Victoria Secret is investing $18 million in Frankies Bikinis, one of the hottest swim brands to come on the scene in recent years.
Frankies was founded in 2012 by then 17-year-old Francesca Aiello and her mother, Mimi Aiello.
“We are excited to be partnering with Francesca and the team at Frankies Bikinis,” Victoria’s Secret CEO Martin Waters said in a statement. “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.”
The brand has a robust DTC business driven by Francesca’s social media prowess, and we have heard from industry retailers that Frankies sells very, very well at wholesale, too – despite the higher price point.
Victoria Secret, which is publicly traded, said its investment is a minority position in Frankies.
The Sage Group was the financial advisor to Frankies Bikinis on the deal and Ritholz Levy Fields served as legal advisor.
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