Off-price marketplace Digital fashion retailer Afound was acquired by Secret Sales from its previous parent firm, H&M Group.
Secret Sales is making this move in an attempt to maintain its position as a “dominant force” in European off-price retail, a goal that has already been demonstrated by comparable acquisitions made in recent years.
Secret Sales intends to expand the marketplace’s reach by partnering with Afound, allowing its clients to access the company’s inventory, which is sourced from 3,800 European businesses.
The H&M Group initially introduced the platform in 2018, and it has since developed into a digital marketplace with a carefully chosen selection of well-known fashion and lifestyle brands.
In an effort to “secure economic viability and long-term resilience,” H&M decided to cease Afound in August 2024 after evaluating its performance and rearranging priorities.
Afound will keep its brand identity and visual aesthetic while integrating Secret Sales’ technological platform, according to Secret Sales, which stated that the acquisition demonstrated “commitment to strategic growth.”
“Brands now have an even better chance to reach new consumers in several regions while keeping control over their positioning thanks to their entry into the Nordics,” stated Chris Griffin, chief executive of Secret Sales. This purchase is an additional step in changing the off-price market.
The agreement’s conditions have not been made public. However, Secret Sales stated that it intends to keep growing in 2025 and that other M&A agreements are already being discussed.
