Victoria's Secret completes China JV with Regina Miracle; receives $45M, owns 51%

Victoria's Secret & Co.

Owns 51% of JV; Regina Miracle holds 49%; $45M cash received as consideration for China operations.
JV operates all Victoria's Secret stores and online business in China; completes shift to franchise/partner-based international model.
CEO says partnership will accelerate growth in China; double-digit sales and profit growth opportunity realistic.
No material impact on previously communicated Q1 FY2022 sales, operating income, and EPS guidance.

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