Adore Me, the digitally-native direct-to-consumer lingerie and apparel brand has been acquired by Victoria’s Secret. The transaction is structured as an all-cash deal with an initial $400M payment with cash earnouts of an additional $300M over the next two years possible, based on performance. “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,” remarked Morgan Hermand, Founder and CEO of Adore Me.
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. – Morgan Hermand
Founded by Gary Bravard and Hermand in 2011, Adore Me had raised a total of $57.8M in total reported equity funding. Backers in the company include SOSV, FJ Labs, Upfront Ventures, Fabrice Grinda, TA Ventures, White Star Capital, Mousse Partners, Blisce, Jaina Capital, Christian Edler, #adm VENTURES, Cyril Vermeulen, Redhills Ventures, Russia Expansion, and Jean-Marie Truelle.
“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,” remarked Martin Waters, CEO, Victoria’s Secret & Co. “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.”
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. – Martin Waters
