The digitally native intimates brand Adore Me has been purchased by market leader Victoria’s Secret for an upfront fee of $400M with further payments a possibility dependent on certain goals being met in the next two years.
Victoria’s Secret & Co. said it will leverage Adore Me’s expertise and technology to continue to improve the Victoria’s Secret and Pink customer shopping experience and accelerate the modernisation of its digital platform. Adore Me will serve as an important long-term growth vehicle for VS&Co, generating an estimated $250M of profitable sales in their most recently completed fiscal year 2022, the company said.
“From the beginning, we evaluated Adore Me as a two-for-one opportunity – a technology-led, digital-first innovator in the intimates category and a highly efficient, growing and profitable standalone business model,” said Martin Waters, CEO, Victoria’s Secret & Co. “In Adore Me, we have acquired a business and a team that will help us deliver improved, elevated and differentiated experiences for Victoria’s Secret and PINK customers. This acquisition will be a significant accelerant as we pivot toward growth and modernise the foundation of our company with technology at the forefront of everything we do.”
