Victoria’s Secret to buy Adore Me, an online lingerie startup with a Bucharest-based IT team

US giant Victoria’s Secret & Co. (VS&Co) announced on November 1 that it signed a definitive agreement to acquire Adore Me, Inc., a digitally-native intimates brand, for a price tag of USD 400 million.

Adore Me, started by Morgan Hermand-Waiche in 2010, also has an IT development team in Romania. According to Startupcafe.ro, Bucharest-based company Adore Me SRL had almost 80 employees last year, a turnover of RON 21.7 million, and a profit of RON 1 million.

Through the deal announced on November 1, Victoria’s Secret is to acquire 100% of Adore Me for an initial upfront of USD 400 million cash payment and further cash consideration, “a portion of which is fixed and a portion of which is based on the performance of Adore Me and achievement of specified growth and synergy targets over a two-year period.” The transaction has been approved by VS&Co’s Board of Directors and is expected to close by the end of January 2023, subject to customary closing conditions and regulatory clearances.

“I’m absolutely delighted to be announcing this transaction, welcoming Adore Me into the VS&Co family. Adore Me is a technology-led, digital-first innovator in the intimates category that will help us bring differentiated experiences to Victoria’s Secret and PINK customers,” said Martin Waters, CEO of Victoria’s Secret & Co., quoted in the official press release. “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. In partnering with the incredible team at Adore Me, we will move to the future much faster.”

Adore Me serves over 1.2 million active customers and is powered by a proprietary technology platform with highly differentiated customer experiences, including “Home Try-On,” and monthly subscription options. The online starup has long been a leader in extended sizes.

Startupcafe.ro browsed LinkedIn and found several Romanians in the managerial team of Adore Me, such as Eugen Neiculescu (Chief Experience Officer), Bogdan Lucaciu (CTO), Andrei Gigîrtu (VP of Software Incubation), and Bogdan Ghervan (VP of Growth & Business Technology).

(Photo source:Chris Dorney |