Secret Sales to expand into 10 new European markets over next two years
We are delighted to announce that our portfolio company Secret Sales, the off-price fashion marketplace, has acquired Spanish retailer Dreivip as it plans to expand into 10 new European markets over the next two years. The deal follows Secret Sales’ expansion into the Netherlands and Belgium last April where it launched localised websites.
Online discounted fashion retailer Dreivip, which has 2.7 million active customers in Spain, will continue to trade through its current website until a new co-branded site goes live in October. It will launch with around 450 fashion brands, with an additional 70 Spanish brands and retailers in advanced discussions.
The 10 territories within Europe into which the business is looking to expand include – in addition to the Netherlands, Belgium and Spain – France, Portugal, Italy, Austria, Germany, Norway, Sweden and Denmark.
Secret Sales CEO Chris Griffin, commented: “We are looking to buy businesses in a lot of those territories and give a new lease of life into the acquired companies. We are also looking to provide their customers with a better offering than what they historically had, with an expanded brands offer.”
Angus Duthie-Jackson, Investment Manager at Perwyn, added: “In May 2023, we announced that Secret Sales had raised funds from existing investors, including Perwyn, to help accelerate its journey towards becoming Europe’s largest marketplace for non-full price fashion.
“The acquisition of Dreivip is a clear manifestation of Chris and the team’s strategy to focus on growth in Europe. We are delighted to be supporting the business as it expands its operations into new territories, building new partnerships with brands and retailers and providing a sustainable solution to the known landfill issue for global off-price fashion.
“We are very keen to hear from similar European fashion marketplaces and flash sales platforms that are interested in partnering with Secret Sales on this exciting journey.”
Following the acquisition, Secret Sales expects 150% sales growth year-on-year for 2023, after reporting 70% like-for-like sales growth last year. Its inventory is expected to grow by 100% year-on-year, taking the total stock value connected to the platform to more than £3bn.
Griffin added: “Despite the difficult retail climate, we are seeing significant growth, and the expansion into Spain is the start of a wider pan European strategy to ensure that more brands and retailers get to experience the unique benefits of our platform.”
Cristina Miret, CEO of Dreivip, concluded: “We are thrilled to join the Secret Sales family and experience the amazing benefits of transforming Dreivip from a fashion flash sales business to becoming Spain’s leading platform for non-full price fashion, sportswear and beauty.”