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Carousell deepens fashion and luxury roots with Ox Street acquisition

The acquisition will allow Carousell to accelerate its re-commerce growth in greater South East Asia

Singapore-based classified marketplace Carousell has bought streetwear marketplace Ox Street.

“We are excited to partner with Gijs and team in our mission to inspire the world to start selling. We share common values in being user-first and in building communities, as evidenced by the brand love they have created amongst their dedicated community of sneakerheads and fashion enthusiasts, especially amongst the Gen Z,” said Quek Siu Rui, co-founder, and chief executive officer of Carousell.

“They have also built trust by authenticating every pair of sneakers that gets transacted on the Ox Street marketplace. We see immense opportunity in bringing that capability and their learnings to double down on our re-commerce efforts. Most of all, we see this acquisition as joining forces to accelerate our shared vision of making secondhand the first choice.”

Gijs Verheijke, the founder and chief executive officer of Ox Street added: “We initially started a conversation with Carousell on partnering up to provide authentication as a service for sneakers, but as discussions progressed we found so much common ground in how we see the future, that we decided it would be much more powerful for Ox Street to fully join the Carousell group. Our focus markets align nearly 1 to 1, and in these markets, Carousell was the first and remains the largest marketplace for sneakers and streetwear. We started Ox Street to bring a more seamless experience to buying and selling in these categories, and it’s very exciting that we can now continue building our vision for this space on a much larger scale.”

Why has Carousell bought Ox Street?

  • The acquisition will allow Carousell to accelerate its re-commerce growth in greater South East Asia. Ox Street will continue to operate as its brand, retaining its name, platform, and team.

  • Carousell wants to leverage Ox Street’s domain expertise in the streetwear industry and deepen its reach and scale to become a market leader for fashion and luxury goods.

  • It will also allow both marketplaces to capture the growth of the greater SEA market across sneakers and more emerging categories driven by Gen Z trends.

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