MySale announces ‘mystery partner’ as it posts sales jump

In fashion: Online retailer MySale, which is backed by Sir Philip Green (far right), has seen profits grow

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Joanna Hodgson26 July 2017

MySale, the fashion website backed by Sir Philip Green, on Wednesday teased the City with news of a “significant” partnership with an unnamed global online retailer.

The firm, which allows brands such as Longchamp and Armani to sell off leftover stock, said the partnership is in test phase “and will open a strong inventory pipeline and expand product selection”.

The name of the company is expected to be revealed in September.

Chief executive Carl Jackson said more retailers are looking to sell discounted items on MySale so they can concentrate on shifting full-price goods.

In the year to June 30, MySale secured products from High Street brands such as Monsoon and Hobbs for the first time.

The Australia-based business, which also counts Sports Direct founder Mike Ashley as a backer, grew online revenue by 10% to A$240 million (£145.7 million). Gross profit jumped 14%.

MySale expects to grow sales by between 15% and 20% this financial year.