Online fashion platform Secret Sales completes Series A financing, raising €10 million

Foreign media reported that British online fashion platform Secret Sales has obtained 10 million euros in Series A financing . He said that he hopes to use the funds to improve data mining capabilities and launch its online platform in other countries this year .

The round was led by Perwyn Growth Capital and supported by Belerion Capital. Secret Sales is looking to advance technology and scale its e-commerce platform to become a huge global player in the discount retail sector. It also hopes to expand its business in the UK and launch in new markets.

With part of the €10 million, Secret Sales will also be able to improve its data mining capabilities and thus optimize the user experience. “This in turn will increase sales and customer engagement for our brand and retail partners,” the company explained.

“Our Series A funding validates the significant opportunity for Secret Sales’ global business model and will enable us to meet the growing demand from brands and retailers who are looking for a premium, profitable and sustainable way to sell off-price inventory , ” said Chris Griffin, CEO of Secret Sales . “After an extraordinary first year, we are now poised to accelerate our domestic and international operations and lead a new era in the off-price industry.”

Secret Sales was acquired by Lifestyle Retail Group in March 2020 and relaunched from a members-only flash sale site into a professional online platform with several plans to receive new funding.

The online marketplace has grown 4,000% since its relaunch in March last year . The platform currently features more than 700 brands, and Secret Sales will be launched in six additional countries next year.

Secret Sales could be interesting for fashion retailers struggling with inventory control . “Holding on to stock for too long is costly,” said co-owner Matt Purt . “By working with Secret Sales, you can optimize sell-through rates in real time . ”

“ This investment will enable us to further innovate and deploy proprietary data AI to help fashion companies sell discounted inventory faster, support in-season clean stock, achieve higher margins, and introduce new gateway consumers to their own channels. ”

Secret Sales

Series A Financing

Online fashion platform