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Victoria’s Secret Sells Stake in China Business for $45 Million

Reuters

25 January 2022

Victoria’s Secret & Co said on Tuesday it will sell a 49 percent stake in its China business to Hong Kong-based lingerie maker Regina Miracle International Ltd for $45 million in cash, aiming to boost sales with the help of a local partner.

As part of the agreement, the two companies will form a joint venture, with Regina Miracle operating all Victoria’s Secret stores and related online business in China.

Victoria’s Secret, which became an independent, publicly traded company after separating from Bath & Body Works last year, said the deal is expected to close in the first quarter of fiscal 2022.

By Ananya Mariam Rajesh

Learn more:

How L Brands Brought Victoria’s Secret Back From the Brink

After spending the last year boosting the lingerie retailer’s financial health, its owner is planning a spinoff.

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