Secret Sales, the private sales site, is to be relaunched as a global off-price 360° retail platform for the fashion apparel, sportswear, beauty and homeware markets.
Lifestyle Retail Group (LRG), a new organisation led by retail industry veterans Chris Griffin and Matt Purt, has taken over the majority ownership of Secretsales Ltd and Secretsales.com, while founders Nish and Sach Kukadia have retained a minority stake and will continue to be involved in the business.
Griffin and Purt founded and sold Anatwine, the retail merchandising network, to Zalando in 2017. The team, which also includes Balwant Ahira a former creative director of Farfetch and ASOS, says it will create “the largest discount-only, branded product site in the world, but with a difference”.
Purt explained: “One of the biggest challenges currently faced by brands looking to launch a digital storefront is the adjacencies and the aesthetics; working with Secret Sales will address this by giving brands the opportunity to create a platform that is not only ‘on-brand’ but that will create a lot of brand equity.”
The new platform will enable brands to create and support strategies for off-price inventory and retailing and comprises five pillars: the Secret Sales marketplace; digital storefronts; consignment; wholesale; and physical pop-up shops in locations throughout the EU.
This change in the Secret Sales business model will mark the first time these key areas of retail have been joined together to form a 360° inventory model, the company said.
Griffin added: “We’re thrilled to combine our many years of retail experience with Secret Sales’ huge customer base to challenge and change the off-price industry. We’re passionate about solving these issues and we have both the support of the industry and the technology to build the largest platform for clearing branded goods in the fashion apparel, sportswear, home and beauty sectors globally.”
LRG said it had hired market-leading talent across all areas of the business to support its ambitious growth plans while Sach and Nish Kukadia will join its board. Nish Kukadia said: “Brands are now demanding a radically new end-to-end clearance solution which fundamentally meets the needs of the market, and we’re looking forward to seeing Secret Sales evolve to match this demand.”
Sach Kukadia added: “The new strategy with SecretSales.com remaining as the public face of the business, whilst the underlying technology platform and operations are completely redesigned to create a new-age, multi-channel off-price experience, is extremely exciting for everyone involved.”