Secret Sales, the online marketplace for fashion, sportswear and beauty that offers known brands for low prices, has announced its expansion into Ireland, its fourth European market. The firm expects the launch of the new website to immediately bring revenue in from its existing Irish online subscribers.
With the Irish eCommerce market set to reach US$5.78bn in 2023. And the total fashion reach US$5.78bn in 2023 (Source: Statista), there is a huge opportunity for growth. That opportunity is only set to grow with Statista estimating the eCommerce market will grow at a rate of 10.54%. Resulting in a projected market volume of US$8.63bn by 2027. Whilst the fashion market will grow at a rate of 10.98%. Resulting in a projected market volume of US$2.64bn by 2027.
Good news for Eire customers
Irish shoppers will now have access to over £700 million worth of lower-price inventory from brands such as Dsquared2, Superdry, Armani, Aquascutum, Cavalli, Diesel, Ted Baker, Hackett, Converse, Superdry and others. The announcement is part of a larger strategy that aims to see Secret Sales launch across all major markets in Europe. It recently expanded its presence following the acquisition of rival Spanish eCommerce leader Dreivip.
Chris Griffin, CEO of Secret Sales, said, “This year, Secret Sales has seen remarkable growth, which has paved the way for us to expand into new territories. For the Irish market, there is already a strong consumer appetite for off-price fashion making this a natural expansion fit for our brands and retail partners. Careful consideration was also given to the product selection to truly appeal to an Irish audience.
“As we continue our international expansion path, we are committed to working collaboratively with our brand and retailer base to launch in new markets that align with their business needs. This means increasing margins, reaching new customers and protecting brand equity.”
Good news for Secret Sales
The expansion is good news for the Secret Sales investors. Including Perwyn, Boohoo Group, Big Ideas Group, THG, and Belerion Capital. Who all participated in the $10 million series B funding round in May 2023.
The company is on track to achieve growth of 150% across Europe. Though it does not split out what is organic and inorganic growth. With the expansion into Ireland, it expects to achieve 100% inventory growth. Which will total £3 billion by the end of the year.
Enterprise Times: What does this mean
What is missing from this announcement is how Secret Sales is bolstering its distribution within Eire to cope with the growth it may experience there. With a dedicated Irish site, it has a potential market of 3.4 million Irish subscribers of 25 years old plus. That number rises to 4.1 million when it includes 14-25 years old (Source Statista). Secret Sales does not reveal how many subscribers there are already. Powered by Magento 2, part of Adobe Commerce, Secret Sales is inexorably becoming a leading platform in Europe powered by an eCommerce platform that can grow with it.