(Filed Under Financial and General Interest News). Victoria’s Secret announced it is acquiring Adore Me, Inc. for $400 million plus additional payments over the next two years.
According to reports, Adore Me sales in 2022 will reach $240 million, most of that online. It also has six brick and mortar shops.
The move “strategically positions VS&Co for growth,” the company indicated, by allowing it to “leverage Adore Me’s expertise and technology to continue to improve the Victoria’s Secret and Pink customer shopping experience and accelerate the modernization of VS&Co’s digital platform.” In a recent press release, Adore Me boasted that its “product range currently comes in 77 different sizes, ranging from A–I cups and 30–46 bands.”
VS described the deal as a “structured transaction" that "includes an initial upfront $400 million cash payment and further cash consideration, a portion of which is fixed and a portion of which is based on the performance of Adore Me and achievement of specified growth and synergy targets over a two-year period.”
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