When "And" Takes the Place of "E"

My best guess is that this is a logo for a loyalty club at a women's clothing store:


I'm not really sure on the details, though. Is it just for lingerie (as implied by the artwork and the use of the word blush) or for all of the merchandise?

But my biggest question is — who decided an ampersand makes sense as an E? Is this what passes for a concept these days? Out of the corner of my eye, I keep seeing it more as an O, since the lower part is so round.

BlushPORKS. Now there's a brand with possibilities.