Secret Sales looks to expand with €10Mn in Series A funding round
Category: #business  By Mateen Dalal  Date: 2021-06-30
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Secret Sales looks to expand with €10Mn in Series A funding round

Secret Sales, a UK-based discount fashion and beauty platform, has raised €10 million (£8.5 million) in a Series A funding round led by Perwyn Growth Capital, a family-owned private equity and growth capital firm, along with Belerion Capital, an e-commerce investment expert and investor in ASOS, The Hut Group, and Boohoo.

For the record, Secret Sales was bought in March 2020 by retail businessmen Chris Griffin and Matt Purt. The duo transformed the company from a members-only online sales website to a devoted market for some of UK's most well-known labels, including Dolce & Gabbana, Superdry, Ted Baker, and Jigsaw.

Secret Sales plans to utilize the funds to grow its e-commerce platform and expand its operations in the UK and worldwide. In 2021, the company aims to expand into neighboring lands and add hundreds of additional brands and shops.

Since relaunching last year, Secret Sales has grown by 4,000% and currently has 700 brands on its platform. The company is expected to go live in six countries in the next year.

Having followed an outstanding first year, the company is now poised to expand its domestic and worldwide operations, bringing a new era for the discount segment, Mr. Griffin said.

Secret Sales’ business model has a tremendous global opportunity, and the Series A capital round from experienced investors will allow the company to fulfill growing demand from brands and retailers searching for an upmarket, lucrative, and sustainable way to offer non-full-price goods.

Through a technology-driven, capital-light strategy, Secret Sales has transformed how brands deal with surplus stock, said Iain McDonald, Founder, Belerion Capital. He added that they are delighted to assist Secret Sales’ team as the business enters its next phase of development.

On the fundraising venture, Investec advised LRG Online Ltd., trading as Secret Sales. While Grant Thornton (financial), Performify (digital marketing), Weightmans (legal), Digital Pathfinders (technology), and Miriam Lahage (commercial) advised Perwyn Growth Capital.

Source Credit - https://www.business-live.co.uk/retail-consumer/secret-sales-eyes-global-growth-20922561

 

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About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

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