Secret Sales, the marketplace for off-price fashion sportswear and beauty, has today announced the acquisition of H&M Group’s digital fashion outlet, Afound.
After vowing to focus on expansion, back in February, this move sees Secret Sales’ expansion into the Nordics for the first time. Secret Sales will now be available in Sweden, Norway, Denmark and Finland, strengthening its position in the European off-price fashion market.
The company reported “exceptional growth” with sales up by 85% for fiscal 2023. In 2023, Secret Sales accelerated its European growth by entering Spain and Ireland as well as adding 250 new brands and retailers to its platform.
Back in April, Secret Sales acquired the German online retailer Dress-for-less as part of its international expansion plan. The company, which now has over 16 million account holders and has exceeded 150 million site visits in the past year, plans to continue growth by tapping into the Nordics.
Chris Griffin, CEO of Secret Sales, said: “In today’s challenging retail environment, we’re proud to be setting a new standard for brands and retailers to manage discount inventory in a way that enhances their brand and drives long-term profitability. Bringing Afound into the Secret Sales family reinforces our commitment to growing our premium off-price solution across Europe.
“By expanding into the Nordics, brands now have an even greater opportunity to reach new customers in multiple regions while maintaining control over their positioning. This acquisition is another step toward transforming the off-price landscape.”
H&M Group launched Afound in 2018, bringing together a curated selection of popular fashion and lifestyle brands alongside the group’s labels. While Afound will retain its distinctive brand identity and design aesthetic, it will be updated with Secret Sales’ technology platform.
Ville Klemming, Managing Director of Afound, added: “We are pleased to see Afound’s legacy continue under Secret Sales. Afound has always been about delivering exceptional value to brands and customers. I am confident that Secret Sales will continue on that journey with quality and care. We are happy that the brand and the value created can continue to live and we are grateful to everyone who has contributed to the journey.”
