Victoria’s Secret to buy online startup Adore Me for $400M

Nov 1, 2022, 8:43 AM | Updated: 9:08 am

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.

“This acquisition will be a significant accelerant as we pivot toward growth and modernize the foundation of our company with an entrepreneurial mindset that puts technology at the forefront of everything we do,” said Martin Waters, CEO, Victoria’s Secret & Co., in a statement. “In partnering with the incredible team at Adore Me, we will move to the future much faster.”

Victoria’s Secret said in late August that it’s forecasting annual sales for this year to decline in the mid to high single-digit range compared to the year-ago sales of $6.78 billion.

In July 2021, L Brands Inc. spun off the Victoria’s Secret business into an independent, publicly traded company. Shares of Victoria’s Secret slipped 11 cents to $37.49 in midday trading.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Lead water pipes pulled from underneath the street are seen in Newark, N.J., Oct. 21, 2021. (AP Pho...

Associated Press

Biden to require cities to replace harmful lead pipes within 10 years

The Biden administration has previously said it wants all of the nation's roughly 9 million lead pipes to be removed, and rapidly.

21 hours ago

Facebook's Meta logo sign is seen at the company headquarters in Menlo Park, Calif., on, Oct. 28, 2...

Associated Press

Meta shuts down thousands of fake Facebook accounts that were primed to polarize voters ahead of 2024

Meta said it removed 4789 Facebook accounts in China that targeted the United States before next year’s election.

23 hours ago

A demonstrator in Tel Aviv holds a sign calling for a cease-fire in the Hamas-Israel war on Nov. 21...

Associated Press

Hamas releases a third group of hostages as part of truce, and says it will seek to extend the deal

The fragile cease-fire between Israel and Hamas was back on track Sunday as the first American was released under a four-day truce.

6 days ago

Men look over the site of a deadly explosion at Al-Ahli Hospital in Gaza City, Wednesday, Oct. 18, ...

Associated Press

New AP analysis of last month’s deadly Gaza hospital explosion rules out widely cited video

The Associated Press is publishing an updated visual analysis of the deadly Oct. 17 explosion at Gaza's Al-Ahli Hospital.

9 days ago

Peggy Simpson holds a photograph of law enforcement carrying Lee Harvey Oswald's gun through a hall...

Associated Press

JFK assassination remembered 60 years later by surviving witnesses to history, including AP reporter

Peggy Simpson is among the last surviving witnesses who are sharing their stories as the nation marks the 60th anniversary.

9 days ago

Israeli Prime Minister Benjamin Netanyahu, chairs the weekly cabinet meeting in Jerusalem, Sunday, ...

Associated Press

Israeli Cabinet approves cease-fire with Hamas; deal includes release of 50 hostages

Israel’s Cabinet on Wednesday approved a cease-fire deal with the Hamas militant group that would bring a temporary halt to a devastating war.

10 days ago

Sponsored Articles


Desert Institute for Spine Care

Desert Institute for Spine Care (DISC) wants to help Valley residents address back, neck issues through awake spine surgery

As the weather begins to change, those with back issues can no longer rely on the dry heat to aid their backs. That's where DISC comes in.


Midwestern University

Midwestern University: innovating Arizona health care education

Midwestern University’s Glendale Campus near Loop 101 and 59th Avenue is an established leader in health care education and one of Arizona’s largest and most valuable health care resources.



Key dates for Arizona sports fans to look forward to this fall

Fall brings new beginnings in different ways for Arizona’s professional sports teams like the Cardinals and Coyotes.

Victoria’s Secret to buy online startup Adore Me for $400M