Salem Radio Network News Sunday, May 29, 2022

Business

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

(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)

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