Off-price fashion marketplace on European expansion path

We are delighted to announce that our portfolio company Secret Sales, the off-price fashion marketplace, has launched in Ireland as part of its drive to enter new European markets.  The expansion follows the acquisition of the Spanish retailer Dreivip in September 2023, with Secret Sales making excellent progress on its plans to launch in ten new markets within the next two years.

Irish customers can now explore a vast collection of off-price inventory worth over £700 million, across 450 premium brands such as Dsquared2, Plein Sport, Aquascutum, Cavalli, Diesel, Asics, Hackett, Ted Baker and Superdry.

This launch aligns with Secret Sales’ vision to establish itself as the primary destination for non-full price retail in all major European markets by 2025.

The company is on track to conclude 2023 with revenue growth of over 150% year-on-year across the entire European region.  Inventory expansion is set to exceed 100% year-on-year, following the expansion into Ireland.

Secret Sales CEO Chris Griffin, commented: “This year, Secret Sales has seen remarkable growth, which has paved the way for us to expand into new territories.  For the Irish market, there is already a strong consumer appetite for off-price fashion, making this a natural expansion fit for our brands and retail partners.  Careful consideration was also given to the product selection to truly appeal to an Irish audience.”

Angus Duthie-Jackson, Investment Manager at Perwyn, added: “Following the latest fundraise in May 2023, led by Perwyn, Secret Sales has made fantastic progress on its strategy to drive growth across Europe, having now also launched in Ireland.  The business continues to seek further acquisition opportunities in Europe.

“We are delighted to be supporting the company, as it diversifies its presence and offerings in new markets, solidifying partnerships with renowned brands and retailers.  The expansion not only fuels the company’s already impressive growth but also addresses the pressing global issue of excess inventory in the off-price fashion sector.

“Secret Sales exemplifies how the Perwyn investment thesis supports rapid growth, with Perwyn supporting its portfolio to attain pan-European and international scale.”

Griffin added: “As we continue our international expansion path, we are committed to working collaboratively with our brand and retailer base to launch in new markets that align with their business needs.  This means increasing margins, reaching new customers, and protecting brand equity.”