Victoria's Secret lingerie maker Regina Miracle soared 71 percent giving $1.1B fortune to owner
The owner of Regina Miracle International Holdings Ltd, world's biggest bra maker, became a billionaire after going public in October.
According to Bloomberg, Regina Miracle chairman Hung Yua Lit's income skyrocketed to $1.1 billion after his company soared 71 percent after its initial public offering in the Hong Kong exchange on October 8. The Shenzhen-based lingerie manufacturer supplies for Victoria's Secret and Calvin Klein Inc. The company also went up by 12.3 percent Tuesday.
"Globally, only suppliers of Victoria's Secret would be big enough to go public," said RHB OSK Securities Hong Kong Ltd. Jackson Yu.
"Victoria's Secret is pretty innovative in fabric and styles, and its delivery cycle is quicker than other traditional brands. The requirement for suppliers is also higher, so it's not easy to be a supplier."
53-year-old Hung owns 72 percent of the company, which translates to 885 million shares. His company increased to HK$9.58 Tuesday after a 43 percent net profit surge from April to September with a revenue that also went up 26 percent to HK$2.5 billion, or $323.8 million, from last year. The company had an HK$4.2 billion revenue during the first quarter of this year.
Regina Miracle gets 35 percent of its sales from L Brands Inc., Victoria's Secret parent company. L Brands founder Leslie Wexner added 7.7 percent to his fortune this year to $8.3 billion.
According to the Financial Magazine, "L Brands, Inc. operates as a retailer of women's intimate and other apparel, beauty and personal care products and accessories primarily in the United States. Its brand includes Victoria's Secret, Victoria's Secret Pink, Bath & Body Works, La Senza and Henri Bendel. The company sells its product through a franchise, license, wholesale partners, websites, catalogue, and other channels."
Meanwhile, News For Shoppers reported that Victoria's Secret is giving away big savings promotion for the Cyber Week 2015 sale Monday, November 30 to Wednesday, December 2. It offers a Buy One, Get One 50% off bra sale with the code DOUBLEUP.
Regina Miracle International Holdings Ltd now has 1 percent of the market share of the world's women lingerie. It is the biggest bra maker in production volume with 58.7 million pieces of lingerie produced in the first quarter of this year.