Secret Gross sales, {the marketplace} for off-price vogue sportswear and sweetness, has immediately introduced the acquisition of H&M Group’s digital vogue outlet, Afound.
After vowing to give attention to growth, again in February, this transfer sees Secret Gross sales’ growth into the Nordics for the primary time. Secret Gross sales will now be obtainable in Sweden, Norway, Denmark and Finland, strengthening its place within the European off-price vogue market.
The corporate reported “distinctive development” with gross sales up by 85% for fiscal 2023. In 2023, Secret Gross sales accelerated its European development by coming into Spain and Eire in addition to including 250 new manufacturers and retailers to its platform.
Again in April, Secret Gross sales acquired the German on-line retailer Costume-for-less as a part of its worldwide growth plan. The corporate, which now has over 16 million account holders and has exceeded 150 million website visits previously 12 months, plans to proceed development by tapping into the Nordics.
Chris Griffin, CEO of Secret Gross sales, stated: “In immediately’s difficult retail atmosphere, we’re proud to be setting a brand new customary for manufacturers and retailers to handle low cost stock in a means that enhances their model and drives long-term profitability. Bringing Afound into the Secret Gross sales household reinforces our dedication to rising our premium off-price resolution throughout Europe.
“By increasing into the Nordics, manufacturers now have an excellent better alternative to succeed in new prospects in a number of areas whereas sustaining management over their positioning. This acquisition is one other step towards remodeling the off-price panorama.”
H&M Group launched Afound in 2018, bringing collectively a curated choice of well-liked vogue and life-style manufacturers alongside the group’s labels. Whereas Afound will retain its distinctive model id and design aesthetic, it is going to be up to date with Secret Gross sales’ expertise platform.
Ville Klemming, Managing Director of Afound, added: “We’re happy to see Afound’s legacy proceed underneath Secret Gross sales. Afound has all the time been about delivering distinctive worth to manufacturers and prospects. I’m assured that Secret Gross sales will proceed on that journey with high quality and care. We’re comfortable that the model and the worth created can proceed to stay and we’re grateful to everybody who has contributed to the journey.”
