Secret Sales, an off-price fashion marketplace, has acquired H&M’s Afound.
- Afound was launched in 2018 offering both external and H&M’s own brands.
- The acquisition aligns with Secret Sales’ expansion strategy in Europe.
- Despite its acquisition, Afound will operate as a standalone platform.
- Key leaders express optimism about the future potential of this merger.
Secret Sales, a prominent player in the off-price fashion sector, has taken a significant step by acquiring Afound, a digital outlet previously owned by H&M Group. This move is part of Secret Sales’ broader strategy to enhance its presence across Europe.
Launched in 2018, Afound was originally a platform hosting both external brands and those under the H&M umbrella. However, due to insufficient demand, a decision was made to close it last August. Now, with its acquisition by Secret Sales, Afound is set for a new lease of life through a relaunch as a standalone website.
The acquisition marks yet another milestone in Secret Sales’ expansion, following its recent acquisitions of Germany’s discount platform Dress-for-less and Spain’s Dreivip. The company now proudly manages an inventory valued at €5 billion, representing 3,800 premium brands and catering to 16 million registered users.
Chris Griffin, CEO of Secret Sales, highlighted the significance of acquiring Afound, stating, “Bringing Afound into the Secret Sales family reinforces our commitment to growing our premium off-price solution across Europe.” This sentiment is echoed by Ville Klemming, Afound’s Managing Director, who expressed confidence that the platform’s legacy of value will continue.
Notably, Afound will maintain its identity as a separate entity, rather than being subsumed into Secret Sales. This decision allows both parties to leverage regional strengths and offer expanded opportunities for brands to target new customer segments effectively.
This acquisition reinforces Secret Sales as a notable entity in the European off-price market, promising enhanced opportunities for both brands and consumers.
