Secret Sales acquires Spanish online fashion retailer Dreivip.com

Secret Sales has announced the acquisition of Dreivip.com - the Spanish discount retailer - for an undisclosed sum. Secret Sales said the deal Forms the start of an aggressive merger and acquisition (M&A) strategy and follows its recent expansion into the Netherlands and Belgium, making this the third European territory for the business. Dreivip.com will continue to trade as normal until a new co-branded site goes live in October. The new site will launch with approximately 450 brands, with a further 70 Spanish brands and retailers in advanced stage conversations. The acquisition means that Secret Sales anticipates full year 2023 to exit at over 150% growth YoY across the whole of Europe. Inventory growth YoY has also been strong to date, at +45% YTD and anticipated to be at over +100% YoY following the launch - taking the inventory value to well in excess of £3bn connected to the platform. Chris Griffin, Secret Sales CEO, said: “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.” The acquisition follows Secret Sales success raising $10m (£8.1m) in Series B funding from a group of retail heavyweight investors in May this year to support the company's rapid international growth strategy. Cristina Miret, CEO, Dreivip, added: “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. “To be able to showcase up to €3.5bn (£3bn) in inventory to our loyal customer base will deliver huge value whilst representing a pioneering move within the Spanish market that aligns with what brands, retailers and customers want. We want to thank all the Dreivip Staff and Estudio Marcas who have worked hard over the years to keep Dreivip as a referent in the sector.”