Secret Sales is the first acquisition by the newly formed Lifestyle Retail Group (LRG) as its co-founder, former Superdry ecommerce executive Chris Griffin, sets his sights on revolutionising the off-price retail sector.
Griffin and LRG co-founder Matt Purt made hay from the sale of their previous company – supply chain tech provider Anatwine – and are now turning their attention to off-price.
Griffin and Purt have partnered with private equity firm Big Ideas Group to buy a majority stake in Secret Sales under their newly formed company.
As part of the deal, Secret Sales founders and former owners Nish and Sach Kukadia will maintain a minority stake in the company and take a place on the LRG board.
LRG is now in acquisition discussions with other retailers and brands within the off-price sector as it seeks to build a business focused on optimising the supply chain through clearing stock.
Griffin tells Retail Week the idea came from their time running Anatwine, a company they set up that provided a supply chain solution to optimise full price inventory sales between brands and retailers.
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