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Adore Me founder Morgan Hermand-Waiche has left Victoria’s Secret & Co., the company confirmed by email. Christine Vellani has been named president of the DTC brand — which the lingerie giant acquired nearly three years ago for $400 million — “to guide the brand into its next chapter.”
Vellani has been with Victoria’s Secret & Co. for nearly six years, working in merchandising as well as new business development, according to her LinkedIn page. She also held leadership positions at L Brands’ La Senza lingerie line for nearly six years, and before that was at Chico’s FAS and The Limited.
“VS&Co leaders and Morgan agreed that it is the right time to transition leadership to enable the next phase of growth for Adore Me,” the company said in a statement emailed to Retail Dive. “Since founding the brand, his guidance helped shape Adore Me into a digitally native, inclusive, and sustainable brand. We are grateful for Morgan’s leadership and the strong foundation he leaves behind.”
The company set high expectations for the brand, saying in early 2023 that it would boost earnings and cash flow and provide expertise and technology that would accrue to all of its brands. At the time Victoria’s Secret said that Adore Me’s revenues for the year would reach $250 million; since then it hasn’t broken out its results. The brand has closed at least one store this year, running five as of early May.
But the market share losses that have plagued Victoria’s Secret for years continue. The retailer’s share of the lingerie segment is at 18%, down from 34% in 2016, according to Wells Fargo analysts led by Ike Boruchow, citing Euromonitor data. The decline is persisting, falling 100 basis points last year, Boruchow said.
Much of that share has gone to DTC companies like Adore Me, and the brand still has the potential to give the legacy retailer a lift, Wells Fargo said. Adore Me is an inclusive brand, and Victoria’s Secret has cited that plus its home try-on options, tech and B Corp. status as assets.
“We view the company’s acquisition of digitally native brand Adore Me … as an interesting tool to further consolidate share in the competitive and fragmented intimates category… but remain sidelined as a truly sustained recovery remains to be seen,” Boruchow said in an Aug. 4 research note.