UK flash sales site SecretSales acquired by Wowcher owner
Excalibur Group is to invest significantly in the fashion e-tailer following the deal, which closed on 8 February
Flash sales e-tailer SecretSales has been sold to Excalibur Group, which owns online discount marketplaces Wowcher and Living Social (UK and Ireland), in a deal completed on 8 February for an undisclosed amount.
Founded in 2007 and based in London, SecretSales.com retails out-of-season stock from high street fashion brands at discounts ranging from 30% to 70%.
With a membership base over 4.4 million strong, the business’ revenues increased by 16% to reach £29.3m in 2015, according to the latest recorded figures.
However, operating losses also grew from £2.2m to £3.6m in that year as the business invested in its technology and operations.
Over the next two to three years, Excalibur Group is expected to invest heavily in SecretSales with the company’s co-founders, brothers Nish Kukadia and Sach Kukadia, remaining at the helm as chief executive and buying director respectively.
Excalibur Group directors Andrew MacKinnon and Roland Bryan are expected to join SecretSales’ senior team following the departure of four of the site’s directors, including chairman Sergio Diaz.