Victoria's Secret sells stake in China business for $45 million
Reuters
Published Jan 25, 2022 07:56AM ET
(Reuters) - 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 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.
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Written By: Reuters
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