Secret Sales' international expansion results in 70% year-on-year growth
Secret Sales, the online discount marketplace for fashion, sportswear and beauty, has cemented its status as one the fastest growing e-commerce platforms in Europe.
The online marketplace’s total inventory has grown by 125% year-on-year, with 25 million units now available at a value of £3 billion. This was in part driven by the business’s international expansion into the Netherlands and Belgium in April 2022, where the company experienced 40% month-on-month compound sales growth.
Secret Sales said its 70% year-on-year growth in 2022 exceeded the industry norm and that it was on track to maintain momentum with an 85% growth in 2023. The business has already started the year strongly, reporting 80% like-for-like growth in January sales.
The e-commerce platform experienced a 104% year-on-year growth in partners, with a total of 2,469 brands now available on the platform including Dolce & Gabbana, Puma, Kurt Geiger, Ted Baker and most recently ASOS.
In response to its rapid growth, the business has appointed its first Dedicated Country Manager, Tom Kelly. He brings 30 years of industry experience from buying roles at De Bijenkorf (Selfridges Group) and Brown Thomas. He will play a crucial role in the company’s growth trajectory, which is forecast to reach 450% year-on-year growth in 2023.
Further appointments to aid in the growth of Secret Sales include Sam Roberts as Chief Financial Officer and Alex Adamson as Senior Vice President of Marketing.
Chris Griffin, CEO of Secret Sales, told TheIndustry.fashion: "The growth has been driven as a direct result of signing so many of the world's top brands and retailers, there has been a huge shift in these companies towards making sure non-full price is not just about cash recovery but making strong margin, at the same using non-full price to create new customers.
"Brands and retailers have grasped that we are the only route that enables them to do this well staying in control of their brand equity and at the same time not eroding their full price sales in their own channels."
Listen to our recent podcast with Secret Sales CEO Chris Griffin here.