Victoria’s secret sells 49% of China business for $45m

The company is forming a joint venture with Hong Kong-listed Regina Miracle.

American lingerie retailer Victoria’s Secret is selling 49% of its business in China to Hong Kong-listed intimate wear manufacturer Regina Miracle International in a joint venture deal for $45m, the company said in a press release.

Victoria’s Secret and Regina Miracle have formed a joint venture to operate all Victoria’s Secret stores and the related online business in China. Victoria’s Secret will own 51% of the business, based on their agreement.

The agreement is subject to regulatory clearance which is anticipated to occur in the first quarter of fiscal 2022.

Victoria’s Secret offers a wide assortment of modern, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear, athleisure and swim, as well as prestige fragrances and body care. The company has nearly 1,400 retail stores worldwide and a predominantly female workforce of more than 25,000.