced direct-to-camera messages from key board members, including Chair Donna James and committee chairs Irene Chang Britt and Anne Sheehan.
– Filmed across three locations on two continents – Florida, Ohio, and Barcelona – capturing directors on their own schedules rather than bending the production to a single set.
– Embedded the messages into a dedicated module so shareholders could hear the strategy from the people accountable for it.
– Kept each message short and substantive – minutes, not monologues – to match how busy investors actually watch.
A proxy defense website is not a normal marketing asset. Every statistic, phrase, chart, and voting instruction may be reviewed by legal teams, advisors, shareholders, reporters, and the activist itself.
The build was structured accordingly. Performance figures were sourced and dated. Footnotes were treated as part of the user experience, not an afterthought. Review cycles were folded into production rather than saved for the end.
The site also used a strictly necessary cookies posture, with no analytics, advertising, or tracking cookies. For a shareholder-facing asset under regulatory scrutiny, that was a deliberate privacy and compliance choice.
– Sourced every performance figure with dated, footnoted attribution (FactSet, company filings), so no one could challenge a data point as unsupported.
– Implemented a strictly-necessary-cookies posture – no analytics, advertising, or tracking – a deliberate privacy and compliance call for a shareholder-facing asset under regulatory scrutiny.
– Folded legal and IR review into the production cycle instead of bolting it on at the end, so a compressed timeline never became a compliance risk.
– Chose a technical approach that prioritized launch speed, stability, and client-side update control.
The launch was only the first deadline. During an active contest, the site needed to keep pace with new filings, investor materials, shareholder letters, and campaign updates.
Cardboard Spaceship maintained the News & Resources area as the campaign’s digital source of truth, giving stakeholders one place to find the latest materials. As the vote approached, the site could evolve without losing structure.
– Maintained a News & Resources hub as the single source of truth for filings, letters, and shareholder materials.
– Pushed updates live as the campaign progressed toward the June 11 meeting, so the site never lagged the contest.
– Managed the asset through the vote, freeing the IR and comms teams to focus on direct shareholder outreach.
The hardest part never shows up on the page. The public sees a polished site. Behind it is a compressed schedule, a moving legal review process, a live campaign, and a large group of stakeholders who all need the asset to be accurate, persuasive, and ready at the same time. It is a live argument on a fixed deadline – lawyers comb every line, and the people reading it decide who leads the company.
For Path to Potential, production moved on parallel tracks. To put the board on camera, CBS filmed director messages across three locations on two continents – Florida, Ohio, and Barcelona – capturing each director where they were rather than bending the schedule to a single set. Those messages fed a site where design, narrative, data sourcing, and legal review all advanced at once. We sourced and dated every performance claim before it shipped. Every page had to render cleanly on the phone of an institutional investor checking it between meetings.
That coordination mattered. The website needed to feel considered, not rushed. It had to give shareholders a clear view of the board’s argument, the company’s strategy, the director nominees, the voting process, and the supporting materials without burying them in a document library. That is the difference between a website for proxy contest defense and a real shareholder communications platform. One hosts information. The other helps the right audience understand what is at stake and what to do next.
On June 11, 2026, Victoria’s Secret & Co. shareholders re-elected all nine of the board’s director nominees. They returned Independent Chair Donna James with over 99% of votes cast excluding the activist’s shares – and over 83% of all votes cast. The board’s other nominees cleared comparable margins, receiving at least 96% support excluding BBRC votes, or at least 81% of all votes cast.
Immediate Impact: The company called the result a decisive statement of shareholder support for its board leadership and the Path to Potential strategy – the exact case the site existed to make.
Measurable Outcome: A near-unanimous re-election (excluding the dissident block) against an organized “vote no” campaign from a roughly 13% holder.
Lasting Value: The work stands as a repeatable model – a digital backbone for high-stakes shareholder communications and investor days that brings strategy, brand creative, and compliant execution under one roof. The clearest proof that the proxy defense website development did its job: the board it defended won, decisively.
For VS&Co, the outcome was a clear public endorsement of the board, its leadership, and the Path to Potential strategy. For Cardboard Spaceship, the project showed what high-stakes investor communications can look like when strategy, design, video, development, and compliance all move together. One credible, branded, easy-to-navigate destination for the case shareholders needed to evaluate.
