Victoria’s Secret & Co has signed a definitive agreement to acquire 100 percent of Adore Me, a digitally-native intimates brand.
Victoria’s Secret said in a statement that 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 achievement of specified growth and synergy targets over a two-year period.
Victoria’s Secret & Co chief executive Martin Waters said in a statement: “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.”
Victoria’s Secret snaps up intimates label
Victoria’s Secret & Co said the deal will create significant upside for the business, including the opportunity to leverage Adore Me’s expertise and technology to continue to improve the Victoria’s Secret and Pink customer shopping experience and accelerate the modernization of the digital platform.
Named a leading Digital Native Growth Brand in intimates by the NPD Group, Adore Me serves more than 1.2 million active customers and is powered by a proprietary technology platform with services including “home try-on” and monthly subscription options.
Morgan Hermand, the 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.”