Victoria's Secret & Co. announced the successful completion of the joint venture (JV) agreement with Regina Miracle International (Holdings) Limited (Regina Miracle) related to its existing company-owned business in China. Victoria's Secret and Regina Miracle have formed a JV to operate all Victoria's Secret stores and the related online business in China.

Under the terms of the agreement, Victoria's Secret owns 51% of the JV and Regina Miracle owns the remaining 49%. The Companyreceived $45 million in cash from Regina Miracle as consideration for its investment in the JV. Based on the Company's financial review of its Chinabusiness and the terms of the partnership agreementagreed upon by both parties, the Company does not anticipate this proposed transaction to have a material impact on the previously communicated sales, operating income and earnings per share guidance for the first quarter of fiscal 2022.

Dentons Europe LLP served as legal advisor for Victoria's Secret. King & Wood Mallesons served as legal advisor to Regina Miracle.