Afound has brought together a curated selection of popular fashion and lifestyle brands alongside H&M Groups own labels.
Secret Sales, an online marketplace for off-price retail in fashion, sportswear and beauty, has announced the acquisition of H&M Group’s digital fashion outlet, Afound. Financial terms of the deal were not disclosed.
Launched in 2018 by H&M Group and evolving into a digital marketplace in 2019, Afound brought together a curated selection of popular fashion and lifestyle brands alongside H&M Groups own labels.
In August, H&M Group announced it was pulling the plug on the venture, stating that it “constantly reviews initiatives, projects, and brand plans at large, adjusting priorities to secure economic viability and long-term resilience.”
“When evaluating Afound’s current position, we don’t see enough demand, partly because brands increasingly choose to use their own channels for sales, to further strengthen their customer relationships. This has led to the difficult but necessary decision to discontinue it.”
Chris Griffin, CEO at Secret Sales, commented, “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. This acquisition is another step toward transforming the off-price landscape.”
Ville Klemming, Managing Director at Afound, said, “We are pleased to see Afound’s legacy continue under Secret Sales. 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.”
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