Non-Full Price Marketplace Sees 70% Like-for-Like Growth, Projects 85% Increase in 2023
- 70% growth in FY22
- 85% growth projected for 2023
- 125% year-on-year increase in inventory value to £3bn
- Expansion into Netherlands and Belgium
- 104% year-on-year growth in partners, now with 2,469 brands
- Increased focus on circular fashion economy due to cost-of-living crisis
Secret Sales has reported exceptional growth of 70% in 2022, surpassing industry norms. The company anticipates an unprecedented 85% growth in 2023 and a 80% increase in January sales alone. With a total inventory value of £3bn, the non-full price marketplace has expanded into Netherlands and Belgium, doubling its international inventory to 1,129 brands. The platform now hosts 2,469 partners, including Dolce & Gabbana, PUMA, Kurt Geiger, Ted Baker, G Star, and ASOS. CEO Chris Griffin attributes the growth to the cost-of-living crisis driving consumer interest in sustainable fashion and non-full price items.
Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about the growth of Secret Sales, its expansion into new markets, and the increase in partner brands on the platform. It also includes quotes from the CEO that support the claims made.
Noise Level: 3
Noise Justification: The article provides relevant information about the growth and expansion of Secret Sales, its partnerships with major brands, and the impact of the cost-of-living crisis on consumer behavior. It offers insights into the circular fashion economy and sustainability in the industry. However, it could benefit from more analysis or context on the broader implications of these trends beyond the company’s performance.
Financial Relevance: Yes
Financial Markets Impacted: The article discusses the growth and expansion of Secret Sales, a non-full price marketplace that impacts retailers and brands in the fashion industry.
Financial Rating Justification: The article mentions financial figures such as 70% like-for-like growth, £3bn total inventory value, and 104% year-on-year growth in the number of partners, which are relevant to the companies involved.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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