E-commerce platform celebrates 70 per cent growth amid international expansion

Secret Sales, a marketplace for fashion, sportswear and beauty brands, has cemented itself as “one the fastest growing fashion ecommerce platforms in Europe”.

The non-full price marketplace’s total inventory has grown by 125 per cent year-on-year, with 25 million units now available at a total value of £3bn. This was in part driven by the business’ international expansion into the Netherlands and Belgium in April last year, where the company has experienced 40 per cent month-on-month compound sales growth.

Secret Sales’ 70 per cent like-for-like growth in 2022 “far exceeds the industry norm” and is set to maintain its momentum with an unprecedented 85 per cent in 2023. The business has already accelerated ahead with 80 per cent like-for-like growth in January sales alone.

Secret Sales provides a marketplace for brands to sustainably sell their non-full price inventory. The platform drives sales of surplus stock, while retailers retain control of brand equity, offering and pricing across territories.

Over the past year, Secret Sales has also bolstered its global alliances, with the marketplace seeing 104 per cent year-on-year growth in partners, and a total of 2,469 brands now available on the platform. Significant partners include Dolce & Gabbana, PUMA, Kurt Geiger, Ted Baker and G Star, and retailers such as The Hut Group, Monnier Paris and ASOS.

Since launching in the Netherlands and Belgium less than a year ago, Secret Sales has more than doubled its international inventory in the two new territories to 1,129 brands. Secret Sales’ partnership with Wehkamp, the “market leader” in online fashion retailing in the Netherlands, which marks a “first-of-its-kind” partnership.

Chris Griffin, CEO, Secret Sales, commented: “The cost-of-living crisis has triggered an increased appetite for both the circular fashion economy and more specifically non-full price. We anticipate that consumers will continue to invest in quality goods at affordable prices, especially while everyone feels the impact of the current climate.

“Brands and Retailers need to seriously consider this behaviour within their wider business strategies by ensuring they are factoring in non-full price as a long term profitable solution.

“The success we have seen, and continue to see, highlights how critical it is that retailers and brands change their attitude to discount by harvesting the benefits we deliver of making good margin and acquiring new customers, while not eroding their brand equity.

“As we expand our Secret Sales team to continue to build on our success, we look forward to working with more partners throughout Europe to help create a more sustainable future for fashion.”

By Matthew Neville – Senior Correspondent, Bdaily

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