Secret Sales acquires H&M’s Afound
Secret Sales has acquired H&M Group’s digital fashion outlet, Afound.
The marketplace for off-price retail in fashion, sportswear and beauty said the move will solidify its position as a dominant force in European off-price retail and extend its market reach to the Nordics.
Launched in 2018 by H&M Group, Afound evolved into a digital marketplace in 2019 and featured a selection of popular fashion and lifestyle brands alongside H&M Group’s own labels. H&M announced back in August that it was closing the platform.
Following Afound’s relaunch on Secret Sales in early December, its customers will gain access to a European inventory that is valued at over €5 billion and sourced from 3,800 brands. Afound will retain its own brand identity following the acquisition.
Chris Griffin, chief executive of Secret Sales, said: “In today’s challenging retail environment, we’re proud to be setting a new standard for brands and retailers to manage discount inventory in a way that enhances their brand and drives long-term profitability.
“Bringing Afound into the Secret Sales family reinforces our commitment to growing our premium off-price solution across Europe. By expanding into the Nordics, brands now have an even greater opportunity to reach new customers in multiple regions while maintaining control over their positioning.”
Secret Sales has 16 million account holders and its site visits have exceeded 150 million in the past year.
Ville Klemming, managing director of Afound, said: “Afound has always been about delivering exceptional value to brands and customers. I am confident that Secret Sales will continue on that journey with quality and care. We are happy that the brand and the value created can continue to live and we are grateful to everyone who has contributed to the journey.”
