Secret Sales posts 4,000% month-on-month revenue growth
Secret Sales has seen its month-on-month revenue climb by 4,000% during the Covid-19 pandemic following its transition from a flash sales outlet to a premium ecommerce marketplace.
Brands now showcasing end of season stock on the site include the likes of Superdry, Ted Baker, Jigsaw, GStar and Versace 19v69. Some 115 brands, retailers and multi-brand companies have now partnered with the marketplace to sell surplus inventory. This has taken the current number of individual brands shoppable on the website to over 450.
Secret Sales was acquired by Chris Griffin and Matt Purt in March 2020.
Griffin said: “Retail is undergoing a revolution, and companies need an effective and profitable way to clear excess inventory without eroding sales in full price channels or brand equity by selling to third party retailers that aren’t concerned about brand positioning. Secret Sales was already a respected outlet name, but we pivoted the business to a more compelling marketplace model to align with current needs and prepare for the future of ecommerce. Our technology and marketing-led proposition drives growth, offering a cleaner, premium clearance strategy and the ability to reach a new customer base.”
The company has revealed that over 18 million unique users have visited the site since it launched as a marketplace.
Griffin added: “We aim to disrupt the discount sector. Our model provides the answer to excess inventory and acts as a perfect extension of a fashion brand’s ecommerce operation. Imagine Bicester Village or similar shopping hubs brought to life online – we’re the digital equivalent of designer outlet destinations and want to become the largest discount-only marketplace for premium fashion.”
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