Blundy is the chairman of private investment firm BBRC, which has an interest in several retail businesses, including Accent Group, Lovisa, Adairs, Honey Birdette and Aventus Group, a property company with 20 large-format retail centres in its portfolio.

A statement released to the ASX said that Blundy has entered into a similar arrangement with Aventus Group.

According to the Australian Financial Review, Blundy is the largest shareholder of Aventus Group, a company he co-founded, with 28.9 per cent of the shares for a stake worth some $300 million.

Accent Group’s chairman, David Gordon, said the new arrangement enables the footwear giant to maintain a “strategically valuable connection with Brett and with the entire BBRC Group globally”.

BBRC owns approximately 18.2 per cent of Accent Group’s shares. Blundy served as a director of the company from December 2017 until May 12, 2020.

Michael Hill chief executive Daniel Bracken will take a few weeks off to recover from surgery, the business announced.

The jewellery retailer’s board initially determined that Bracken could fulfil his duties during the short recovery period, but eventually decided to appoint chief financial officer Andrew Lowe as acting CEO to aid in Bracken’s recovery.

The announcement came as Michael Hill confirmed it will be reopening stores under a leaner operating structure moving forward.