Perwyn, a family-backed private equity and growth capital investor, is pleased to have led a EUR10 million Series A funding round in Secret Sales, a premium ecommerce marketplace for fashion, footwear, accessories, beauty and homeware.
Secret Sales’ revolutionary new business model is disrupting the discount sector and ingeniously solving excess inventory problems with its direct to consumer digital channel, allowing brands and retailers to sell stock profitably, while maintaining brand equity and identifying new customers in compliance with GDPR. The business has grown by 4,000 per cent since launching in March 2020, and is currently showcasing over 700 brands on its platform. Dolce & Gabbana, Versace 19v69, G-Star Raw, Superdry, Ted Baker and Jigsaw are among brands featured alongside premium retailers including YNAP, Harvey Nichols, JD Sports Group and high street jewellery business F Hinds, and many have appointed Secret Sales as their sole or primary discount channel in the UK.
Secret Sales will use the funds raised to advance technological development, scaling its ecommerce platform to compete as a global player in the discount retail space. The marketplace will expand its UK operations and launch in six new territories in the next year, bringing hundreds of more brands and retailers onboard to drive both domestic and international growth. The investment will also enable Secret Sales to improve data mining capabilities to optimise user experience on the platform, which in turn will increase sales and customer engagement for brand and retail partners.
Perwyn was advised by Grant Thornton (Financial), Weightmans (Legal), Digital Pathfinders (Technology), Performify (Digital Marketing) and Miriam Lahage (Commercial). Investec advised LRG Online Limited, trading as Secret Sales.
Chris Griffin, CEO of Secret Sales, says: “Our Series A funding round from experienced investors validates the significant opportunity for Secret Sales’ business model worldwide, and will allow us to meet increasing demand from brands and retailers looking for an upmarket, profitable and sustainable way to sell non full price inventory. Following an exceptional first year, we are now ready to accelerate domestic and international operations, spearheading a new era for the discount sector,”
Ravi Sharma, Partner at Perwyn, says: “We are delighted to lead this round of growth capital as the business prepares itself for further UK and international expansion. We have been extremely impressed by what the management team has built to date and look forward to the coming years as we look to scale the business further.”
