Victoria’s Secret has signed a definitive agreement to acquire 100 percent of Adore Me, a digitally native intimate brand. The deal will create significant upside for VS&Co., including the opportunity to leverage Adore Me’s expertise and technology to continue to improve Victoria’s Secret and PINK customers’ shopping experience and accelerate the modernization of the company’s digital platform.
Martin Waters, CEO, Victoria’s Secret and Co said, “I’m absolutely delighted to be announcing this transaction, welcoming Adore Me into the VS&Co. Family. Adore Me is a technology-led, digital-first innovator in the intimates category that will help us bring differentiated experiences to Victoria’s Secret and PINK customers. This acquisition will be a significant accelerant as we pivot toward growth and modernize the foundation of our company with an entrepreneurial mindset that puts technology at the forefront of everything we do. In partnering with the incredible team at Adore Me, we will move to the future much faster.”
Morgan Hermand, Founder and CEO, Adore Me stated, “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.”
The transaction has been unanimously approved by VS&Co’s Board of Directors and is expected to close by the end of January.