Victoria’s Secret has acquire 100 per cent of Adore Me for US $ 400 million. Adore Me is a digitally-native intimate brand with more than 1.2 million active customers and a unique technology platform, with services including ‘home, try on’ and monthly subscription options.
It began as an online lingerie business in 2011, and has since expanded into a DTC lingerie and apparel brand that serves women of all sizes and budgets. The company is on a mission to make sustainable purchasing accessible to everyone and is the first to become a Certified B Corporation intimate apparel brand in the US.
The transaction includes an initial upfront 400-million-dollar cash payment and further cash consideration, a portion of which is fixed and a portion of which is based on the performance of Adore Me and the achievement of specified growth and synergy targets over a two-year period.
Victoria’s Secret said in a statement that the acquisition of Adore Me represents a combination of scale, brand and digital excellence that will advance the company’s innovation and customer experience.
Victoria’s Secret &Co’s Chief Executive Martin Waters said, “I’m absolutely delighted to be announcing this transaction, welcoming Adore Me into the Victoria’s Secret & Co family. Adore Me is a technology-led, digital-first innovator in the intimate category that will help us bring differentiated experiences to Victoria’s Secret and Pink customers.”
Morgan Hermand, Founder and CEO of Adore Me, said, “We have significantly grown our business over the past decade, and are excited to bring our technology, purchase experiences, inclusive assortment, brand, and team to join the next phase of Victoria’s Secret’s growth and customer journey transformation.”
Adore Me’s strong brand authenticity engages Gen Z and Millennials, and the company will provide Victoria’s Secret & Co with a very inclusive product range at an outstanding value across both online and offline platforms.