UK-based premium off-price fashion marketplace Secret Sales has expanded into Europe with the acquisition of Spanish online fashion retailer Dreivip,
According to a report by Apparel Resources, Dreivip, which has 2.7 million Spanish users, brands and retailers, will trade as usual until a new co-branded website is created.
Scheduled for launch next month, the new co-branded site will initially offer 450 products.
The company is in advanced talks to bring 70 more Spanish brands and shops.
The Retail Bulletin quoted Secret Sales chief executive Chris Griffin as saying: “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.
“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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The acquisition comes a few months after Secret Sales received $10m in funding to accelerate its expansion into Europe.
In April this year, the retailer entered the Netherlands and Belgium with dedicated online shops.
Secret Sales recorded 70% like-for-like sales growth in fiscal year 2022. It reported 80% like-for-like growth in January sales.