Secret Sales, a platform and marketplace for off-price retail in fashion, sportswear and beauty, has announced strong growth figures, saying it has chalked up 85 per cent sales growth in 2023.
In 2023, Secret Sales accelerated its European growth by entering Spain and Ireland, extending its global reach to 5 regions, and added 250 new brands and retailers to its platform. Further strengthening its brand portfolio, Secret Sales, already home to names such as River Island, ASOS, LuLu Guinness, LK Bennet, Moschino and Ted Baker, plans to onboard 200 new brands across its platform in 2024. This will build on its 2023 strategic growth, which saw a 25 per cent increase of total inventory (now valued at £4 billion) and significant sector-specific gains, including 100 per cent growth in women’s and 200 per cent growth in beauty.
Looking ahead, Secret Sales forecasts a further 60 per cent growth in 2024, fuelled by continued European expansion into three new territories and ongoing brand diversification.
“2023 was a transformative year for Secret Sales,” said Chris Griffins, CEO, Secret Sales. “We doubled down on our mission to positively disrupt the off-price sector, attracting new partners and strengthening our brand portfolio. In a challenging economic landscape, understanding and addressing consumer concerns is crucial. Off-price offers a solution, providing value, sustainability, and quality, which resonates with brands and retailers alike who now have a true partner to work with on non full price and create strong profit margins while protecting brand equity. We’re committed to driving continued growth for us and our partners in 2024.”
To support its ambitious expansion plans, Secret Sales has expanded its senior leadership team by 50 per cent, with three key appointments. Chris Lacey joins as chief digital officer, Anthony Farrow as chief technology officer, and Alex Adamson is promoted to chief marketing officer. These appointments will further bolster the company’s digital and technological capabilities, as well as support the wider team, which has grown 36 per cent this year.
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