Secret Gross sales, the UK-based off-price market, has acquired the Spanish on-line vogue retailer Dreivip. Manufacturers and retailers on Secret Gross sales can have fast entry to hundreds of thousands of recent clothes prospects.
Secret Gross sales, which initially began as a members-only flash gross sales web site, transitioned into an on-line market in 2020, that includes tons of of manufacturers in vogue, sportswear, and sweetness. Till now, the UK-based market had solely entered The Netherlands and Belgium with devoted on-line shops outdoors of its house base.
Co-branded web site
Quickly, Secret Gross sales will make its debut in Spain due to the acquisition of the established low cost retailer Dreivip, which boasts 2.7 million registered Spanish customers. From October, the 2 firms will collaborate, with the launch of a co-branded web site that includes roughly 450 manufacturers.
“We’re already in energetic and superior discussions with an extra 70 native Spanish manufacturers which are very enthusiastic about our distinctive proposition”, says Chris Griffin, the CEO of Secret Gross sales. He’s not stunned: “Secret Gross sales is a disruptor; we have now a revolutionary enterprise mannequin that could be a win-win for manufacturers, retailers, and customers. Manufacturers are more and more turning to us when they need off-price to be on-brand and worthwhile.”
‘We’ve got a revolutionary enterprise mannequin’
Griffin emphasizes that the growth into Spain is simply the beginning of a wider pan-European technique.
Accelerating growth
Secret Gross sales secured 10 million {dollars} in a Collection B funding spherical final Could, following a 2022 with 70 % year-over-year progress. The corporate said that its newest capital injection will probably be used to reinforce its market expertise and speed up growth into Europe. By 2025, the platform goals to be the go-to vacation spot for non-full-price retail in all main European markets.
Secret Gross sales is striving to turn out to be the highest vacation spot for non-full-price retail in Europe
The acquisition signifies that Secret Gross sales expects to realize over 150 % year-over-year progress throughout the whole European market by the tip of 2023.