Luxury lingerie retailer Victoria’s Secret is buying a rival, AdoreMe Inc., in a $400 million cash deal in order to expand beyond being viewed as a sexy wear brand.
The deal, according to a Wall Street Journal report, is also about Victoria Secret’s strategy to be more inclusive. AdoreMe is a 10-year-old direct to consumer retailer with $240 million in revenue this year, according to the news outlet.
Chief Executive Martin Waters said Victoria’s Secret plans to use those online shopping features with its other brands. “They’re significantly further advanced in the way that they use technology at the forefront of everything that they do,” Victoria’s Secret CEO Martin Waters told WSJ.
Adore Me founder and CEO Morgan Hermand-Waiche is expected to remain in his role.
Source : retailcustomerexperience
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