Online classified giant Carousell Group recently acquired Ox Street, a sneakers and streetwear e commerce marketplace in Southeast Asia, to help speed up the growth of purchasing second hand items.
According to Carousell, Ox Street will still continue to operate its brand and retain its team.
Following the partnership, Ox Street will inspect and authenticate every pair of sneakers before sending them out to buyers, whilst Carousell will leverage its technology, reach, and marketplace liquidity with its wide range of categories. Ox Street also mentioned that it can find a wider audience with Carousell’s reach and technological capabilities.
Meanwhile, the Carousell Group plans to be a market leader for fashion and luxury goods. “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. They have also built trust by authenticating every pair of sneakers that gets transacted on the Ox Street marketplace,” said Carousell co-founder and CEO Quek Siu Rui.
“Most of all, we see this acquisition as joining forces to accelerate our shared vision of making second hand the first choice,” Quek added. Founder and CEO of Ox Street, Gjis Verheijke said the acquisition came about after Ox Street discussed with Carousell about providing authentication services for the classifieds firm. The talks between both companies progressed and Verheijke said they found so much common ground in how they saw the future.