In a strategic move to broaden its reach in the off-price retail sector, Secret Sales has announced its acquisition of the German online retailer, dress-for-less. This acquisition represents a significant milestone in Secret Sales’ ambitious growth strategy, extending its operations to include six European countries.
Dress-for-less, known for its discounted fashion and beauty products, reported a turnover of 100 million euros in 2023. The retailer offers a wide range of brands, including Tommy Hilfiger, Calvin Klein, and Marc O’Polo. Through this acquisition, Secret Sales aims to enhance its market presence, offering partner brands and retailers access to a wider customer base across Europe. Dress-for-less will continue to operate under its existing brand, maintaining its unique identity while benefiting from an expanded inventory worth over 3 billion euros, powered by Secret Sales’ advanced technology platform.
The merger is set to benefit retailers and brands by facilitating the expansion and control of their pan-European off-price strategies through a single platform. This unified approach is designed to preserve brand equity and boost profitability at various customer interaction points.
Secret Sales‘ acquisition of dress-for-less marks the company’s presence in its sixth European country, following its establishment in the UK and expansion into Ireland, Belgium, the Netherlands, and Spain. With a focus on further growth, Secret Sales is actively seeking additional acquisition targets across Europe.
🏆
The 2024 Creative Retail Awards are open for entries.
The Creative Retail Awards are much more than a mere accolade; they represent the pinnacle of achievement in the retail industry. Garnering a nomination or winning one of these awards is a testament to innovation, excellence, and leadership.
www.creativeretailawards.com
Chris Griffin, CEO of Secret Sales, shared his vision for the company’s future, stating, “Secret Sales is set to dominate off-price fashion and beauty, and more importantly give brands, through one partner of choice, a route to control and profit from their non full price strategies across Europe. We see it as our number one goal to protect a brand’s equity while driving increased profits to their P&L. By delivering these objectives and driving our growth strategy we are delivering our promise to our partners.”
Griffin also highlighted the robust growth in the off-price sector amidst challenges in the retail industry, adding, “The retail space hasn’t had it easy, but we’re continuing to see unprecedented growth in the off-price space. Dress-for-less is second-to-none in the space in Germany and forms a key part of our growth. For brands and retailers, the potential for pan-European control and expansion offers significant revenue opportunities. And, for Secret Sales and dress-for-less’ customers alike, there is now more choice than ever before.”
