Secret Sales just secret £10M investement from early investor in Boohoo and ASOS

This is a paywall story so I will copy and paste. I know Chris and Matt (Secret Sales founders) very well. Old clients for years. Have a good history in grow and flip. They previously build and sold Anatwine to Zalando in a short 3 year window. They have raised twice in the last 6 months for SS. They will gather more excess inventory in fashion (£3B on the books already) and could scale beyond EU. I don’t think they will. Build up revenues and sell is my silly opinion. Story below:

Clothing marketplace startup Secret Sales has raised $10 million in a round led by an early backer of fashion giants Asos and Boohoo despite a cooldown in investor interest in the sector.

The London-based startup bills itself as a stockless retailer and sells any leftover or unused inventory from fashion brands at a discounted price through its online platform.

“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. “Selling good branded fashion cheaply is not difficult — retaining equity is.”

Unfortunately we can’t unlock full paywall articles here, just not a good precedent and could lead to takedown requests here! - Rick

Hey @vinny What’s the original source? I would like to quote this internally where I work but prefer to not bring people to a secondary source (here)

Here you go Miles - Secret Sales secures $10m funding as it eyes Europe expansion - Retail Gazette … It is on SKY news too.

See above @Miles_Thomas

@vinny How is this different from a flash sales business?

It is not in the slightest. They are pitching the removal of greenwashing for brands - our forecasting tech? Consumers dont go to secretsales and demosnstrate browse behaviouur to signal demand planning. ( I think that is the next layer of tech they will go after). Chris is a trader born and bred. First client to call me a C*nt all those years ago. (but in a loving way). Secret sales is only a flash sales site. They have a very loyal customer base - but are 100% right with this question. They could acquire ASOS in time.

Secretsales is a digital version of a traditional “jobber” allowing retailers/brands to exit excess stock.

What is of interest is whether Secresales will start acting as an off price dropship platform presenting product to other marketplaces/retailers (something akin to Mirakl).

One reading of the original “behind the paywall” text that was originally posted provided an analysis seemed to be heading that direction (and that source, at least the name of the website or publication, is what I was interested in finding, for context in an internal discussion at my workplace, rather than the basic news of the investment announcement).

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I think they will get into demand forecasting and planning. They sold Anatwine very well. “solved” lack of data and integrations. Such a brilliant piece of work - software taken to the side and not critically analysed @Miles_Thomas

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