Secretsales.com reports 68 percent rise in FY13 revenues

REPORT_ Secretsales.com, the UK’s flash sales business, has published its financial results for the year ended December 31, 2013 with revenues increasing 68 percent to 18.2 million pounds (29.4 million dollars). Registered members also saw an increase of 39 percent to three million. 2014 year to date sales

 were up almost 40 percent.

Elaborating on the positive financial update, Nish Kukadia, CEO of secretsales.com, said, “We delivered another year of strong sales growth in 2013, following the 89 percent growth seen in Q4 2012, as we invested in integrating new technologies, optimised customer personalisation and launched a new and innovative customer loyalty programme. Research has demonstrated that our regular purchasers are located across the UK, with 70 percent outside London. The focus is towards high-end products to meet the needs of this highly engaged customer base.”

“As a result of our finely-tuned marketing strategy, the momentum in the business has continued into 2014, with sales for the first 7 months up almost 40 percent, putting us on track to move into profitability from the fourth quarter of this year,” Kukadia added.

Company was able to narrow its operating losses by 10 percent despite a year of investment. Customer acquisition costs were brought down by 37 percent compared to 2012. Extended category range now includes accessories, footwear, apparel, children’s wear, lingerie, beauty and home ware and lifestyle. It signed 595 new brands agreements in the year, making over 1,500 in the total portfolio.

Significant investments were made in upgrading technology platform and team building. Platform was able to generate 50 percent of revenues through mobile devices compared to 35 percent in 2012. To boost growth prospects, company raised 3.8 million pounds (6.1 million dollars) from existing shareholders, Partech and 123Venture.