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

by Mike Robinson

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© Reuters. FILE PHOTO: Individuals move a window show at a department of Victoria’s Secret in New Bond Avenue in London, Britain, March 31, 2021. REUTERS/Toby Melville/File Photograph

(Reuters) – Victoria’s Secret & Co mentioned on Tuesday it’ll promote a 49% stake in its China enterprise to Hong Kong-based lingerie maker Regina Miracle Worldwide Ltd for $45 million in money, aiming to spice up gross sales with the assistance of an area accomplice.

As a part of the settlement, the 2 firms will type a three way partnership, with Regina Miracle working all Victoria’s Secret shops and associated on-line enterprise in China.

Victoria’s Secret, which grew to become an unbiased, publicly traded firm after separating from Bathtub & Physique Works final 12 months, mentioned the deal is anticipated to shut within the first quarter of fiscal 2022.

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