Regina Miracle International (Holdings) Limited (Regina Miracle or the Group) (HKG: 2199) today announced a partnership agreement with Victoria’s Secret & Co. (Victoria’s Secret) (NYSE: VSCO) related to the latter’s existing company-owned business in China.
Regina Miracle and Victoria’s Secret have formed a joint venture (JV) to operate all Victoria’s Secret stores and the related online business in the People’s Republic of China (PRC). Under the terms of the agreement, Regina Miracle will own 49% of the equity interest in the JV with consideration of US$45 million in cash while Victoria’s Secret will own the remaining 51% interest. The JV shall carry out the PRC business comprising designing, developing, manufacturing, marketing and sale of certain lingerie, intimate apparel as well as marketing and sale of personal care and beauty products under the agreed trademarks of Victoria’s Secret in the PRC through its subsidiaries.
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 foresight 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 and creating value for consumers in China.”
Victoria’s Secret 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.”
About Regina Miracle International (Holdings) Limited
Regina Miracle International (Holdings) Limited (HKG: 2199), 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.
About Victoria’s Secret & Co.
Victoria’s Secret & Co. (NYSE: VSCO) is the world’s largest intimate 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.