In a strategic move to broaden its reach in the off-price retail sector, Secret Sales has announced its acquisition of the German online retailer, dress-for-less. This acquisition represents a significant milestone in Secret Sales’ ambitious growth strategy, extending its operations to include six European countries.
Dress-for-less, known for its discounted fashion and beauty products, reported a turnover of 100 million euros in 2023. The retailer offers a wide range of brands, including Tommy Hilfiger, Calvin Klein, and Marc O’Polo. Through this acquisition, Secret Sales aims to enhance its market presence, offering partner brands and retailers access to a wider customer base across Europe. Dress-for-less will continue to operate under its existing brand, maintaining its unique identity while benefiting from an expanded inventory worth over 3 billion euros, powered by Secret Sales’ advanced technology platform.
The merger is set to benefit retailers and brands by facilitating the expansion and control of their pan-European off-price strategies through a single platform. This unified approach is designed to preserve brand equity and boost profitability at various customer interaction points.
Secret Sales‘ acquisition of dress-for-less marks the company’s presence in its sixth European country, following its establishment in the UK and expansion into Ireland, Belgium, the Netherlands, and Spain. With a focus on further growth, Secret Sales is actively seeking additional acquisition targets across Europe.
Chris Griffin, CEO of Secret Sales, shared his vision for the company’s future, stating, “Secret Sales is set to dominate off-price fashion and beauty, and more importantly give brands, through one partner of choice, a route to control and profit from their non full price strategies across Europe. We see it as our number one goal to protect a brand’s equity while driving increased profits to their P&L. By delivering these objectives and driving our growth strategy we are delivering our promise to our partners.”
Griffin also highlighted the robust growth in the off-price sector amidst challenges in the retail industry, adding, “The retail space hasn’t had it easy, but we’re continuing to see unprecedented growth in the off-price space. Dress-for-less is second-to-none in the space in Germany and forms a key part of our growth. For brands and retailers, the potential for pan-European control and expansion offers significant revenue opportunities. And, for Secret Sales and dress-for-less’ customers alike, there is now more choice than ever before.”
