Victoria’s Secret acquires minority stake in Frankies Bikinis for $18m
Victoria’s Secret & Co. said that it has acquired a minority stake in Frankies Bikinis, a beachwear and lifestyle brand based in Venice, California, for a sum of $18 million.
Frankies Bikinis was established in 2012 by Francesca Aiello and Mimi Aiello.
The company sells fashion-forward beachwear inspired by Malibu and made in Los Angeles and from other parts of the world.
Francesca Aiello — Frankies Bikinis Founder and Creative Director said: “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.
“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.”
Victoria’s Secret said that its investment in Frankies Bikinis is not expected to have a material effect on the previously communicated outlook for the first quarter of 2022.
Martin Waters — Victoria’s Secret CEO said: “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.”