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

The Associated Press

NEW YORK (AP) — Victoria’s Secret & Co. 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 announced Tuesday is expected 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. The company said in late August that it’s forecasting annual sales for this year to decline in the mid to high single-digit range from year-ago sales of $6.78 billion.