Secret Sales FY23 sales rise 85% amid European expansion

Secret Sales has achieved an 85% rise in sales during 2023, as it continued its strategic expansion, and brand and retailer partnerships. 

During 2023, the retailer accelerated its European growth by entering Spain and Ireland, as well as extending its global reach to five regions and adding 250 new brands and retailers to its online platform. 

Secret Sales, which already has a brand portfolio consisting of River Island, Asos, LuLu Guinness, LK Bennet, Moschino and Ted Baker, has plans to onboard a further 200 new brands over the course of 2024. 

According to the group, the plan to expand its portfolio will build on its 2023 growth, which saw a 25% increase of total inventory that is now valued at £4bn. 

Looking ahead, Secret Sales forecasts a further 60% growth in 2024, fuelled by continued European expansion into three new territories and ongoing brand diversification. 

Chris Griffins, CEO of Secret Sales, said: “2023 was a transformative year for Secret Sales. 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.”   

To support its ambitious expansion plans, Secret Sales has expanded its senior leadership team by 50%, with Chris Lacey joining as chief digital officer, Anthony Farrow as chief technology officer, and Alex Adamson as chief marketing officer.