REYNOLDSBURG, Ohio, Jan. 25, 2022 (GLOBE NEWSWIRE) Victoria’s Secret & Co. (“Victoria’s Secret” or the “Company”) (NYSE: VSCO) today announced a partnership agreement with Regina Miracle International (Holdings) Limited (“Regina Miracle”) (HKG: 2199) related to its existing company-owned business in China.

Victoria’s Secret and Regina Miracle have formed a joint venture (“JV”) to operate all Victoria’s Secret stores and the related online business in China. Under the terms of the agreement, Victoria’s Secret will own 51 percent of the JV with Regina Miracle owning the remaining 49 percent. Based on the Company’s financial review of its China business and the terms of the JV agreement agreed upon by both parties, the Company does not anticipate this proposed transaction to have a material impact on the previously affirmed operating income and earnings per share guidance for the fourth quarter of fiscal 2021.

The agreement is subject to regulatory clearance which is anticipated to occur in the first quarter of fiscal 2022. At such time, the transaction will be completed and the Company will receive $45 million in cash from Regina Miracle as consideration for its investment in the JV.

CEO Martin Waters commented, “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. 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. This JV with Regina Miracle in China completes a multi-year repositioning of the International business of the Company and we believe establishes a platform for accelerated sales and earnings growth in the market over the next several years.”

YY Hung, Chairman, CEO & Executive Director of Regina Miracle, said, “We are honored and excited to be elevating our long-standing partnership with Victoria’s Secret through the formation of this joint venture in the promising China market. We are confident that our highly complementary strengths – Regina Miracle’s industry-leading innovation capabilities and market foresights as an Innovative Design Manufacturer, and Victoria’s Secret’s undisputed brand leadership, retailing and marketing expertise – will perfectly position this partnership in capturing the growth opportunities in China.”

About Victoria’s Secret

Victoria’s Secret is the world’s largest intimates specialty retailer offering a wide assortment of modern, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear, athleisure and swim, as well as award-winning prestige fragrances and body care. With nearly 1,400 retail stores worldwide and a predominately female workforce of more than 25,000, Victoria’s Secret boasts the largest team of specialty trained bra fit experts worldwide. Victoria’s Secret is committed to inspiring women around the world with products and experiences that uplift and champion them and their journey while creating lifelong relationships and advocating for positive change.

About Regina Miracle International (Holdings) Limited (2199.HK)

Regina Miracle International (Holdings) Limited, a global leader in the intimate wear manufacturing industry with a unique innovative design manufacturer (“IDM”) business model, is engaged in the innovation, design and manufacturing of a diverse range of products, including mainly intimate wear, sports bra and apparel, consumer electronics components, and footwear. Committed to product innovations through proprietary craftsmanship revolutions, patented product and production technological breakthroughs, the company has acquired a number of competitive industry edges that have spearheaded its developments over the years into being a global industry leader. Today, Regina Miracle has two strategic strongholds – its R&D and production base in China, and a major production base in Vietnam, with a combined workforce of more than 46,000.