ASOS partners with Secret Sales to clear excess stock
ASOS, is partnering with Secret Sales, the discount marketplace for fashion, sportswear, and beauty brands, to clear the backlog of excess stock and boost revenues.
Secret Sales customers will be able to shop from an initial selection of up to 1,000 products from ASOS-owned brands. These include ASOS Design, Collusion, Reclaimed Vintage, Topshop, Topman, and Miss Selfridge, all at reduced prices.
As part of its full-year results in October, ASOS announced plans to right-size its stock portfolio. The total group revenue dropped to £1.34 billion in Q4 of 2022, with the UK dropping 8% (to £591.3m). Working with Secret Sales provides an additional route for ASOS to clear stock efficiently, as well as providing a channel to cut financial losses.
Purchases made on Secret Sales will be fulfilled by ASOS using its existing infrastructure, including packaging and shipping.
The alliance launches first in the UK, with all of the selected items being removed from the ASOS website. The online fashion giant will be refreshing inventory fortnightly with plans to grow the selection of products available down the pipeline.
Jag Weatherley, Corporate Transformation Director at ASOS, commented: "We’re pleased to be offering Secret Sales customers access to ASOS products for the first time. It’s been a huge effort from everyone involved to get this partnership up and running in a short space of time. We’re looking forward to seeing how we can develop our relationships with Secret Sales."
Matt Purt, Co-Founder and Chief Commercial Officer at Secret Sales, added: "Our focus is in helping brands and retailers deliver a long-term sustainable and profitable solution to clear non-full-price inventory, without having to compromise on margin or erode brand equity.
"We’re incredibly excited to be welcoming ASOS to our Secret Sales seller community and supporting their long-term strategy for managing off-price inventory."
British footwear and accessories brand and retailer Kurt Geiger also launched on Secret Sales in November, to drive sales from markdown and promotional inventory.
Click here to listen to TheIndustry.fashion's podcast with Chris Griffin, the CEO of Secret Sales.