Off-price specialist Secret Sales is expanding its reach into mainland Europe with the acquisition of Spanish discount retailer Dreivip.com. This follows the company’s recent ventures into the Netherlands and Belgium, making Spain its third European territory. Dreivip.com will continue to operate as usual until next month, when a new co-branded site featuring around 450 labels will be launched. Secret Sales is also in talks with 70 other Spanish brands and retailers who are interested in transforming the way they handle non-full-price inventory. With the acquisition of Dreivip.com, Secret Sales aims to achieve a 150% growth across Europe by the end of 2023.

Secret Sales is disrupting the discount/excess inventory sector by providing brands and retailers with a direct-to-consumer digital channel. This enables them to sell non-full-price stock in a way that drives growth and profitability, maintains brand equity, and identifies new customers for full-price targeting while adhering to GDPR regulations. The company’s inventory has already grown by 45% year to date and is projected to exceed 100% after the launch of the new site, resulting in an inventory value of over £3 billion. With a remarkable 70% like-for-like sales growth last year and expectations of further growth this year, Secret Sales is rapidly becoming one of Europe’s fastest-growing fashion platforms.

In May, Secret Sales secured $10 million in Series B funding from a group of prominent retail investors to support its international growth strategy. CEO Chris Griffin highlighted that more brands and retailers are choosing Secret Sales when they want off-price to be both on-brand and profitable. Despite the challenging retail climate, the company continues to experience significant growth and sees its expansion into Spain as just the beginning of a broader pan-European strategy to offer more brands and retailers the unique benefits of its platform.

Useful links:
Secret Sales Official Website
Dreivip.com Official Website