Victoria’s Secret (Reynoldsburg, Ohio) unveiled its plans to sell 49 percent ownership of its China business to Hong Kong-based Regina Miracle for $45 million cash, according to a company press release. Victoria’s Secret will retain ownership of the remaining 51 percent of the China business. This joint venture will work together to operate all company-owned locations and related online business operations in China.
“I am delighted to announce this partnership with Regina Miracle, who has been a valued merchandise supplier partner for more than 20 years,” says Victoria’s Secret CEO Martin Waters. “Together with Regina Miracle, we aim to grow the China business through joint investment in product development, distribution, and marketing. We expect the partnership will positively impact the speed and agility of the business to benefit consumers and provide us with a platform for a strong future in this important market.”
The deal is set to take place in the first quarter of fiscal 2022.