Secret Sales Secures €10m Funding for International Expansion
- Former ASOS CEO Nick Beighton joins Secret Sales as chairman
- Secret Sales achieved over 150% LFL growth since acquisition by LRG Online Limited in 2020
- Platform partners with fashion and beauty brands to help businesses retain control of inventory and branding
- Secured €10m (£8.5m) funding in 2021 for international expansion
- Plans to expand to 12 more territories over the next two years
- Active customers increased by 55% last year
Secret Sales, a non-full-price marketplace for fashion and beauty brands, has announced the appointment of Nick Beighton as chairman. Beighton, who previously served as CEO at ASOS, joined as Secret Sales marked growth of over 150% LFL by solving a critical challenge in the fashion value chain for brands and retailers. The platform partners with fashion brands, beauty brands, and retailers to help businesses retain control of inventory and branding while driving profit from non-full-price goods without undermining brand value. Secret Sales has already reshaped the industry by delivering non-full-price strategies for over 1600 brands. The business saw a 55% increase in active customers last year and secured €10m (£8.5m) in funding in 2021 to boost growth, with plans to expand to 12 more international territories over the next two years. Investors are backing Secret Sales as it aims for over 100% growth this financial year despite a challenging retail environment.
Factuality Level: 9
Factuality Justification: The article provides accurate information about the appointment of Nick Beighton as chairman of Secret Sales, the company’s growth, partnerships with major brands, funding received, and expansion plans. It also includes quotes from relevant sources that support the claims made.
Noise Level: 2
Noise Justification: The article provides relevant information about the appointment of a new chairman at Secret Sales, the company’s growth, and its impact on the fashion industry. It also mentions funding and expansion plans. However, it lacks in-depth analysis or exploration of long-term trends or possibilities.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses the appointment of Nick Beighton as chairman of Secret Sales, a non-full-price marketplace for fashion and beauty brands, which has experienced significant growth and secured €10m (£8.5m) in funding to expand internationally. This impacts the fashion industry and potentially affects the stock management strategies of fashion and beauty companies.
Financial Rating Justification: The article discusses financial aspects such as growth, funding, and the impact on the fashion industry, making it financially relevant.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article.
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