Secret Sales, an online fashion platform, has secured $10 million in a Series B fundraising round to fuel its expansion into Europe. The funding will be used to expand into 12 new markets across Europe, in addition to its existing platforms in the UK, Belgium, and the Netherlands. Previous investors, including Perwyn, Belerion Capital, and Big Ideas Group, are backing Secret Sales once again.

What differentiates Secret Sales from other platforms is its focus on assisting upscale brands in selling surplus stock while allowing them to maintain control over branding and pricing. Currently, the platform offers an impressive inventory of 25 million items, valued at £3 billion, which represents a substantial year-on-year increase of 125%.

CEO Chris Griffins expressed his pride in the success of the funding round, particularly considering the uncertain economic climate and challenging funding market. He sees the confidence exhibited by existing investors as validation of Secret Sales’ impressive results over the past year. Griffins also emphasized the growing demand from brands and retailers for a profitable and sustainable solution to sell non-full price inventory, highlighting Secret Sales’ role as a comprehensive 360-degree solution.

Iain McDonald, founder of Belerion Capital Group and non-executive director at Boohoo and THG, stated that the funding round will support the international expansion plans of Secret Sales. Since its acquisition by retail entrepreneurs Chris Griffin and Matt Purt three years ago, the platform has attracted 40 million unique users and has nine million registered account holders.

With this new funding, Secret Sales will undoubtedly have the necessary resources to continue its impressive growth trajectory and solidify its position as a leading online fashion platform in Europe. Its innovative approach to surplus stock and commitment to partnering with upscale brands will undoubtedly contribute to its success in the highly competitive fashion market.

Useful links:
1. Secret Sales Website: Explore the online fashion platform’s website for a wide selection of discounted upscale brands.
2. European Fashion Platforms: Discover other online fashion platforms in Europe that offer a diverse range of fashion products and services.