Secret Sales Acquires H&M's Afound for Nordic Expansion
Deal News | Nov 27, 2024 | Perwyn
Secret Sales, supported by private equity firm Perwyn, has acquired H&M's Afound, a digital fashion outlet, signifying a strategic leap in its European expansion. This acquisition bolsters Secret Sales' presence in the Nordics and solidifies its status as a prominent player in the European off-price retail sector. Secret Sales, an international off-price fashion marketplace with operations in 10 countries and over 16 million account holders, plans to integrate Afound into its platform, leveraging its advanced technology and offering more inventory from 3,800 premium brands valued at over 5 billion. The company aims for further organic and acquisitive growth by 2025. The acquisition allows Secret Sales to enhance brand and retailer relationships, providing branded, controlled discounting and reaching customers across multiple regions. Secret Sales CEO Chris Griffin and Afound's Managing Director Ville Klemming emphasize their commitment to maintaining Afound's uniqueness and quality, marking a transformative move in the off-price retail landscape.
Sectors
- Retail
- E-Commerce
- Private Equity
Geography
- Europe – The acquisition affects several European countries, including those in the Nordics where Afound had a presence, and Secret Sales operates in multiple European countries.
- Sweden – Afound is part of the H&M Group, based in Sweden, which is a key location involved in this acquisition.
Industry
- Retail – The article focuses on the acquisition within the fashion retail sector, highlighting the expansion of Secret Sales through the acquisition of Afound.
- E-Commerce – Secret Sales and Afound are both digital platforms, engaging in the online sale and marketplace environment. The acquisition emphasizes their role in the e-commerce landscape.
- Private Equity – Perwyn, a private equity firm, is backing Secret Sales, indicating the private equity involvement in facilitating the transaction and growth strategy.
Financials
- Over 5 billion – Value of Afound's inventory that will now be accessible through Secret Sales.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Secret Sales | Acquiring Company | Company | An international off-price fashion marketplace acquiring Afound to expand its market in the Nordics. |
| H&M Group | Selling Company | Company | The parent company of Afound, selling its digital fashion outlet to Secret Sales. |
| Afound | Target Company | Company | H&M's digital fashion outlet acquired by Secret Sales to enhance its off-price offerings. |
| Perwyn | Private Equity Firm | Company | The private equity firm backing Secret Sales in its strategic acquisition. |
| Chris Griffin | CEO of Secret Sales | Person | Leading the acquisition strategy and business expansion of Secret Sales. |
| Ville Klemming | Managing Director of Afound | Person | Representing Afound and expressing confidence in Secret Sales' future direction. |
| Angus Duthie-Jackson | Investment Manager at Perwyn | Person | Discussing Perwyn's support of Secret Sales' growth. |