Victoria’s Secret invested $18 million for a minority stake in Venice, CA beachwear brand Frankies Bikinis.
Frankies Bikinis was founded in 2012 by Francesca Aiello and her mother, Mimi Aiello. The brand “is widely known and recognized for its innovative, inclusive, and trend-setting aesthetic and laid-back Malibu vibe,” according to a statement from Victoria’s Secret.
The company invested $18 million for minority interest and does not anticipate that this investment will have a material impact on the previously communicated first quarter 2022 outlook.
Victoria’s Secret reintroduced swimwear to its assortment three years ago. Frankies Bikinis are sold at Victoria’s Secret, Revolve, Intermix, Free People, Kith, and Browns.
Kegler Brown Hill & Ritter served as legal advisor for Victoria’s Secret. The Sage Group served as exclusive financial advisor to Frankies Bikinis and Ritholz Levy Fields served as legal advisor.
