Ox Street, one of the fastest-growing end-to-end marketplaces for authenticated sneakers and streetwear in Southeast Asia, has officially joined Singapore-based online classifieds marketplace operator Carousell Group.
The move is part of the company’s efforts to take on the $10 billion sneaker resale market in Greater Southeast Asia.
Gijs Verheijke, Founder and CEO of Ox Street, said they found “so much common ground” with Carousell in how they see the future that they decided to fully join them.
With Carousell’s reach and technological abilities, Verheijke added that they can “supercharge” Ox Street’s ability to innovate and reach more buyers and sellers.
Quek Siu Rui, Co-founder and CEO of Carousell, said they are excited to partner with Gijs and team in their mission to inspire the world to start selling.
Rui added that they share common values in being user-first and in building communities.
“We see immense opportunity in bringing that capability and their learnings to double down on our recommerce efforts,” he said in a statement.
This acquisition is seen to further accelerate their shared vision of making secondhand the first choice.
Carousell Group, the leading classifieds group in the Greater Southeast Asian region, will provide advanced and intuitive technology, extensive reach, and marketplace liquidity across a wide range of categories, combined with Ox Street’s authentication capabilities.
Ox Street, which started as an underground movement, has quickly become mainstream with sneakers emerging as one of the must-haves in men’s accessories.
In 2020, the total global sneaker market revenue was valued at approximately $70 billion. By 2025, it was forecasted to reach a value of $102 billion.
Within the Southeast Asian region, the forecasted yearly growth is over 20%, double the global average.
Ox Street male users spend on average of $400 per pair. Meanwhile, 28% of men’s footwear is sold for $100 to $250 on Carousell. This is double with that of women’s footwear.