A company which sells excess fashion stock has acquired H&M's Afound platform.

Cheltenham-based Secret Sales operates a premium ecommerce marketplace for off-price fashion, sportswear and beauty in Europe.

It has over 16 million account holders and has had more than 150 million website visits in the last year, as reported by Fashion Network.

Now it has just snapped up Afound, H&M's digital marketplace, which launched in 2019. Afound brought together a selection of fashion and lifestyle brands alongside H&M's own labels and operated in seven European markets. Earlier this year, H&M Group said the platform would close by the end of the year.

The acquisition of Afound will strengthen Secret Sales' position in the European off-price fashion market, particularly in the Nordic countries.

It means Secret Sales now operates in 10 countries - the UK, Ireland, Sweden, Denmark, Norway, Finland, Germany, Belgium, Spain and The Netherlands.

Under the new ownership, Afound will retain its own brand identity, but will use Secret Sales' technology.

Speaking in 2021, Chris Griffin, Secret Sales CEO and a former Superdry ecommerce director, said: "Managing overstock is a major challenge. Typically, a third of all manufactured goods are marked down and millions of tons of excess products end up in landfill every year. The Secret Sales model is proving very popular with brands and retailers that have long been looking for a sustainable and profitable long-term solution to selling surplus inventory."

Secret Sales describe itself as a 'digital outlet village', which works with over 2,000 brands.