Secret Sales hails ‘exceptional’ year as it accelerates expansion strategy

Secret Sales, which sells a range of fashion, beauty and sportswear brands, reported an 85% jump in like-for-like growth in sales for the 2023 full year.

The premium digital outlet marketplace also posted a 25% increase in total inventory year on year to £4bn and noted a 100% growth across womenswear and a 200% hike in beauty.

Profit and revenue figures were not disclosed.

Last year, Secret Sales ramped up its European expansion strategy by launching in both Spain and Ireland, expanding its global reach to five regions and bolstering its portfolio with the addition of 250 new brands.

Secret Sales added that it plans to introduce a further 200 brands to the platform this year.

In terms of outlook, the brand anticipates a further 60% growth this year as it continues its bid to be the “leading off-price destination in Europe” – driven by its continued European expansion into three new territories and “ongoing brand diversification”. 

It is currently home to retail brands including Ted Baker, LK Bennet, Moschino, Asos and Lulu Guinness.

Off-price solution

Secret Sales chief executive Chris Griffin said: “2023 was a transformative year for Secret Sales. We doubled down on our mission to positively disrupt the off-price sector, attracting new partners and strengthening our brand portfolio.

“In a challenging economic landscape, understanding and addressing consumer concerns is crucial.

“Off-price offers a solution, providing value, sustainability and quality, which resonates with brands and retailers alike who now have a true partner to work with on non-full price, and create strong profit margins while protecting brand equity. We’re committed to driving continued growth for ourselves and our partners in 2024.”

To that end, Secret Sales recently bolstered its top team by 50%, with the appointment of Chris Lacey as chief digital officer, Anthony Farrow as chief technology officer and Alex Adamson as chief marketing officer.