admin Off-price retail platform Secret Sales has snapped up Spain’s discount retailer Dreivip for an undisclosed sum as part of its newly launched merger and acquisition (M&A) strategy.
The “aggressive” scheme has been introduced after Secret Sales began making its entry into new regions, most recently stepping into the Netherlands and Belgium, making Spain the third European territory for the business.
It noted that Dreivip would continue to trade as normal until a new co-branded site goes live in October, through which around 450 brands, with a further 70 Spanish brands and retailers, are to be featured.
In terms of its financials, Secret Sales said that with the acquisition it expects over 150 percent growth YoY across the whole of Europe for the entire 2023, with inventory growth also now forecast to be over 100 percent following Dreivip’s relaunch.
To support such growth, the company had secured a 10 million dollar Series B funding in May 2023, with “retail heavyweight investors” among those leading.
In a release, Chris Griffin, Secret Sales’ CEO, said that brands were turning to off-price in a bid to remain on-brand and profitable, adding: “Despite the difficult retail climate, we are seeing significant growth, and the expansion into Spain is just the start of a wider pan European strategy to ensure that more brands and retailers get to experience the unique benefits of our platform.
“We are already in active and advanced discussion with a further 70 local Spanish brands that are very excited about our unique proposition.”
