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Jan. 25, 2022, 4:22 p.m. EST

Victoria's Secret enters joint venture for stores in China

Victoria's Secret & Co. (NYS: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 (S&P:SPX) is down 4.6% for the period.

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