Victoria's Secret Will Buy "Adore Me" For $400m
Victoria's Secret, a world leader in the women's luxury market, will buy an online lingerie store developed in the US and Romania. The fabulous sum paid by the fashion giant!
Victoria's Secret is preparing to buy the Adore Me lingerie brand for 400 million dollars, with possible additional payments depending on development, targeting the Generation Z customer base. Generation Z is the demographic cohort that succeeds millennials and precedes Generation Alpha. The birth of this generation began in 1997 and ended in 2012.
The deal is expected to close in 2023. Founded in 2010, Adore Me became known for its online-exclusive model, which included a try-on-at-home option, as well as large sizes. The brand expanded its range in 2012 and now has 77 sizes. It is a US business with an IT development team in Bucharest.
Adore Me Was Bought By Victoria's Secret For Hundreds Of Millions
In a comment on his Facebook page, Romanian marketing specialist Doru Supeala commented on Victoria's Secret acquisition:
"The giant Victoria's Secret is buying the Adore Me startup for 400 million dollars. Adore Me is a technology and e-commerce company developed in the United States and Romania. Specifically, the market, marketing, and owners are in America, but the entire technology build is done in Bucharest by a team led by Bogdan Lucaciu, as CTO.
Here's how to make a successful digital product company globally and from Romania and let's learn from them how to build a high-performance team and an organizational culture oriented towards innovation and the real needs of customers, culture, and a team that will bring such performance".
What Is Victoria's Secret Plan
According To Startup Cafe, Victoria's Secret aims to strengthen its eCommerce business, as Adore Me had managed to become a rival to the fashion and beauty giant, with the help of innovative eCommerce technologies, largely developed in Romania.
Adore Me was started by French entrepreneur Morgan Hermand-Waiche in the US in 2010 while he was a master's student at Harvard Business School. Previously, he worked at the international consulting firm McKinsey, where he co-founded Romain Liot, another Frenchman. Gary Bravard was also co-founder of the eCommerce startup that took off.
Founder Morgan Hermand-Waiche set up his technology base in Romania, where he found good programmers and designers. In Bucharest, the American company owns Adore Me SRL, registered in 2014. In 2021, the Bucharest-based company focused on software development, had an average number of 79 employees, steadily increasing since 2014, when it had 2 employees.