lingerie
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Morgan Hermand-Waiche and the rival that became the buyer
He set out to give Victoria’s Secret some competition. Along the way, the Adore Me founder discovered that selling lingerie meant learning to build almost everything around it.
Rihanna put her family name on a different kind of stage
The voice from Barbados became familiar around the world. Then Robyn Rihanna Fenty began asking who was still missing from the picture - and built beauty and fashion businesses around the answer.
Adore Me
Adore Me is a New York-based intimates brand that set out in 2011 to sell well-made bras and lingerie at prices a student could afford, and ended up rewriting how the category is merchandised. Founded by Harvard MBA Morgan Hermand-Waiche, the company paired a wide size range (30-46 bands, A-I cups) with a monthly membership, an at-home try-on box, and an unusually large in-house engineering group in New York and Bucharest that built roughly 15 internal tools for planning, sourcing, and personalization. It reached an estimated $250 million in sales and more than 1.2 million active customers before Victoria's Secret & Co. acquired it in a deal announced November 2022 at $400 million cash upfront plus earnouts, closing January 2023. Adore Me became the only US lingerie brand certified as a B Corporation in 2022. Under its parent it has since narrowed: the founder departed in August 2025, the VIP subscription that defined the model ended in February 2026, and Victoria's Secret recorded a $120 million impairment on the business that same quarter.
Calvin Klein
Calvin Klein is an American global fashion house founded in 1968 by designer Calvin Klein and business partner Barry Schwartz. Known for minimalist design, denim, underwear, fragrances and provocative advertising, the brand elevates everyday essentials to iconic status. Now owned by PVH Corp., Calvin Klein products generate roughly $9 billion in global retail sales annually and are sold across apparel, underwear, fragrances, accessories and home through wholesale, retail and digital channels worldwide.
Knix
Knix is a Toronto-based direct-to-consumer intimate apparel company that pioneered the leakproof underwear category. Founded in 2013 by Joanna Griffiths, it designs machine-washable, reusable period and leakproof underwear, bras, activewear, swimwear and shapewear built for the realities of menstruation, bladder leaks, postpartum and body changes. Known for size-inclusive design and a mission to empower women to be 'unapologetically free,' Knix grew into the #1 leakproof brand in North America and was acquired by Swedish hygiene giant Essity in 2022 in what was reported as the largest exit by a Canadian female founder.
Victoria's Secret & Co.
Victoria's Secret & Co. is a Columbus, Ohio-based specialty retailer of lingerie, intimates, beauty and fragrance, operating the Victoria's Secret, PINK and Victoria's Secret Beauty brands along with the digital-first label Adore Me. Spun off from L Brands as an independent NYSE-listed company (VSCO) in 2021, it sells bras, panties, sleepwear, activewear, body care and fragrance through roughly 1,300 retail stores, a global network of partner-operated locations and a large e-commerce operation. With about $6.55 billion in fiscal 2025 revenue and around 31,000 employees, the company is pursuing a turnaround that pairs a revived Victoria's Secret Fashion Show with a broader, more inclusive brand message.
Jaclyn Fu
Jaclyn Fu is the co-founder and co-CEO of Pepper, the direct-to-consumer bra brand built for small-chested women that grew from a Kickstarter funded in 10 hours into an eight-figure company that has sold more than one million bras. A UC Berkeley graduate and former product marketer at Mozilla, Etsy and Conversocial, she turned four words scribbled on a road trip - 'bras for Asian Americans' - into a movement to redefine how small chests are seen. She and co-founder Lia Winograd landed on Forbes' 2020 30 Under 30 list for Retail & Commerce.
Savage X Fenty
Savage X Fenty is Rihanna's inclusive lingerie, loungewear and apparel brand, launched in 2018 as a joint venture with TechStyle Fashion Group. Built around radical size inclusivity (30+ bra sizes, XS-4X), it sells direct-to-consumer through an Xtra VIP membership model and an expanding wholesale footprint in Nordstrom, Galeries Lafayette and Selfridges. Backed by L Catterton, Neuberger Berman and Advent International, the company reached a reported $1 billion valuation and turned an annual Amazon Prime Video runway show into an Emmy-winning cultural event. It positions itself as the inclusive, unapologetic alternative to the old Victoria's Secret playbook.
Shauna Drumright
Shauna Drumright runs Savage X Fenty, the inclusive lingerie brand Rihanna built. A subscription-commerce operator who cut her teeth at Procter & Gamble before spending years scaling TechStyle's JustFab and FabKids, she stepped into the CEO seat to turn a celebrity launch into a durable, data-driven retail machine. Her brief: keep the body-positive swagger that made the brand famous while making the math work across membership, stores, and a sprawling product range.