Victoria’s Secret Takes Minority Stake In Frankies Bikinis
Victoria’s Secret has acquired a minority stake in beachwear and lifestyle brand, Frankies Bikinis, through an $18 million investment.
“I have such respect for the transformation that Victoria’s Secret has made over the past few years specifically with diversity and inclusivity, and I believe that together we can continue to bring a new wave of fashion into the swimwear industry for all women of all shapes, all sizes, and all backgrounds,” said Francesca Aiello, founder and creative director of Frankies Bikinis.
“With Victoria’s Secret beside us, Frankies Bikinis will continue to deliver our signature collections that encourage customers to explore their personal style and create looks unique to themselves that make them feel their most confident.”
Frankies Bikinis was originally founded in 2012 by then 17-year-old Francesca and her mother, Mimi Aiello. The brand is widely known and recognized for its trendsetting aesthetic and laid-back Malibu vibe.
“We are excited to be partnering with Francesca and the team at Frankies Bikinis. She has created an aspirational beachwear brand and trend leader in the swimwear category, with room to grow and extend into new categories and attract new customers in the direct-to-consumer channel. Our investment in Frankies Bikinis is a continuation of our efforts to expand partnerships with culturally relevant brands founded by women entrepreneurs,” said Victoria’s Secret CEO Martin Waters.
Kegler Brown Hill & Ritter served as legal advisors for Victoria’s Secret, while The Sage Group acted as the exclusive financial advisor to Frankies Bikinis. Additionally, Ritholz Levy Fields served as a legal advisor through the deal.
The investment follows a series of moves Victoria’s Secret has made recently in an effort to revive the brand, including the appointment of Remi Bader, a TikTok star and curve model, who will now be serving as its new brand ambassador and size consultant. Victoria’s Secret also chose model Sofia Jirau, who suffers from Down syndrome, as the face of its latest intimates collection called Love Cloud.
Originally published at https://retailbum.com on March 28, 2022.