Secret Sales has reported an “exceptional” year of growth as it ramps up its expansion plans for the year.
The premium non-full-price marketplace posted an 85% jump in like-for-like growth in sales for 2023, with a 25% increase in total inventory year-on-year to £4bn.
It also reported 100% growth across womenswear and a 200% jump in beauty.
Secret Sales said it anticipates an additional 60% growth this year as it expands into three new European territories and “ongoing brand diversification” as part of its aim to become the “leading off-price destination in Europe”.
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Last year, the marketplace launched in Spain and Ireland, expanding the platform’s global reach to five regions and bolstering its portfolio with the addition of 250 new brands.
Secret Sales said it plans to introduce a further 200 brands to the platform this year.
The marketplace’s chief executive Chris Griffin said: “2023 was a transformative year for Secret Sales. 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 while protecting brand equity. We’re committed to driving continued growth for ourselves and our partners in 2024.”
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