Victoria's Secret to buy online startup Adore Me for $400M
Victoria’s Secret & Co. signed a definitive agreement to acquire Adore Me Inc., a lingerie startup known for its wide array of sizes, for $400 million in cash
NEW YORK (AP) — Victoria’s Secret & Co. said Tuesday it has signed a definitive agreement to acquire Adore Me Inc., a lingerie startup known for its wide array of sizes, for $400 million in cash.
The move comes as Victoria's Secret aims to become more inclusive and diversify beyond its sexy image of thongs and other come-hither lingerie.
The deal is expect to close by the end of January, subject to customary closing conditions and regulatory clearances. Victoria's Secret said it plans to finance the transaction at closing with cash on hand.
Adore Me, founded in 2011, serves more than 1.2 million active customers and is powered by a proprietary technology platform that features “Home Try-On” and monthly subscription options. Adore Me has long been a leader in extended sizes.
