Secret Sales, the leading premium non-full price marketplace for fashion, sportswear, and beauty brands, has raised funding to help accelerate its journey towards becoming Europe’s largest marketplace for non-full price fashion.
The announcement comes two years after the company’s first round of funding, in June 2021. Encouraged by the rapid growth of the business, and its innovative, tech-led approach to non-full price stock sales, the same group of investors; which comprise Perwyn, Belerion Capital, and Big Ideas Group; chose to lead the Series B round.
Secret Sales will use the funds to elevate its unique marketplace technology, which, as of February 2023, has cultivated an inventory of 25 million items with a combined value of £3 billion – an increase of 125% year-on-year. This elevation will fuel the company’s ambitious international strategy, acting as a catalyst for it to establish itself as the go-to destination for non-full price retail in all main European markets by 2025.
The recent launches of the business in Belgium and the Netherlands have already resulted in impressive growth, accounting for 1,129 new brands and over £400 million in live inventory in less than a year. By placing its focus on 12 additional European territories, Secret Sales aims to replicate this success with each new expansion.
Chris Griffins, CEO of Secret Sales said: “With the current economic climate still uncertain, and the funding market particularly tricky to predict, we are extremely proud of our success in this Series B funding. The confidence of our existing investors is testament to the incredible results we have achieved during this past year, showing that there is significant reason and opportunity to invest in the Secret Sales business model worldwide.
“The ongoing demand from brands and retailers looking for an upmarket, profitable, and sustainable way to sell non-full price inventory has accelerated and we are fast becoming the only real 360-degree solution. We are thrilled to have closed this funding round as it enables us to embark upon the next stage of our growth journey and create a more sustainable future for fashion.”
Ravi Sharma, Partner, Perwyn said: “Since leading the investment rounds in Secret Sales we have been hugely impressed by the team and their progress. The company has built an online marketplace that works in partnership with brands and retailers, and is fast becoming a true disruptor in its sector. It is achieving this with its modern platform that puts ‘brand’ first in the exciting non-full price space. We will continue to support the business as it seeks to expand its operations more widely across Europe.”
Angus Duthie-Jackson from Perwyn will join the Board of Secret Sales as part of this funding round.
May 2023