Secret Sales sees rapid growth in 2022, expects more of the same this year
Secret Sales, the premium off-price marketplace, saw a 70% surge in like-for-like growth last year and the success seems to be continuing with sales growth in January alone having hit 80%.
That growth makes it one of Europe's fastest-growing fashion e-commerce platforms and the company believes it will see growth of around 85% this year.
It hasn’t revealed total revenue or profit figures for last year, but the like-for-like growth comes comes as its total inventory has risen 125% with more brands being convinced that off-price marketplaces are the way forward.
The company has been signing deals with major names in recent periods and just a few weeks ago entered a partnership with ASOS. At launch, their link-up covers a selection of up to 1,000 products from ASOS own brands. The deal also allows ASOS to cut back on the discount available on its own webstore.
Overall, the number of brands Secret Sales offers is almost 2,500, more than double its tally of a year ago.
CEO Chris Griffin said the growth is being boosted by the cost-of-living crisis that “has triggered an increased appetite for both the circular fashion economy and more specifically non-full price”.
And he expects this to continue as consumers feel the effects of the current economic backdrop.
He also said brands and stores need to view non-full price as “a long-term profitable solution” that can help margins, and attract new customers without denting brand equity.
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