Carousell Group acquires Ox Street
Singapore-based classified marketplace Carousell Group announced on Monday the acquisition of Ox Street, one of the fastest growing end-to-end marketplaces for authenticated sneakers and streetwear in Southeast Asia.
By leveraging Ox Street’s strong domain expertise in the streetwear industry, Carousell intends to 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 Southeast Asian market across sneakers and more emerging categories driven by Gen-Z trends.
The acquisition supports the group’s strategic priority to accelerate its recommerce growth in Greater Southeast Asia. The partnership equally reflects Carousell’s commitment to reimagining the classifieds experience, with a focus on trust and convenience, to make secondhand the first choice.
“With Carousell’s reach and technological capabilities, we can supercharge Ox Street’s ability to innovate and reach more buyers and sellers. We have a lot of shared values and found a very strong cultural fit, and I cannot be more excited to partner with Siu Rui, Marcus, Lucas and the entire Carousell team,” added Gijs Verheijke, the founder and CEO of Ox Street.
“We are excited to partner with Gijs and team in our mission to inspire the world to start selling. 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 recommerce efforts,” said Quek Siu Rui, co-founder and CEO of Carousell.
The Ox Street team inspects and authenticates every pair of sneakers before it reaches its buyers. As part of the acquisition, Ox Street will continue to operate as its own brand, retaining its name, platform, and team.
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