Secret Sales, non-full price marketplaces total inventory has grown by 125 per cent year-on-year, with 25 million units now available at a total value of £3 billion. 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. In what has been a phenomenal start to the year 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 well-known premium brands such as Dolce & Gabbana, PUMA, Kurt Geiger, Ted Baker and G Star, and retailers such as The Hut Group, Monnier Paris and most recently 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. Of note is Secret Sales’ partnership with Wehkamp, the market leader in online fashion retailing in the Netherlands, which marks a first-of-its-kind partnership for the Leading Dutch online department store.
In response to the growth of the business, Secret Sales has appointed its first Dedicated Country Manager. Tom Kelly brings with him 30 years of industry experience from buying roles at De Bijenkorf (Selfridges Group) and Brown Thomas, as he oversees international trade. He will play a crucial role as Secret Sales continues its internationalisation and growth trajectory, which is forecast to reach 450 per cent year-on-year growth in 2023, as the business realises its plan of launching across 5 more markets in the next year.
Chris Griffin, CEO, Secret Sales: “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, well 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.”
To further support the growth of Secret Sales, significant appointments have been made to its global team. Sam Roberts joins the marketplace as Chief Financial Officer, bringing with him experience in financial leadership roles at Compare the Market and Amazon. Alex Adamson also joins the business as Senior Vice President of Marketing from The Hut Group to head up the platform’s digital marketing.
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