Singapore's Carousell Group acquires Ox Street marketplace

The Ox Street team inspects and authenticates every pair of sneakers before it reaches its buyers. Carousell’s advanced and intuitive technology, extensive reach, and marketplace liquidity across a wide range of categories, combined with Ox Street’s authentication capabilities will further propel the mutual goal of creating an experience where transacting secondhand is as convenient and trusted as buying first hand, the two companies said in a joint press release.

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.

“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. Most of all, we see this acquisition as joining forces to accelerate our shared vision of making secondhand the first choice,” said Quek Siu Rui, co-founder and CEO of Carousell.

“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,” said Gijs Verheijke, the founder and CEO of Ox Street.

Fibre2Fashion News Desk (KD)