Secret Sales acquires competitor discount retailer Dress-for-less
Secret Sales has today announced the acquisition of German online retailer, Dress-for-less. This marks the next step in the off-price e-tailer’s international expansion plan.
Dress-for-less, which retails discount fashion and beauty, boasted a turnover of £85 million (€100 million) in 2023. Acquiring the established powerhouse, which retails brands including Tommy Hilfiger, Calvin Klein and Marc O’Polo, will provide Secret Sales’ partner brands and retailers with access to increased market share and millions of customers across Europe.
As part of the new deal, Dress-for-less will be powered by Secret Sales’ technology platform but will keep its brand name, look and feel.
With its new acquisition, Secret Sales has established itself in six European territories including the UK, Ireland, Belgium, the Netherlands and Spain. But the company is already planning to expand further into Europe.
Chris Griffin, CEO of Secret Sales, said: "Secret Sales is set to dominate off-price fashion and beauty, and more importantly give brands... a route to control and profit from their non-full price strategies across Europe.
"The retail space hasn’t had it easy, but we’re continuing to see unprecedented growth in the off-price space. Dress-for-less is second-to-none in the space in Germany and forms a key part of our growth. For brands and retailers, the potential for pan-European control and expansion offers significant revenue opportunities. For Secret Sales and Dress-for-less customers alike, there is now more choice than ever before."
In February, Secret Sales announced its "exceptional growth" with sales up by 85%, matching its bold target. Looking ahead, the company forecasts a further 60% growth in 2024.
