Intimate Brands, Inc. and Shiseido Sign Joint Venture Agreement

  NEW YORK, Sept. 14 /PRNewswire/ -- Intimate Brands, Inc.'s (NYSE: IBI) 
Intimate Beauty Corporation and Shiseido Co., Ltd. today announced that they 
have formed a joint venture to develop, market and sell new lines of prestige 
beauty products that will be offered for sale in their own free-standing 
stores. The specific brand concept, product lines and store design will be 
finalized in the next 12 months. The first store is projected to open in fall 
Leslie H. Wexner, Chairman and CEO of Intimate Brands, said, "This 
strategic alliance will leverage Shiseido's global expertise in product and 
package research and development, as well as our company's expertise in 
retailing and brand development. Together we expect to build a billion-dollar 
worldwide brand."  
Akira Gemma, President and CEO of Shiseido, commented, "This will be a 
partnership that leverages the strengths of each organization.  It supports 
Shiseido's objective of increasing our penetration in the U.S. market and will 
also deliver a prestige beauty brand with unique positioning for the Intimate 
Beauty Corporation."  
Robin Burns, President and CEO of Intimate Beauty Corporation and 
Victoria's Secret Beauty, will function as CEO of the joint venture.  "We are 
pleased to have such a strong partner as we add the second brand to what will 
be a portfolio of prestige beauty brands for our Intimate Beauty Corporation," 
added Ms. Burns.  
Intimate Brands will provide 50 percent of the initial capital, and 
Shiseido will provide 50 percent.  Intimate Brands said it expects to invest 
up to $5 million in the joint venture in 2000, up to $10 million in 2001 and a 
total of approximately $50 million over five years.  The joint venture is not 
expected to impact 2000 earnings and is expected to be neutral to 2001 
earnings as well.  
  About Intimate Brands  
Intimate Brands, Inc. is the leading specialty retailer of intimate 
apparel, beauty and personal care products through the Victoria's Secret and 
Bath & Body Works brands. As of August 26, 2000, Victoria's Secret products 
are available through 859 lingerie and 450 beauty stores (of which 51 are 
stand-alone), the Victoria's Secret Catalogue and online at . The Company offers a broad selection of personal 
care, home fragrance and decor products through 1,309 Bath & Body Works and 
100 White Barn Candle Company stores (of which 13 are stand-alone).  
  About Shiseido  
Shiseido Co., Ltd., founded in 1872, is the leading cosmetics manufacturer 
in Japan.  Its cosmetics for women and for men, sold in approximately 60 
countries worldwide, accounted for 74 percent of its revenues for fiscal 2000, 
ended March 31, 2000.  Toiletries accounted for a further 15.3 percent of 
fiscal 2000 revenues, and salon products, pharmaceuticals, health and beauty 
foods and other products/operations 10.7 percent. The Shiseido Group consists 
of the parent company, 80 subsidiaries (seventy-six of which are consolidated) 
and two affiliates worldwide (as of March 31, 2000).  Overseas sales accounted 
for 14.7 percent of fiscal 2000 revenues.  
  Safe harbor statement under the private securities litigation reform act 
of 1995:  The forward-looking statements made by the Company in this press 
release involve material risks and uncertainties and are subject to change 
based on various important factors which may be beyond the Company's control. 
Accordingly, the Company's future performance and financial results may differ 
materially from those expressed or implied in any such forward-looking 
statements.  Such factors include, but are not limited to, those described in 
the Company's filings with the Securities and Exchange Commission.  The 
Company does not intend to publicly update or revise its forward-looking 
statements even if experience or future changes make it clear that any 
projected results expressed or implied therein will not be realized. 

SOURCE  Intimate Brands, Inc.  
-0-                             09/14/2000  
/NOTE TO EDITORS:  A taped background message on this transaction will be 
available by dialing 1-800-696-1585 Pass code - 812796 after 1:30 p.m. EDT or 
by accessing ./  
/CONTACT:  Debbie J. Mitchell of Intimate Brands, Inc., 614-415-7546; or 
Takafumi Oba of Shiseido Co., Ltd., 03-3572-5111/  

    /Web site: 

CO:  Intimate Brands, Inc.; Intimate Beauty Corporation; Shiseido Co., Ltd. 
ST:  Ohio, Japan 
SU:  JVN  
-0- Sep/14/2000 12:24 GMT 
EOS   (PRN)    Sep/14/2000    08:24       85 
-0- (PRN) Sep/14/2000 12:39 GMT
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