Off-price fashion marketplace @ecret Sales acquires Frankfurt-based discount fashion eCommerce platform
Perwyn is delighted to announce that its portfolio company, Secret Sales, the off-price fashion marketplace, has acquired the German discount fashion eCommerce platform, Dress-for-less.
This acquisition is the latest in a series of successful geographic launches, driven by Secret Sales’ European expansion strategy. It follows the acquisition of Dreivip in Spain in September 2023, and the organic launch in Ireland in November 2023.
Dress-for-less generated turnover of ~€100 million in 2023 and the acquisition of this established outlet, which stocks brands such as Tommy Hilfiger and Calvin Klein, will provide Secret Sales’ partner brands and retailers with access to increased market share and additional customers.
While Dress-for-less’ operations will be integrated into Secret Sales’ technology platform, Dress-for-less will retain its brand name, which carries considerable recognition with consumers throughout Western European geographies including Germany, the Netherlands, Austria and Switzerland.
Nick Beighton, Chairman of Secret Sales, said: “While consumer activity has been depressed in Europe, there has been considerable excitement within the off-price space. Consumers are increasingly looking for the best deals online, with a strong emphasis on a large selection of quality brands at competitive prices, all in one place. This dovetails perfectly with our business, which has grown into a pan-European operation.
“Dress-for-less will benefit from our back-end technology platform and an inventory worth in excess of €3bn, from 2,400 luxury and high street brands. We are delighted to bring our platform’s full capability and offering to the German market under the Dress-for-less brand, that resonates so powerfully with customers.”
Angus Duthie-Jackson, Investment Manager at Perwyn, added: “Germany is the jewel in the crown of European retail, and we are delighted that Secret Sales have acquired Dress-for-less, a key player in that market, as well as Austria and Switzerland. It gives Secret Sales immediate presence and scale in a highly sought after geography and opens opportunities for further expansion across the continent, as well as allowing the business to offer further sale avenues to its brands.
“We look forward to continuing to support Secret Sales as it builds out its operations, entering new partnerships with brands and retailers, and providing a sustainable solution to global off-price fashion, much of which used to go to waste, but is now purchased, worn, and appreciated by more consumers than ever before.
“Perwyn and Secret Sales remain highly interested in learning of any European based, eCommerce acquisition opportunities.”
Founded in 1999, Dress-for-less sells discounted products from premium fashion brands in more than 45 markets around the globe including Germany, Austria and Switzerland, fulfilling more than 80,000 orders annually.
In addition to all the markets mentioned above, Secret Sales also operates in Belgium, the UK, and the Netherlands.