(Filed Under Financial and General Interest News). Victoria’s Secret completed, on January 3, 2023, the acquisition of Adore Me, Inc. that it had first announced in early November.
VS noted that Adore Me had generated “an estimated $250 million of profitable sales in their most recently completed fiscal year 2022,” higher that the expected $240 million in sales that was predicted by the company, according to a November Wall Street Journal article.
The purchase price that was announced in November was $400 million plus additional payments over the next two years.
Victoria’s Secret CEO Martin Waters explained, “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. I am thrilled with the swift completion of the acquisition and excited to welcome the entire Adore Me team into the VS&Co family.” He continued, “in Adore Me, we have acquired a business and a team that will help us deliver improved, elevated and differentiated experiences for Victoria’s Secret and Pink customers.”
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