Secret Sales, the premium e-commerce marketplace, has announced it has secured $10.0 million in new funding from investors. The company operates a revolutionary business model designed to disrupt the discount sector by solving the problem of excess inventory for fashion, footwear, accessories, and beauty brands. It provides a direct-to-consumer digital channel that allows brands and retailers to sell non-full price stock while maintaining brand equity and identifying new customers for full-price targeting in a GDPR-compliant manner.
Acquired in March 2020 by retail entrepreneurs Chris Griffin and Matt Purt, Secret Sales transitioned from a members-only flash sales website to a dedicated marketplace. The platform currently features over 2,800 luxury and high street brands, including Dolce & Gabbana, Versace 19v69, G-Star Raw, Superdry, and Ted Baker. Its plug-and-play technology enables brands to efficiently connect supply chain and inventory systems, facilitating trade without the need to physically move stock to a third-party seller. This technology and marketing-led proposition acts as an efficient extension of a fashion brand’s e-commerce operations.
The newly raised capital will be deployed to accelerate Secret Sales' growth initiatives, further develop its proprietary technology platform, and support its market expansion. The company currently attracts 50 million unique users annually, a 40% year-over-year increase, and boasts 13 million registered account holders. Headquartered in the UK, Secret Sales also maintains operations in the Netherlands, Belgium, Spain, and Ireland, indicating a strong European footprint.
This investment underscores the company's significant traction and its potential to further redefine the premium discount e-commerce landscape. Secret Sales aims to continue its trajectory of growth, enhancing its platform capabilities and expanding its reach to serve more brands and consumers across its operational territories.
