Victoria’s Secret, once synonymous with sexy, unified the standards for the ideal body of that era.

However, the situation took a turn for the worse in 2017. The North American market shrank. Victoria’s Secret began to look for emerging consumer markets around the world. It also tried to crack the Chinese market with a big show full of Chinese elements. However, affected by the trend of feminism, the underwear consumer market has ushered in drastic changes, the T stage is no longer the scene, and few people pay for the sexy.

Recently, Victoria’s Secret, which has been silent for a long time, has once again entered the public eye. Victoria’s Secret China sold 49% of the shares of its Chinese business subsidiary at a price of 45 million US dollars. The buyer is its long-standing foundry, Virginia. Underwear maker Virginian is a Hong Kong-listed company that used to be Victoria’s Secret’s main IDM (Innovative Design and Manufacturing) foundry. According to its latest financial data in 2021, after the decline in Victoria’s Secret sales, the structure of Virginia’s customers tends to be diversified, and CK, Nike, Adi, and Uniqlo are all its customers.

Joint ventures with Chinese foundries in China can be understood as Victoria’s Secret trying to take advantage of local companies to expand the market, bundling interests and sharing risks. This is not the first time that Victoria’s Secret has done this. In 2020, Victoria’s Secret and British high-street retailer NEXT PLC established a joint venture to jointly operate the UK market.

In its latest financial report, Victoria’s Secret stated: “Our recent decisive actions to develop our position and promote inclusion and diversity will allow us to attract new customers while deepening our connections with existing customers.”