Victoria’s Secret is buying Adore Me for $400 million.
The lingerie giant - which propelled supermodels such as Giselle Bündchen, Adriana Lima and Alessandra Ambrosio to international fame - acquired the online knicker retailer as a part of their rebrand after a series of sex scandals and market trends for diversity sullied their reputation.
Martin Waters, the CEO said: “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 [sister brand] Pink customers. This acquisition will be a significant accelerant as we pivot toward growth and modernise 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.”
The purchase - which is due to be finalised in 2023 - will see the Victoria’s Secret - who rebranded to VS and Co in 2021 -cash in their tech, shopping experience and values of “inclusive” sizing.
Morgan Hermand, the digital-only brand’s founder 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.”
In 2020, Victoria’s Secret was rocked by a series of sexual abuse allegations, including the claims made against Ed Razek, their ex CEO about him attempting to kiss models on shoots. Leslie Wexler, who founded the chain’s parent company L Brand, is also alleged to have inappropriate dealings with the late convicted sexual offender and billionaire Jeffrey Epstein.
Since their overhaul of their image, the lingerie giant have added a variety of milestones such as adding a models from underrepresented backgrounds in the fashion industry, such as transgender model Valentina Sampaio and Sofia Jirau, a model with Down’s syndrome.