Victoria’s Secret & Co Forms Joint Venture with Chinese Supplier to Expand Business in China Together

On 25th February, Victoria’s Secret announced that it would form a joint venture with Regina Miracle International Ltd., (hereinafter referred to as RMI, Ltd), a Hong Kong underwear brand and would sell 49% of its share to RMI, Ltd at 45 million dollars.

The joint venture, according to the contract, will be responsible for the businesses of Victoria’s Secret in all the Chinese stores and online retail. The process shall be concluded in Q1 of FY2022.

According to Martin Waters, CEO of Victoria’s Secret, “As our supplier for over two decades, RMI, Ltd can take advantage of its strength in the domestic market to develop our business in China.”

Hung Yau Lit, president, CEO and executive director of RMI, Ltd said, it was a great honor to further their long-term partnership and to seize opportunities for rapid growth in the Chinese market.

Since August 2021, Victoria's Secret and Co. has become an independent, publicly traded company separate from L Brands Inc. The company includes Victoria’s Secret Lingerie, Pink and Victoria’s Secret Beauty.

Established in 1998, RMI, Ltd’s headquarters is located in Hong Kong, China. Its 2022 mid-term financial statement shows that its revenue has hit a record high at 4.0806 billion HKD, a 62.1% growth year-on-year.

RMI, Ltd designs and manufactures a wide range of intimate wear, sports bra and apparel, consumer electronics components. Its major clients include Uniqlo, Victoria’s Secret, Under Armour, Nike, Adidas and so on. It has 7 factories both at home and abroad. A new one in Guangdong is expected to be put into operation by the end of 2023.

| Photo Credit: Victoria’s Secret