Victoria's Secret forms China JV with Regina Miracle, will receive $45M cash for 51% stake

Victoria's Secret & Co.

VSCO owns 51% of new joint venture; Regina Miracle owns 49%.
VSCO will receive $45 million cash from Regina Miracle as consideration for the JV.
Transaction subject to regulatory clearance; expected to close in Q1 FY2022.
JV will operate all Victoria's Secret stores and online business in China.
No material impact anticipated on affirmed Q4 FY2021 operating income and EPS guidance.

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