Under the terms of the agreement, Victoria’s Secret will own 51% of the JV with Regina Miracle International (Holdings) Limited owning the remaining 49% of the China retail store and online operation, for which it will pay a US$45m fee for.

Victoria’s Secret says it does not anticipate the 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.

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“I am delighted to announce this partnership with Regina Miracle, who has been a valued merchandise supplier partner for more than twenty years,” says CEO Martin Water. “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 and executive director of Regina Miracle, adds: “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.”

The agreement is subject to regulatory clearance which is anticipated to occur in the first quarter of fiscal 2022.

L Brands, which owns the Victoria’s Secret and Bath & Body Works businesses, spunVictoria’s Secret off into an independent company last year and renamed it Victoria’s Secret & Co.

L Brands said the spin-off creates two industry-leading, highly focused retailers with distinct strategic and management focus on specific operational and growth priorities.

The new company houses Victoria’s Secret Lingerie, Pink, and Victoria’s Secret Beauty brands.