Victoria's Secret is shopping for a lingerie startup identified for its big selection of sizes.
AP
Victoria’s Secret mentioned Tuesday it has signed a definitive settlement to accumulate Adore Me, a lingerie startup identified for its big selection of sizes, for $400 million in money.
The transfer comes as Victoria’s Secret goals to change into extra inclusive and diversify past its attractive picture of thongs and different come-hither lingerie.
The deal is count on to shut by the tip of January, topic to customary closing circumstances and regulatory clearances. Victoria’s Secret mentioned it plans to finance the transaction at closing with money readily available.
Adore Me, based in 2011, serves greater than 1.2 million lively prospects and is powered by a proprietary know-how platform that options “Dwelling Strive-On” and month-to-month subscription choices. Adore Me has lengthy been a frontrunner in prolonged sizes.
“This acquisition shall be a major accelerant as we pivot towards progress and modernize the muse of our firm with an entrepreneurial mindset that places know-how on the forefront of every part we do,” mentioned Martin Waters, Victoria’s Secret CEO, in a press release. ”In partnering with the unimaginable staff at Adore Me, we are going to transfer to the longer term a lot sooner.”
Victoria’s Secret mentioned in late August that it’s forecasting annual gross sales for this 12 months to say no within the mid to excessive single-digit vary in comparison with the year-ago gross sales of $6.78 billion.
In July 2021, L Manufacturers spun off the Victoria’s Secret enterprise into an unbiased, publicly traded firm.
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