Secret Sales has strategically acquired Afound to bolster its presence in Europe’s off-price retail market.
- Afound, initiated by H&M in 2018, will relaunch as an independent site, ensuring its unique brand identity remains.
- Secret Sales’ acquisition spree includes past purchases of Dress-for-less in Germany and Dreivip in Spain, enhancing its market reach.
- The company already boasts 16 million customers and €5 billion of inventory from premium brands, highlighting its growth capability.
- Key figures from both companies express optimism about continuing to provide value and expanding market opportunities in Europe.
Secret Sales has strategically acquired Afound, enhancing its footprint in Europe’s competitive off-price retail sector. This development aligns with Secret Sales’ ongoing expansion strategy across the continent.
Afound, launched by H&M Group in 2018, offers products from both external brands and H&M’s own lines. Despite its planned closure announced in August due to declining demand, the acquisition promises a rebirth with Afound relaunching as a standalone website, maintaining its distinct branding.
This acquisition extends Secret Sales’ recent purchasing trend, following acquisitions of Dress-for-less, a German discount platform, and Dreivip, a Spanish retailer. These moves are part of a deliberate strategy to consolidate the premium off-price market in Europe.
Already managing €5 billion in inventory from 3,800 premium brands and serving 16 million registered customers, Secret Sales demonstrates robust market influence and scalability.
Chris Griffin, CEO of Secret Sales, expressed that integrating Afound supports their commitment to expanding premium off-price solutions across Europe and offers brands enhanced regional access. Ville Klemming, Afound’s managing director, noted the continuity in delivering exceptional value to brands and customers.
This acquisition marks a pivotal step for Secret Sales in its mission to reshape the European off-price retail landscape.
