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Victoria's Secret announced earlier this week that it would be selling a 49% stake in its business in China. The American lingerie, clothing, and beauty retailer revealed it had sold the stake to Regina Miracle International Ltd, a lingerie manufacturer based in Hong Kong.
According to Reuters, Victoria's Secret is unloading part of its stake for $45 million, and it will be paid in cash. The company made the decision to sell as it is aiming to increase its sales through the help of a local company partner.
It was mentioned that as part of the deal, Victoria's Secret and Regina Miracle International will form a joint venture and will begin operating all of the former's lingerie store outlets and online business in China. The acquisition is expected to close within the first quarter of this year. However, the agreement is still subject to regulatory clearance.
Victoria's Secret parted ways with Bath & Body Works last year, and it effectively became an independent firm. Now it is exploring some business options to increase its sales, and the deal is a strategic decision.
"I am delighted to announce this partnership with Regina Miracle, who has been a valued merchandise supplier partner for more than twenty years. Together with Regina Miracle, we aim to grow the China business through joint investment in product development, distribution, and marketing," Victoria's Secret chief executive officer, Martin Waters, said in a press release.
He went on to say, "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."
Regina Miracle's chairman, CEO, and executive director, YY Hung, also said that their group is excited and honored to team up with the well-known brand Victoria's Secret through their upcoming joint venture in the Chinese market. He added that they are confident that their company's strengths which are industry-leading innovation capabilities and market foresight, and Victoria's Secret's absolute brand leadership and marketing expertise, will all help them grow further in China.
