LONDON — H&M Group’s digital fashion outlet Afound has been acquired by Secret Sales, an off-price fashion marketplace.
Secret Sales is part of Perwyn’s portfolio, a European private equity investor that “focuses on building and transforming mid-market businesses,” according to the company.
The business acquired Afound in order to expand its footprint in the Nordics and to strategize its European growth.
In the last year, Secret Sales has accumulated 16 million account holders; had more than 150 million site visits, and operates within the U.K., Sweden, Denmark, Norway, Finland, Germany, the Netherlands, Belgium, Ireland and Spain.
“In today’s challenging retail environment, we are proud to be setting a new standard for brands and retailers to manage discount inventory in a way that enhances their brand and drives long-term profitability. Bringing Afound into the Secret Sales family reinforces our commitment to growing our premium off-price solution across Europe,” said Chris Griffin, chief executive officer of Secret Sales.
“By expanding into the Nordics, brands now have an even greater opportunity to reach new customers in multiple regions while maintaining control over their positioning. This acquisition is another step toward transforming the off-price landscape,” he added.
Afound will relaunch in December on the Secret Sales platform with an inventory that’s valued at over 5 billion euros with sourcing from 3,800 premium brands, according to the business.
Secret Sales will not be toying with Afound’s branding or concept, but instead will introduce technologies that will improve the user experience for brands, retailers and consumers.
“Afound has always been about delivering exceptional value to brands and customers. I am confident that Secret Sales will continue on that journey with quality and care. We are happy that the brand and the value created can continue to live on, and we are grateful to everyone who has contributed to the journey,” said Ville Klemming, managing director of Afound.