Secret Sales raises 10 million euros to expand
Online fashion marketplace Secret Sales has secured 10 million euros in a Series A funding round. The UK company wants to use the money to improve data mining capabilities and to launch in other countries this year.
The investment round was led by Perwyn Growth Capital and supported by Belerion Capital. The company, acquired by Lifestyle Retail Group in March 2020 and relaunched from being an members-only flash sales website to a dedicated marketplace, has several plans with the fresh funding.
Secret Sales wants to further expand
For example, it wants to advance technological development and scale its ecommerce platform to compete as a huge global player in the discount retail space. It also wants to expand its UK operation and launch in new markets.
The investment enables Secret Sales to improve data mining capabilities.
With part of the 10 million euros, Secret Sales can also improve its data mining capabilities so it can optimize the user experience. “This, in turn, will increase sales and customer engagement for our brand and retail partners”, the company explains.
‘Exceptional’ first year for Secret Sales
“Our Series A funding round validates the significant opportunity for Secret Sales’ business model worldwide, and will allow us to meet increasing demand from brands and retailers looking for an upmarket, profitable and sustainable way to sell non full price inventory”, CEO Chris Griffin comments. ” Following an exceptional first year, we are now ready to accelerate domestic and international operations, spearheading a new era for the discount sector.”
Secret Sales expands to six countries in 2022.
The online marketplace has grown by 4,000 percent since the relaunch in March last year. The platform currently showcases over 700 brands and Secret Sales is due to go live in six other countries in the next year.
Sell-through optimized in real time
Secret Sales can be interesting for fashion retailers that are struggling with their stock control. “Holding onto stock for too long is costly. By partnering with Secret Sales, sell-through can be optimized in real time”, co-owner Matt Purt says. “The investment will further enable us to innovate and deploy proprietary data AI to help fashion houses sell discounted inventory faster, supporting cleaner inventory in season, gaining higher margins and introducing new gateway consumers to their own channels.”