Victoria's Secret enters joint venture for stores in China
Victoria's Secret & Co. (VSCO) said Tuesday that it has entered into a joint venture agreement with Regina Miracle International (Holdings) Limited to operate Victoria's Secret stores and the online business in China. Victoria's Secret will own 51% of the venture, and Regina Miracle, the remaining 49%. Victoria's Secret says the agreement will not impact the company's previously announced fourth-quarter guidance. The venture is expected to receive regulatory approval during the first quarter, and Regina Miracle will pay Victoria's Secret $45 million as consideration for the investment. Victoria's Secret stock has slipped 2.7% over the past three months while the S&P 500 index is down 4.6% for the period.
(END) Dow Jones Newswires
January 25, 2022 16:22 ET (21:22 GMT)
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