The brand has sold a 49 per cent stake in its China business to Hong Long-based lingerie manufacturer Regina Miracle International for $45M.
The two companies will form a joint venture to co-operate the brand in Mainland China. The pair will together oversee the design, development, manufacture, marketing and sale of lingerie. They will also oversee the marketing and sale of personal care and beauty products in China.
The deal is expected to receive regulatory approval during the first quarter of this year and should provide a boost to the brand’s presence in the world’s most populous country where it has struggled to gain significant momentum to date.
YY Hung, Chairman, CEO and Executive Director of Regina Miracle, said: “We are confident that our highly complementary strengths will perfectly position this partnership in capturing the growth opportunities and creating value for consumers in China.”
Meanwhile, Martin Waters, CEO of Victoria’s Secret, added: “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.”
