Southeast Asian online classified group Carousell has bought sneaker marketplace Ox Street in a move it says will strengthen its re-commerce business in the region.
Ox Street is one of the fastest-growing end-to-end marketplaces for authenticated sneakers and streetwear in Southeast Asia. Founder and CEO of Ox Street, Gijs Verheijkeof, says the deal with Carousell will enable the marketplace to use the larger company’s reach and technology to “supercharge” Ox Street’s ability to draw 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,” he said.
Ox Street will continue to operate as its own brand, retaining its name, platform, and team.
Quek Siu Rui, Carousell’s co-founder and CEO, said Ox Street’s team inspects and authenticates every pair of sneakers before they reach 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.”
Carousell believes Ox Street’s credibility and brand awareness in the streetwear and sneaker sector will help Carousell to become a market leader for fashion and luxury goods and attract more Gen Z customers by following the trends they engage with.
“We share common values in being user-first and in building communities, as evidenced by the brand love Ox Street has created among its dedicated community of sneakerheads and fashion enthusiasts, especially amongst the Gen Z,” said Quek.
“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.”
The terms of the deal were not disclosed.
- Main image credit: @musiena via Twenty20.