Carousell Group, the leading classifieds group in the Greater Southeast Asian region, has acquired Ox Street, one of the fastest-growing end-to-end marketplaces for authenticated sneakers and streetwear in the region.
Founded in August 2012 in Singapore, the group has a leading presence in eight markets under the brands Carousell, Mudah.my, Cho Tot, and OneKyat, serving tens of millions of monthly active users.
Carousell is backed by leading investors including Telenor Group, Rakuten Ventures, Naver, STIC Investments, and Sequoia Capital India.
Ox Street, meanwhile, founded in November 2019, focuses on Gen Z and Y consumers in the region. There are 85 million Gen Z and Y consumers in Southeast Asia, who together will spend $128 billion on fashion in 2025, according to recent reports.
Ox Street’s mission is to create a new way to shop, where buying and selling second-hand feels just as seamless as a luxury eCommerce experience.
The acquisition supports the group’s strategic priority to accelerate its recommerce growth in Greater Southeast Asia, according to the announcement.
The partnership will drive a synergistic partnership between the marketplaces and reflects Carousell’s deep commitment to reimagining the classifieds experience, with a focus on trust and convenience, to make secondhand the first choice.
Ox Street will continue to operate as its own brand, retaining its name, platform, and team, which inspects and authenticates every pair of sneakers before it reaches its buyers.
“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.
Ox Street initially started a conversation with Carousell on partnering up to provide authentication as a service for sneakers. As discussions progressed, both found so much common ground in how they see the future.
“With Carousell’s reach and technological capabilities, we can supercharge Ox Street’s ability to innovate and reach more buyers and sellers,” said Gijs Verheijke, the Founder and CEO of Ox Street.