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Elections 2024

Jan Moganwa Talks CITIZANS and their political hopes

Jan Moganwa Talks CITIZANS and their political hopes

sona.co.za

Elections 2024

Jan Moganwa Talks CITIZANS and their political hopes

Jan Moganwa Talks CITIZANS and their political hopes

sona.co.za

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    Victoria's Secret concludes acquisition of intimates retailer Adore Me

    Victoria's Secret & Co. (VS&Co) has completed its acquisition of Adore Me, a US-based digitally-native intimates brand and retailer.
    Source: Adore Me
    Source: Adore Me

    Victoria’s Secret said in a statement that 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 modernisation of VS&Co’s digital platform.

    Adore Me is expected to serve as a long-term growth vehicle for VS&Co, generating an estimated $250m of profitable sales in the startup's 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," VS&Co said.

    Founded in 2011 as an online lingerie startup, Adore Me has evolved into a direct-to-consumer lingerie and apparel brand and omnichannel retailer serving women of all sizes.

    Adore Me serves more than 1.2 million active customers and is powered by a proprietary technology platform with differentiated customer experiences including 'Home Try-On' and monthly subscription options. The startup is also working to push the intimates category forward in a more environmentally-conscious way, becoming the first Certified B Corporation intimate apparel brand in the US.

    Pivot towards growth and modernisation

    Martin Waters, CEO at VS&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.”

    Waters 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 modernise 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.”

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