Ted Baker partners with Secret Sales for new excess stock strategy
Ted Baker has announced a partnership with Secret Sales, creating a new long-term non full price strategy and adopting a new approach to selling excess inventory.
The luxury lifestyle retailer is working with the premium ecommerce marketplace to launch its first ‘always on’ UK digital outlet, enabling it to sell aged stock away from the main Ted Baker website in a brand-enhancing and profitable way.
Secret Sales' business model aims to help solve the problem of excess inventory by offering brands a direct-to-consumer digital channel to sell end of season stock in a way that maintains brand equity and, in an industry-first, identifies new customers for full-price targeting in a fully GDPR compliant way.
Retail entrepreneurs Chris Griffin and Matt Purt acquired Secret Sales in March 2020, moving the business from an antiquated members-only flash sales website to a dedicated marketplace.
Ted Baker will retain full control of its brand on Secret Sales, owning the product selection, pricing, images and copy and working in partnership on trading and marketing plans. The retailer has digitally connected its supply chain and inventory systems to the platform to trade efficiently in real time, without the need to physically move stock to a third-party seller.
Gavin Richards, Head of Commercial Stock at Ted Baker, said: "Secret Sales is a natural extension of our ecommerce operation, allowing us to sell surplus stock while supporting cash generation and retaining brand equity. By giving shoppers the option to allow us to stay in touch, we are being introduced to and gaining new full-price customers too."
Chris Griffin, CEO of Secret Sales, added: “Ted Baker needed a curated, fashion-specific approach that offers a clean exit for non full price lines. Adding a secondary channel to its ecosystem, exclusively for aged inventory where it can sell directly to consumers in an upmarket environment, means Ted Baker can manage surplus stock sustainably, all while protecting brand image and heritage.”