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The deal follows Secret Sales’ expansion into the Netherlands and Belgium last April where it launched localised websites, making Spain the third new European market for the business.
Online discounted fashion retailer Dreivip, which has 2.7 million active customers in Spain, will continue to trade through its current website until a new co-branded site goes live in October. It will launch with around 450 fashion brands, with an additional 70 Spanish brands and retailers in advanced discussions.
Secret Sales CEO Chris Griffin told Drapers that the business is planning to expand into a further 10 international territories within Europe in addition to Netherlands, Belgium and Spain in the next two years, including France, Portugal, Italy, Austria, Germany, Norway, Sweden, Denmark.
“We are looking to acquire businesses in a lot of those territories and give a new lease of life into the [acquired companies] but also provide the customers a better offering than what they historically had [with an expanded brands offer],” he said.
Following the acquisition, Secret Sales said it expects a 150% sales growth year on year for 2023, after reporting an 70% like-for-like sales growth last year.
Its inventory is expected to grow by 100% year on year, taking the total stock value connected to the platform to more than £3bn.
Secret Sales was originally established as a flash Sales site in 2007 by Sach and Nish Kukadia. It has been run by Lifestyle Retail Group CEO Chris Griffin and co-founder Matt Purt since 2020 after the group acquired SecretSales in a pre-pack administration.
Griffin added: “Despite the difficult retail climate, we are seeing significant growth, and the expansion into Spain is just the start of a wider pan European strategy to ensure that more brands and retailers get to experience the unique benefits of our platform.
“We are already in active and advanced discussion with a further 70 local Spanish brands that are very excited about our unique proposition.”
Cristina Miret, CEO of Dreivip, said: “We are thrilled to join the Secret Sales family and experience the amazing benefits of transforming Dreivip.com from a fashion flash sales business to becoming Spain’s leading platform for non full price fashion, sportswear and beauty.”
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