“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,” said Martin Waters, CEO, Victoria’s Secret & Co.

Founded in 2011, New York-based Adore Me is an online-only intimates brand that counts 1.2 million active customers. It generated an estimated $250 million of profitable sales in their most recently completed fiscal year 2022. 

The company has pioneered a home try-on commerce service, a series of innovation-driven products, and a mission of making sustainable shopping accessible to all, becoming the first Certified B Corporation intimate apparel brand in the U.S. 

Waters concluded: “This acquisition will be a significant accelerant as we pivot toward growth and modernize the foundation of our company with technology at the forefront of everything we do. From a financial point of view, we firmly believe the standalone Adore Me business can continue their industry-leading sales growth at operating margin rates that are similar or accretive to the VS&Co operating model. We view this acquisition as a win-win opportunity to drive long-term, sustainable shareholder value.”

In 2022, Victoria’s Secret also took a minority stake in U.S. swimwear brand, Frankies Bikinis.