Secret Sales welcomes 70% growth in FY22

Secret Sales has welcomed “exceptional growth” in 2022, reporting 70% like-for-like growth that “far exceeds the industry norm”. According to the business, it is set to maintain its momentum with an “unprecedented” 85% growth in 2023, and has already reported 80% like-for-like growth in January sales alone. The non-full price marketplace’s total inventory soared by 125% year-on-year, with 25 million units now available at a total value of £3bn. This was in part driven by the business’ international expansion into the Netherlands and Belgium in April last year, where the company has experienced 40% month-on-month compound sales growth. Secret Sales provides a marketplace for brands to sustainably sell their non-full price inventory. It claims to drive sales of surplus stock while retailers “retain control of brand equity, offering and pricing across territories”. Over the past year, Secret Sales has seen 104% year-on-year growth in the number of partners, with a total of 2,469 brands now available on the platform. Significant partners now include premium brands such as Dolce and Gabbana, PUMA, Kurt Geiger, Ted Baker and G Star, and retailers such as The Hut Group, Monnier Paris and most recently ASOS. Since launching in the Netherlands and Belgium less than a year ago, Secret Sales has more than doubled its international inventory in the two new territories to 1,129 brands. Chris Griffin, CEO, Secret Sales: “The cost-of-living crisis has triggered an increased appetite for both the circular fashion economy and more specifically non-full price. We anticipate that consumers will continue to invest in quality goods at affordable prices, especially while everyone feels the impact of the current climate. “Brands and Retailers need to seriously consider this behaviour within their wider business strategies by ensuring they are factoring in non-full price as a long term profitable solution. The success we have seen, and continue to see, highlights how critical it is that retailers and brands change their attitude to discount by harvesting the benefits we deliver of making good margin and acquiring new customers, well not eroding their brand equity.” He added: “As we expand our Secret Sales team to continue to build on our success, we look forward to working with more partners throughout Europe to help create a more sustainable future for fashion.”