Secret Sales, the premium off-price marketplace, has seen a significant surge in growth in 2022 and anticipates continued success this year. The company experienced a remarkable 70% increase in like-for-like growth last year, and in January alone, it achieved an impressive sales growth of 80%. These outstanding numbers have established Secret Sales as one of the fastest-growing fashion e-commerce platforms in Europe, and it aims to maintain this momentum with a projected growth rate of around 85% in 2022.
While Secret Sales has not disclosed its exact revenue or profit figures for the previous year, its like-for-like growth is particularly remarkable when considering that its total inventory has expanded by 125%. This indicates that an increasing number of brands are recognizing the potential of off-price marketplaces and are eager to partner with Secret Sales.
In recent months, Secret Sales has been striking strategic deals with major industry players, solidifying its position in the fashion market. One notable partnership is with ASOS, a leading online fashion retailer. This collaboration enables Secret Sales to offer a selection of up to 1,000 products from ASOS’s own brands. Additionally, the agreement allows ASOS to reduce the discounts available on its own webstore. Such partnerships further enhance Secret Sales’ appeal and expand its range of offerings.
At present, Secret Sales boasts an extensive collection of nearly 2,500 brands, more than double its offerings from a year ago. Chris Griffin, the CEO of Secret Sales, attributes the company’s growth to the cost-of-living crisis. He believes that this crisis has led to an increased demand for both the circular fashion economy and non-full price products. Griffin expects this trend to persist as consumers continue to feel the effects of the current economic climate.
Furthermore, Griffin emphasizes the importance for brands and stores to consider non-full price offerings as a long-term profitable solution. He argues that such offerings can improve profit margins and attract new customers without compromising brand equity. This aligns with Secret Sales’ mission to provide premium products at discounted prices, creating a win-win situation for both customers and brands.
Secret Sales’ rapid growth in 2022, coupled with its projected growth for this year, positions it as one of the key players in the European fashion e-commerce market. The company’s ability to secure partnerships with renowned brands like ASOS further solidifies its reputation and demonstrates its commitment to offering quality products at attractive prices. As the demand for affordable fashion continues to rise, Secret Sales is well-positioned to capitalize on this trend and maintain its upward trajectory in the industry.
Useful links:
1. Secret Sales website: Explore Secret Sales’ extensive collection of premium fashion brands at discounted prices.
2. ASOS website: Discover ASOS’s wide range of trendy and affordable fashion for men and women.
