Nick Beighton has been appointed Chairman of Secret Sales, having previously held the role of CEO at ASOS, to expand into new international territories.
Beighton joins Secret Sales as they have marked year-on-year growth of over 150% LFL by solving a challenge in the fashion value chain for retailers and brands. In 2020 Secret Sales was acquired by LRG Online Limited and the business has been reshaped to answer the legacy of excess stock, an inevitability of the industry.
Secret Sales partners with retailers, fashion brands and beauty brands helping them monetise their excess stock via its premium marketplace. Businesses retain control of pricing, branding and inventory so they can push profit from non-full-price goods without damaging their core proposition or eroding their brand value.
Nick Beighton said: “For too long, excess stock has been seen in terms of cash recovery using clearance channels that erode the brand.” He added that businesses using Secret Sales can now make a significant margin, “attract new customers for their own full price sales and maintain their brand equity” through a sustainable and simple off-price solution that does not affect the retailers own full price strategy.
Secret Sales has already reshaped the fashion industry by delivering no-full-price strategies for over 1600 brands. Chris Griffin, CEO of Secret Sales said: “Before Secret Sales Marketplace, there wasn’t a fully joined-up proposition for turning non-full-price stock into a boardroom positive.”
Despite a challenging retail environment, the business looks set to achieve growth of over 100% this financial year. Their seller base has increased by almost 40% in the last year and it boasts partnerships with Superdry, Dolce and Gabbana, LK Bennett, G-Star Raw, Ted Baker and Versace 19V69.
For shoppers Secret Sales is a one-stop-shop for preloved designer goods and premium brands but at a comparable price to fast fashion options. The business saw a 55% increase in active customers last year and are seeing even more demand as the cost-of-living crisis continues, as this has been a compelling proposition for consumers.
Secret Sales are already being backed by investors, securing €10million in funding in 2021 to further boost growth. This has been followed up by additional funding to accelerate their international growth strategy. They already have operations in the UK, Netherlands and Belgium with plans to expand over the next two years to 12 further international territories.
Griffin said Beighton has a wealth of experience from his time at ASOS in “building a global eCommerce fashion retailer” and was a “natural choice for Secret Sales because he understands the critical problem we are solving for the sector.”