Secret Sales is expanding its reach in Europe by acquiring H&M Group’s Afound.
- The acquisition will allow Secret Sales to establish a stronger presence in the off-price retail sector.
- Afound, known for offering exceptional value, will continue as an independent brand under Secret Sales.
- The deal is part of Secret Sales’ strategy to broaden its market influence across multiple regions, including the Nordics.
- Secret Sales continues its acquisition strategy, following similar deals in Germany and Spain.
Secret Sales, a prominent player in the off-price fashion marketplace, has taken a significant step in its European expansion by acquiring H&M Group’s Afound. Originally launched in 2018, Afound was designed to offer both external and H&M’s own brands but faced closure due to a lack of demand. The acquisition aims to strengthen Secret Sales’ position as a leading force in the off-price retail industry.
By integrating Afound, Secret Sales intends to enhance its presence and capability in the market. Afound will reemerge as a standalone website, ensuring that it maintains its distinct identity while benefiting from the strategic support of Secret Sales. This move allows brands to extend their reach into new markets across Europe, particularly the Nordics, while preserving brand positioning.
The incorporation of Afound aligns with Secret Sales’ recent trend of acquisitions. Earlier this year, the company acquired Dress-for-less from Germany and Dreivip from Spain. With these strategic moves, Secret Sales now manages an impressive €5 billion worth of inventory sourced from 3,800 premium brands, serving a vast customer base of 16 million registered users.
Chris Griffin, CEO of Secret Sales, remarked: “Bringing Afound into the Secret Sales family reinforces our commitment to growing our premium off-price solution across Europe.” This acquisition not only transforms the off-price landscape but also provides brands a greater opportunity to connect with new consumers.
Ville Klemming, Managing Director of Afound, expressed pleasure in seeing the Afound legacy persist through Secret Sales. “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,” he stated.
The acquisition of Afound represents a strategic milestone for Secret Sales in redefining the European off-price retail market.
