Secret Sales, the UK-based off-price marketplace, has acquired the Spanish online fashion retailer Dreivip. Brands and retailers on Secret Sales will have quick access to millions of new clothing customers.
Secret Sales, which initially started as a members-only flash sales website, transitioned into an online marketplace in 2020, featuring hundreds of brands in fashion, sportswear, and beauty. Until now, the UK-based marketplace had only entered The Netherlands and Belgium with dedicated online stores outside of its home base.
Co-branded website
Soon, Secret Sales will make its debut in Spain thanks to the acquisition of the established discount retailer Dreivip, which boasts 2.7 million registered Spanish users. From October, the two companies will collaborate, with the launch of a co-branded website featuring approximately 450 brands.
“We are already in active and advanced discussions with a further 70 local Spanish brands that are very excited about our unique proposition”, says Chris Griffin, the CEO of Secret Sales. He is not surprised: “Secret Sales is a disruptor; we have a revolutionary business model that is a win-win for brands, retailers, and consumers. Brands are increasingly turning to us when they want off-price to be on-brand and profitable.”
‘We have a revolutionary business model’
Griffin emphasizes that the expansion into Spain is just the start of a wider pan-European strategy.
Accelerating expansion
Secret Sales secured 10 million dollars in a Series B funding round last May, following a 2022 with 70 percent year-over-year growth. The company stated that its latest capital injection will be used to enhance its marketplace technology and accelerate expansion into Europe. By 2025, the platform aims to be the go-to destination for non-full-price retail in all major European markets.
Secret Sales is striving to become the top destination for non-full-price retail in Europe
The acquisition means that Secret Sales expects to achieve over 150 percent year-over-year growth across the entire European market by the end of 2023.