Victoria's Secret plans over 70 stores across China by end of the year

US-based lingerie retailer Victoria's Secret officially opens its flagship store in China on Sept 25, returning to Shanghai's Middle Huaihai Road, where it inaugurated its first flagship store in 2017. (Photo provided to chinadaily.com.cn)

After 10 years in the world's second-largest economy, US-based lingerie retailer Victoria's Secret & Co is accelerating its expansion in China and expects to have more than 70 stores across the country by the end of this year.

On Sept 25, Victoria's Secret officially opened its flagship store in China, returning to Shanghai's Middle Huaihai Road, where it inaugurated its first flagship store in 2017.

"This year marks an important milestone for us in China as we celebrate 10 years of our store presence in the market. The opening of our new Shanghai flagship marks the latest expression of our continued investment in China. We expect to operate more than 70 stores in China by year-end," said the company in a written interview.

The launch of the Shanghai flagship store came as the brand reported that its net sales revenue had grown 10 percent year-on-year to reach $1.61 billion during its second fiscal quarter ended on Aug 1.

"China remained a key driver for our international business and continues to represent a meaningful growth opportunity," Hillary Super, global CEO of Victoria's Secret, said earlier this year.

The flagship opening is part of Victoria's Secret's expansion in physical retail over the past two years. The company has opened new stores in major cities, including Beijing, Shanghai, Guangzhou and Shenzhen in Guangdong province, as well as regional consumption hubs such as Qingdao in Shandong province, Hefei in Anhui province, Nanchang in Jiangxi province and Harbin in Northeast China's Heilongjiang province. The expansion will also include the launch of the brand's first store in Wuxi, Jiangsu province, in October, according to the company.

The company described China as an important part of Victoria's Secret's global presence, adding that the Shanghai flagship offers a store experience inspired by the city's energy while remaining unmistakably Victoria's Secret.