Secret Sales: 70% year-on-year growth in 2022
Online fashion marketplace Secret Sales has reached a 70 percent year-on-year growth in sales in 2022. This was largely driven by the company’s international expansion last year. It expects to maintain a growth of 85 percent this year.
Growth driven by expansion
After its acquisition in 2020, the outlet marketplace Secret Sales has been growing quickly. It raised 10 million euros in 2021 to improve data mining capabilities and expand internationally. In April last year, it expanded into Belgium and the Netherlands.
The expansion resulted in a 40% month-on-month compound sales growth.
According to the company, that expansion resulted in a 40 percent month-on-month compound sales growth in Belgium and the Netherlands. This drove the strong year-on-year growth last year.
Units available valued at €3.36 billion
In addition, the company has grown its product range by 125 percent year-on-year. The available number of brands has now reached 2,469 which is a growth of 104 percent when compared to a year ago. The company now has 25 million units available on the marketplace at a value of 3.36 billion euros (3 billion British pounds).
‘Consumers will continue to invest in quality goods at affordable prices.’
“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”, said Chris Griffin, chief executive at Secret Sales.