Off-price fashion specialist Secret Sales expands into Ireland, marking its fourth European market
Secret Sales, a platform and marketplace for off-price retail in fashion, sportswear and beauty, has announced its expansion into Ireland.
Shoppers in Ireland will now have direct access to over £700 million worth of off-price inventory on Secretsales.com from 450 premium brands, including Dsquared2, Plein Sport, Aquascutum, Cavalli, Diesel, Asics, Hackett, Ted Baker, and Superdry.
This launch supports Secret Sales’ strategy of establishing itself as the go-to destination for non-full price retail in all main European markets by 2025, following the acquisition of Spanish e-commerce firm Dreivip.
Chris Griffin CEO at Secret Sales, says: "This year, we have seen remarkable growth, which has paved the way for us to expand into new territories.”
“For the Irish market, there is already a strong consumer appetite for off-price fashion making this a natural expansion fit for our brands and retail partners. Careful consideration was also given to the product selection to truly appeal to an Irish audience.”
“As we continue our international expansion path, we are committed to working collaboratively with our brand and retailer base to launch in new markets that align with their business needs. This means increasing margins, reaching new customers and protecting brand equity.”
Funding round
Earlier this year, Secret Sales raised $10 million in a Series B funding round.
This came two years after the company’s first round of funding, which raised €10 million in June 2021.
Series B investors included ePerwyn, Belerion Capital, and Big Ideas Group.
Secret Sales is using the funds for both European expansion and its marketplace technology.
Griffin said at the time: “With the current economic climate still uncertain, and the funding market particularly tricky to predict, we are extremely proud of our success in this Series B funding.”
“The confidence of our existing investors is testament to the incredible results we have achieved during this past year, showing that there is significant reason and opportunity to invest in the Secret Sales business model worldwide.”
“The ongoing demand from brands and retailers looking for an upmarket, profitable, and sustainable way to sell non-full price inventory has accelerated and we are fast becoming the only real 360-degree solution.”
“We’re thrilled to have closed this funding round as it enables us to embark upon the next stage of our growth journey and create a more sustainable future for fashion.”
Iain McDonald, founder of Belerion Capital Group, and non-executive director at boohoo and The Hut Group, saif: “Belerion is delighted to back Secret Sales in its most recent funding round. Chris and the team continue to scale the business very impressively and, in so doing, are transforming the way brands clear excess inventory.”
“This latest funding round will allow an accelerated international roll out. We are very happy to increase our shareholding in the business and look forward to further success.”
Ravi Sharma, Partner, Perwyn, commented: “Since leading the investment rounds in Secret Sales we have been hugely impressed by the team and their progress.”
“The company has built an online marketplace that works in partnership with brands and retailers, and is fast becoming a true disruptor in its sector. It is achieving this with its modern platform that puts ‘brand’ first in the exciting non-full price space. We will continue to support the business as it seeks to expand its operations more widely across Europe.”
Griffin and Matt Purt, acquired Secret Sales in March 2020, relaunching the former members only flash sales site as a dedicated marketplace.
Angus Duthie-Jackson from Perwyn joined the company’s board as part of the latest funding round.
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