“This collaboration was an important step for Victoria’s Secret and completes the reformatting of our international business to be exclusively a franchise or partner-based model, and supports both online and store growth at a faster pace and more profitably. We believe our business is underpenetrated internationally and double-digit sales and profit growth is a realistic opportunity, both in the near-term and over a long-term time horizon.”

Victoria’s Secret became an independent, publicly traded company after separating from Bath & Body Works

“The successful closing of the joint venture agreement between Regina Miracle and Victoria’s Secret marks an important milestone in our long-standing partnership,” said YY Hung, chairman, CEO and executive director of Regina Miracle.

“Through the formation of this partnership, we are pairing Regina Miracle’s innovation capabilities and market foresights as an innovative design manufacturer with Victoria’s Secret’s undisputed innovation and brand leadership, retailing and marketing expertise. We are confident that by leveraging our highly complementary strengths, the business will be best positioned to cater to the sophisticated needs of the Chinese consumers and hence capture the growth opportunities in China.”