Victoria’s Secret & Co. Completes Acquisition of Adore Me, Inc.
January 03 2023 - 6:45AM
Victoria’s Secret & Co. (“Victoria’s Secret” or “VS&Co”)
(NYSE: VSCO) today announced that it has completed the acquisition
of 100 percent of Adore Me, Inc. (“Adore Me”), a digitally-native
intimates brand. The acquisition creates meaningful sales and
profit upside opportunities for VS&Co, including the
opportunity 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. Adore Me will serve as an important long-term
growth vehicle for VS&Co, generating an estimated $250 million
of profitable sales in their most recently completed fiscal year
2022. Better together, VS&Co and Adore Me will continue leading
the global intimates category forward in a more inclusive,
tech-forward, and sustainable way.
Martin Waters, CEO, Victoria’s Secret & Co.
stated, “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.”
Martin 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. 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.”
Goldman Sachs acted as financial advisor to
VS&Co and Kirkland & Ellis provided legal counsel. Credit
Suisse acted as financial advisor to Adore Me and WilmerHale
provided legal counsel.
About Victoria’s
Secret & Co.Victoria’s Secret & Co. (NYSE: VSCO)
is a Fortune 500 specialty retailer of modern, fashion-inspired
collections including signature bras, panties, lingerie, casual
sleepwear, athleisure and swim, as well as award-winning
prestige fragrances and body care. VS&Co is comprised of
market leading brands, Victoria’s Secret and Victoria’s Secret
PINK, that share a common purpose of inspiring and uplifting our
customers in every stage of their lives. We are committed to
empowering our more than 30,000 associates across a global
footprint of nearly 1,350 retail stores in approximately 70
countries. We provide our customers with products and experiences
that make them feel good inside and out while driving positive
change through the power of our products, platform and
advocacy.
About Adore MeFounded in 2011
as an online lingerie startup, Adore Me has evolved into a DTC
lingerie and apparel brand serving women of all sizes and budgets
at all phases of life. The firm is transforming the way we shop
with a pioneering 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. Adore Me’s strong
brand authenticity genuinely connects with Gen Z and Millennials,
providing VS&Co a highly inclusive product assortment at
incredible value, across both online and offline platforms.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995
This press release contains forward-looking
statements (as such term is defined in the U.S. Private Securities
Litigation Reform Act of 1995). These forward-looking statements
involve risks and uncertainties and are subject to change based on
various factors, many of which are beyond our control. Accordingly,
our future performance and financial results may differ materially
from those expressed or implied in any such forward-looking
statements. Words such as “estimate,” “commit,” “target,” “goal,”
“project,” “plan,” “believe,” “seek,” “strive,” “expect,”
“anticipate,” “intend,” “potential” and any similar expressions may
identify forward-looking statements. With respect to the
contemplated transaction, forward-looking statements include,
without limitation, financial estimates, statements as to the
completion and benefits or effects of the transaction, including
financial and operating results, the combined company’s plans,
objectives, expectations and intentions, and other statements that
are not historical facts. The following risks, uncertainties and
other factors could affect the company’s financial performance and
cause actual results to differ materially from those expressed or
implied in any forward-looking statements: the failure to realize
the benefits of the transaction; the ability of Adore Me to retain
customers and key personnel and to maintain relationships with
suppliers and distributors; and potential difficulties integrating
Adore Me, or the costs of integrating Adore Me exceeding original
estimates.
Except as may be required by law, the company
assumes no obligation and does not intend to make publicly
available any update or other revisions to any of the
forward-looking statements contained in this press release to
reflect circumstances existing after the date of this press release
or to reflect the occurrence of future events, even if experience
or future events make it clear that any expected results expressed
or implied by those forward-looking statements will not be
realized. Additional information regarding these and other factors
can be found in “Item 1A. Risk Factors” in the company’s Annual
Report on Form 10-K and Quarterly Report on Form 10-Q filed with
the Securities and Exchange Commission on March 18, 2022 and
December 2, 2022, respectively.
For further information, please
contact: |
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Victoria’s Secret & Co.: |
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Investor Relations: |
Media Relations: |
Kevin Wynk |
Brooke Wilson |
investorrelations@victoria.com |
communications@victoria.com |
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