Secret Sales revenue surges in 2023, says more to come this year

Secret Sales, the major marketplace for off-price fashion, sportswear and beauty, has hailed a year of “phenomenal” growth and has predicted more of the same for the current 12 months.

On Thursday it said that it “achieved an impressive 85% sales growth in 2023, matching its bold target”. This meant it “significantly outpaced the industry and further established itself as a trailblazer in the sector”. The company didn’t give a monetary figure for its sales nor any profit or loss figures.

2023 also saw it recording 100% growth in women’s and 200% growth in beauty.  

It attributed the performance to “strategic expansion, continued brand and retailer partnerships, as well as an unwavering commitment to be the platform of choice for brands, retailers and consumers”.

Key developments last year included it entering Spain and Ireland, extending its global reach to five regions, and adding 250 new brands and retailers to its platform. 

And it has expanded its leadership team too with Chris Lacey joining as Chief Digital Officer, Anthony Farrow as Chief Technology Officer, and Alex Adamson being promoted to Chief Marketing Officer. Overall, the wider team has grown 36%.  

The 2,400+ brands it sells include widely varying names such as Dolce & Gabbana, Puma, Kurt Geiger, Versace, River Island, ASOS, Lulu Guinness, LK Bennet, Moschino and Ted Baker, and it plans to bring another 200 onto its platform this year. That will follow a 25% increase in total inventory last year with that stock now valued at £4 billion.

So what about that prediction of spectacular growth this year as well? It might not quite equal 2023’s 85%, but a 60% growth forecast isn’t anything to be sniffed at. The company said this will be “fuelled by continued European expansion into three new territories and ongoing brand diversification. This expansion solidifies Secret Sales’ position as the leading off-price destination in Europe”. 

CEO Chris Griffin said that “2023 was a transformative year. We doubled down on our mission to positively disrupt the off-price sector, attracting new partners and strengthening our brand portfolio. 

“In a challenging economic landscape, understanding and addressing consumer concerns is crucial. Off-price offers a solution, providing value, sustainability, and quality, which resonates with brands and retailers alike who now have a true partner to work with on non full price and create strong profit margins well protecting brand equity. We’re committed to driving continued growth for us and our partners in 2024.”