The strongest defenses take shape before the campaign starts – a clear, credible place for shareholders to review the case. We help boards, IR teams, communications advisors, and legal stakeholders create clear, credible digital experiences for the moments when the stakes and the timeline leave no margin – and when every detail matters.
Let’s talk about your proxy defense →
Yesway needed a roadshow video that could carry the company’s story into investor meetings at the most consequential moment in its history – the move to the public markets.
The brief was simple. The scope was not.
By April 2026, when Yesway priced its IPO on Nasdaq under the ticker YSWY, the company was operating 449 convenience stores across nine states in the Midwest and Southwest, anchored by a growth story built on strategic acquisitions, new store development, foodservice strength, private-label products, and the cultural pull of the Allsup’s brand. Yesway had been here before.
The company first filed to go public in September 2021 and withdrew the registration in December 2022, citing “current market conditions.” Fed rate hikes, persistent inflation, and the war in Ukraine had sent global IPO proceeds down 94% from 2021 – the worst stretch for new listings in decades. That history made the 2026 roadshow more than a procedural step. It was a reintroduction — a chance to put the company in front of institutional investors at a moment when the market was still pricing risk carefully.
One video had to do a lot of work in a short runtime. It needed to communicate Yesway’s operating footprint, leadership strength, brand momentum, growth strategy, and financial story in a format built for an audience that watches roadshow videos for a living.
Institutional investors have seen thousands of these. They know the difference between a company that owns its narrative and one assembling it in real time. The challenge was not producing a polished IPO video. It was making a fast-growing, multi-brand convenience retailer feel credible, investable, and fully aligned across every frame.
That made trust the central creative focus.
The executives had to come across as the people running the business, not reading from a deck. The store footage had to prove the scale and energy of the operation. The aerial and on-site commercial footage had to make the footprint feel tangible to investors who would never set foot in a Yesway. The animation had to clarify the financial story, not decorate it. The edit had to thread leadership, operations, brand, and growth into one continuous argument.
One video. Many audiences. Every frame had to belong to the same story.
Cardboard Spaceship built the production around the narrative first.
Before cameras rolled, the project was shaped around the story Yesway needed investors to understand: the scale of the business, the strength of the operating model, the leadership behind the growth, and the brand’s position in the market.
From there, every production decision served that story.
The scope included:
The scale was significant. Which meant the real work was alignment.
A roadshow video lives or dies on whether the audience trusts what they are watching. The b-roll has to back up the executive narrative. The animation has to make the financials easier to understand, not harder. And the edit has to maintain momentum without rushing past the proof points that analysts are looking for.
We built each element with the others in mind, so the final video read as one continuous case for Yesway rather than a collection of well-produced parts.
The finished video gave Yesway a credible, cohesive investor communications asset for its IPO — leadership interviews, operational footage, brand storytelling, financial context, and commercial production threaded into a single narrative designed for high-stakes meetings.
In shareholder communications at this level, production value is the floor, not the ceiling. The real responsibility is clarity. The audience needs to understand the company, believe the leadership, and leave the room more confident than they came in.
Yesway priced its IPO on April 21, 2026, raising $280 million in the base offering at a market capitalization of roughly $1.2 billion. The book was reported as approximately 10x oversubscribed, with multiple long-only anchor orders — institutional commitments that come together during the roadshow process. Shares opened the next morning at $22, 10% above the $20 IPO price. The underwriters exercised the full overallotment option for an additional $42 million, bringing aggregate gross proceeds to $322 million, and YSWY traded above its IPO price through the first weeks of public ownership.
We came in early. The story was Yesway’s; the full-service production architecture was ours. Every choice was made for the room – what an analyst sees, what they remember, what they carry into the next meeting.
An IPO roadshow video is the only piece of communication on a deal that has to carry across every investor meeting – the same content, dozens of audiences, no second chances. It has to be polished enough to belong on a Nasdaq stage and clear enough that an analyst takes a single, decisive note. Building for both is the work.
That’s what the moment demands. We hold every investor-facing production to it.
