Secret Sales acquires Spanish discount retailer
Secret Sales, the online marketplace for off-price retail, has acquired Spanish discount retailer Dreivip.com as part of its ongoing European expansion strategy.
The move follows the company’s recent entry into the Netherlands and Belgium.
With 2.7 million members in Spain, Dreivip. com will continue to trade as normal until a co-branded site goes live in October. The new platform will launch with around 450 brands.
The Dreivip acquisition follows Secret Sales’ recent success in raising $10 million in Series B funding to support its international growth strategy. Last year, the company delivered 70% like-for-like sales growth.
Chris Griffin, chief executive of Secret Sales, said: “Secret Sales is a disruptor, we have a revolutionary business model that is a win-win for brands, retailers and consumers. Brands are increasingly turning to us when they want off-price to be on-brand and profitable.
“Despite the difficult retail climate, we are seeing significant growth, and the expansion into Spain is just the start of a wider pan European strategy to ensure that more brands and retailers get to experience the unique benefits of our platform. We are already in active and advanced discussion with a further 70 local Spanish brands that are very excited about our unique proposition.”
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