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Victoria’s Secret Takes Minority Stake in Frankies Bikinis

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The lingerie giant invested $18 million for an undisclosed minority interest in the LA-based swimwear brand, Victoria’s Secret announced on Friday.

Frankies Bikinis was founded 10 years ago by mother-daughter duo Mimi and Francesca Aiello. The self-styled luxury swimwear label—whose bikini pieces retail for upwards of $125—has since expanded into categories such as beauty, ready-to-wear and footwear and has collaborated with streetwear brand Kith, as well as tennis star Naomi Osaka.

“[Francesca] 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 inthe direct-to-consumer channel,” said Victoria’s Secret chief executive Martin Waters, on the company’s website.

“Our investment in Frankies Bikinis is a continuation of our efforts to expand partnerships withculturally relevant brands founded by women entrepreneurs.”

The move comes just over a year after Victoria’s Secret reintroduced swimwear to its product assortment. It discontinued the category in 2016 to focus on athleisure and lingerie