Secret Sales confirms ex-ASOS chief Beighton in chairman's post
Fast-expanding off-price retailer Secret Sales has confirmed the appointment of former ASOS chief executive Nick Beighton as its new chairman.
He joins as the company targets international growth and a move into 12 new markets following year-on-year growth in its existing markets of more than 150% on a like-for-like basis.
CEO Chris Griffin said: “[Beighton] has a wealth of experience from his time at ASOS in building a global e-commerce fashion retailer. This is highly relevant as Secret Sales continues its journey to be the world’s largest marketplace for non-full-price fashion. Nick is a natural choice for Secret Sales because he understands the critical problem we are solving for the sector. Before Secret Sales Marketplace, there wasn’t a fully joined-up proposition for turning non-full-price stock into a boardroom positive. Secret Sales offers a unique solution and Nick and I will work to deliver huge international growth.”
LRG Online Limited acquired the company in 2020 and “has reshaped the business to solve the legacy problem of excess stock; an inevitability of the fashion industry”.
It partners with fashion and beauty brands and retailers “helping them monetise this stock via its unique, premium marketplace” in a way that leaves the brands with lots of control and doesn't undermined the overall brand value.
The firm currently works with more than 1,600 labels and is targeting growth of more than 100% this financial year. Its seller base increased by almost 40% in the last year and it has partnerships with big names including Superdry, Ted Baker, LK Bennett, Dolce & Gabbana, G-Star Raw and Versace 19v69.
It saw a 55% increase in active customers last year and also secured €10million in funding in 2021 to further boost growth. This has since been followed up with additional funding to accelerate the international growth strategy.
Beighton — who stepped down from ASOS last autumn — said: “Secret Sales is nothing short of a game-changer for the fashion and beauty industry. Excess stock has been seen in terms of cash recovery using clearance channels that erode the brand. But with Secret Sales, the industry finally has access to a positive strategy for non-full-price inventory. Businesses using [it] can now make significant margin, attract new customers for their own full-price sales and maintain their brand equity through a simple, elegant and sustainable off-price solution that’s does not impact the retailers’ own full-price strategy. That is a huge deal for anyone in sector and the scope for growth is astronomical.”
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