Leading discount luxury fashion marketplace Secret Sales has become one of the fastest growing ecommerce platforms in Europe, seeing a staggering 70% growth in 2022 – far exceeding the industry norm and is set to reach as much as 85% in 2023.
The site, which specialises in end-of-line and discount luxury and affordable luxury fashion apparel and accessories, has also seen its inventory grow by 125% across last year, leaving it with 25 million items worth around £3bn on the site.
This was in part driven by the business’ international expansion into the Netherlands and Belgium in April last year, where the company has experienced 40% month-on-month compound sales growth.
Over the past year, Secret Sales has also bolstered its global alliances, with the marketplace seeing 104% year-on-year growth in partners, and a total of 2,469 brands now available on the platform. Significant partners include well-known premium brands such as Dolce & Gabbana, PUMA, Kurt Geiger, Ted Baker and G Star, and retailers such as The Hut Group, Monnier Paris and most recently ASOS.
Since launching in the Netherlands and Belgium less than a year ago, Secret Sales has more than doubled its international inventory in the two new territories to 1,129 brands. Of note is Secret Sales’ partnership with Wehkamp, the market leader in online fashion retailing in the Netherlands, which marks a first-of-its-kind partnership for the Leading Dutch online department store.
Chris Griffin, CEO, Secret Sales, comments: “The cost-of-living crisis has triggered an increased appetite for both the circular fashion economy and more specifically non-full price. We anticipate that consumers will continue to invest in quality goods at affordable prices, especially while everyone feels the impact of the current climate. Brands and Retailers need to seriously consider this behaviour within their wider business strategies by ensuring they are factoring in non-full price as a long term profitable solution.
“The success we have seen, and continue to see, highlights how critical it is that retailers and brands change their attitude to discount by harvesting the benefits we deliver of making good margin and acquiring new customers, while not eroding their brand equity. As we expand our Secret Sales team to continue to build on our success, we look forward to working with more partners throughout Europe to help create a more sustainable future for fashion.”