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

28-Jan-2022 Intellasia | Reuters | 5:02 AM Print This Post

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 (2199.HK) 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.

https://www.reuters.com/business/victorias-secret-sells-stake-china-business-45 million-2022-01-25/

 

Category: China

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