Secret Sales Expands with Afound Acquisition

Deal News | Nov 26, 2024 | Home of Direct Commerce

Secret Sales has strategically acquired Afound, a digital marketplace initiated by H&M Group in 2018, which also included its own and third-party brands. This acquisition enables Secret Sales to broaden its footprint in the Nordics, including Sweden, Norway, Denmark, and Finland, thus bolstering its stance in the European off-price fashion market. The move will integrate Afound's recognized brand with Secret Sales' technology, allowing Afound's customers access to an extensive collection from 3,800 premium brands across Europe. Afound will retain its brand identity as well as its design while leveraging the comprehensive Secret Sales platform. Chris Griffin, Secret Sales' CEO, emphasized that the acquisition underscores their commitment to enhancing brand and retailer management of discount inventory in a profitable and brand-focused manner. Ville Klemming, Afound's managing director, expressed contentment over the continuation of the Afound brand under Secret Sales.

Sectors

  • Retail
  • E-commerce
  • Fashion

Geography

  • Nordic Countries – The Nordic countries including Sweden, Norway, Denmark, and Finland are significant due to the expansion of Secret Sales into these territories through the acquisition of Afound.
  • Europe – Europe is relevant as the acquisition strengthens Secret Sales' position throughout the European off-price fashion market.

Industry

  • Retail – The retail industry is relevant as both Secret Sales and Afound operate as digital marketplaces catering to fashion consumers.
  • E-commerce – The e-commerce sector is central to this article as both companies involved are digital platforms for fashion sales.
  • Fashion – The fashion industry is pertinent given that both Secret Sales and Afound are involved in selling fashion items.

Financials

    Participants

    NameRoleTypeDescription
    Secret SalesAcquiring CompanyCompanyA digital marketplace specializing in off-price fashion, expanding its reach in Europe through acquisitions.
    AfoundTarget CompanyCompanyA digital marketplace under H&M Group offering its own and third-party fashion brands.
    H&M GroupSelling CompanyCompanyA multinational clothing retail company that launched Afound in 2018.
    Chris GriffinCEOPersonCEO of Secret Sales, overseeing their market expansion strategies.
    Ville KlemmingManaging DirectorPersonManaging director of Afound, responsible for leading the company through its acquisition.