An expansion at the global headquarters of clothing retailer Cotton On, in Geelong, will create 500 new jobs.
About 1,300 Victorians will be employed by the company after the expansion, as part of its 12,000 strong workforce worldwide.
Cotton On says the support of the Victorian Government was a key factor in the decision to keep its global headquarters in Geelong.
Premier Ted Baillieu says the company is a success story, and the State Government is happy to offer its support.
"It's a fresh business, it's a cutting edge business, and it's a successful business and it's based here in Geelong and the global headquarters are going to stay here in Geelong," he said.
"The company is going to grow and there will be more jobs, more business, here from this area.
So we're very pleased to be able to assist Cotton On." The announcement came in the same day car marker, Ford, slashed about 70 jobs in Geelong.
Mr Baillieu says the timing of the Cotton On announcement was a coincidence.
The new jobs have been welcomed by Geelong Mayor, Keith Fagg.
"I guess the change that Ford's going through today in a sad sense is balanced off by the tremendous announcement today of 500 new jobs at Cotton On," Councillor Fagg said.