Victoria’s Secret Sells Stake In China Business For $45 Million

PARIS, France – Victoria’s Secret & Co said on Tuesday it will sell a 49% 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 Reginal Miracle operating all Victoria’s Stores and related online business in China.

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

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