On 9th May, Southeast Asia’s online marketplace Carousell announced that the company has signed a deal to acquire Refash, Singapore’s omnichannel fashion recommerce retailer. Financial terms of the transaction were not disclosed.
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Founded in 2015 by Aloysius Sng, Refash boasts 10 physical thrift stores across Singapore as well as an online recommerce platform. The acquisition will drive a synergistic partnership between the marketplaces and accelerate the pace of recommerce in Singapore. Refash will continue to operate as its own brand, retaining its current name, management team as well as physical and online stores. Refash will act solely as a fashion vertical to Carousell, as Carousell takes the partnership as a natural next step with fashion apparel being one of its core categories.
“With our reach and expertise in using technology and AI to create seamless buy-sell experiences for secondhand (products), we are excited to partner and accelerate the growth of Refash,” said Quek Siu Rui, co-founder and CEO of Carousell.
Quek emphasised the company’s undertakings aim to “inspire others to make second-hand their first choice (through this deal)” and “helping time-starved users declutter in an instant”. It further expresses his vision for the future: “By 2030, we want to create an inversion: First-hand e-commerce will supplement recommerce, with consumers inspired and enabled to re-use items and buying new only when necessary or after they have sold something.”
SEE ALSO : Carousell Group acquires Ox Street
Carousell is trying to expand its venture into the emerging and reforming trends of the fashion industry. The partnership with Refash comes after Carousell bought the Singapore-based sneakers and streetwear marketplace Ox Street.