US lingerie retailer Victoria’s Secret & Co. has acquired a minority stake in Californian swimwear manufacturer Frankies Bikinis LLC. The company put the purchase price for the share package at 18 million US dollars (16 million euros) on Friday.
Frankie’s Bikinis was founded in 2012 by Francesca Aiello, then 17, and her mother Mimi Aiello, Victoria’s Secret said in a statement. The label has now become well known for its “innovative, inclusive and trend-setting aesthetics”.
Martin Waters, CEO of Victoria’s Secret, explained the background to the investment: “We are delighted to be working with Francesca and the team at Frankies Bikinis. She has created an emerging beachwear brand and a trend leader in the swimwear category that still has room to grow, expand into more categories and attract new customers in the direct-to-consumer channel,” he explained. “By investing in Frankie’s bikinis, we continue our efforts to expand partnerships with culturally relevant brands founded by women entrepreneurs.”
