Early Asos and Boohoo investor leads $10 million round in discount fashion marketplace startup Secret Sales
Summary
"The platform was built to service a need from retailers and retain brand equity," CEO Chris Griffin told Insider. The aim is to allow brands to "attain new customers, and at the same time, turn discount inventory into a profitable model," Griffin added. "Allowing fashion and beauty brands to retain control of their products was a big factor in acquiring the inventory that Secret Sales touts on its platform. It sells everything from niche brands to apparel and footwear, and has around $3 billion of inventory on the platform, Griffin said.The Series B round was led by early Asos and Boohoo investor Belerion Capital, private equity firm Perwyn, and London venture studio Big Ideas Group. That way, those products are less likely to go to waste if they are sold at a discounted rate.Since the physical stock is also moving less it stays in the brands warehouses there is less of a carbon footprint in transporting these goods.The startup works with a range of retailers, from athletic brands such as Puma, to higher-end and luxury names such as Ted Baker and Kurt Geiger.