Online marketplace Secret Sales expands its European footprint with the acquisition of H&M’s Afound

Secret Sales, an online marketplace for off-price retail in fashion, sportswear and beauty, has announced the acquisition of H&M Group’s digital fashion outlet, Afound. Financial terms of the deal were not disclosed.

Launched in 2018 by H&M Group and evolving into a digital marketplace in 2019, Afound brought together a curated selection of popular fashion and lifestyle brands alongside H&M Groups own labels.

In August, H&M Group announced it was pulling the plug on the venture, stating that it “constantly reviews initiatives, projects, and brand plans at large, adjusting priorities to secure economic viability and long-term resilience.”

“When evaluating Afound’s current position, we don’t see enough demand, partly because brands increasingly choose to use their own channels for sales, to further strengthen their customer relationships. This has led to the difficult but necessary decision to discontinue it.”

Chris Griffin, CEO at Secret Sales, comments: “In today’s challenging retail environment, we’re proud to be setting a new standard for brands and retailers to manage discount inventory in a way that enhances their brand and drives long-term profitability.”

“Bringing Afound into the Secret Sales family reinforces our commitment to growing our premium off-price solution across Europe. By expanding into the Nordics, brands now have an even greater opportunity to reach new customers in multiple regions while maintaining control over their positioning. This acquisition is another step toward transforming the off-price landscape.”

Ville Klemming, Managing Director at Afound, says: “We are pleased to see Afound’s legacy continue under Secret Sales. Afound has always been about delivering exceptional value to brands and customers. I am confident that Secret Sales will continue on that journey with quality and care. We are happy that the brand and the value created can continue to live and we are grateful to everyone who has contributed to the journey.”

2024 RTIH INNOVATION AWARDS

Online retail was a key focus area for the sixth edition of the RTIH Innovation Awards.

The awards, sponsored by Vista Technology Support, Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended last week’s gathering.