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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.
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.