Victoria's Secret sells stake in China business for $45 million

Regina Miracle International (Holdings)

25/01/2022 12:35

Jan 25 (Reuters) - Victoria's Secret & Co  VSCO.n  said on
Tuesday it will sell a 49% 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.  urn:newsml:reuters.com:*:nGNX30FcN4
    Victoria's Secret, which became an independent, publicly
traded company after separating from Bath & Body Works  BBWI.N 
last year, said the deal is expected to close in the first
quarter of fiscal 2022.

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com))