Victoria's Secret & Co. announced a partnership 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 joint venture (“JV”) to operate all Victoria's Secret stores and the related online business in China.

Under the terms of the agreement, Victoria's Secret will own 51% of the JV with Regina Miracle owning the remaining 49%. Based on the Company's financial review of its China business and the terms of the JV agreement agreed upon by both parties, the Company does not anticipate this proposed transaction to have a material impact on the previously affirmed operating income and earnings per share guidance for the fourth quarter of fiscal 2021. The agreement is subject to regulatory clearance which is anticipated to occur in the first quarter of fiscal 2022.

At such time, the transaction will be completed and the Company will receive $45 million in cash from Regina Miracle as consideration for its investment in the JV.