Secret Sales sees 85% growth and reveals expansion plans

Secret Sales, the marketplace for discounted fashion and beauty, has today announced its "exceptional growth" with sales up by 85%, matching its bold target.

The company said that its "impressive" performance was attributed to strategic expansion and continued retail partnerships.

In 2023, Secret Sales accelerated its European growth by entering Spain and Ireland as well as adding 250 new brands and retailers to its platform. Looking ahead, the company forecasts a further 60% growth in 2024 by strengthening its brand portfolio.

This will build on its 2023 strategic growth, which saw a 25% increase in total inventory (now valued at £4 billion), including 100% growth in womenswear and 200% growth in beauty.

To bolster its ambitious expansion plans, the company has expanded its senior leadership team with three new appointments. This includes Chris Lacey being appointed as Chief Digital Officer and Anthony Farrow as Chief Technology Officer, as well as Alex Adamson being promoted as Chief Marketing Officer.

Chris Griffins, CEO of Secret Sales, said: "2023 was a transformative year for us. We doubled down on our mission to positively disrupt the off-price sector, attracting new partners and strengthening our brand portfolio.

"In a challenging economic landscape, understanding and addressing consumer concerns is crucial. Off-price offers a solution, providing value, sustainability, and quality, which resonates with brands and retailers alike. who now have a true partner to work with on non-full price and create strong profit margins well-protecting brand equity. We're committed to driving continued growth for us and our partners in 2024."