(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.
(Reporting by Ananya Mariam Rajesh in Bengaluru)
