Victoria’s Secret completes online retailer acquisition
Women’s lingerie, nightwear and swimwear retailer Victoria’s Secret has announced the acquisition of online retailer Adore Me.
The digitally-native intimates brand was founded in 2011 as an online lingerie start-up and generated an estimated $250m (c. £207m) in profitable sales in the most recent financial year.
Victoria’s Secret said Adore Me will serve as an important long-term growth vehicle and will continue “leading the global intimates category forward in a more inclusive, tech-forward, and sustainable way.”
Martin Waters, CEO of Victoria’s Secret, 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.”
“We view this acquisition as a win-win opportunity to drive long-term, sustainable shareholder value”, he added.
Victoria’s Secret operates nearly 1,350 retail stores in approximately 70 countries, including the UK and Ireland.