Carousell announces its recent venture to acquire Refash, a Singapore-based omnichannel fashion recommerce retailer.
Carousell Group, a fast-growing online marketplace in Southeast Asia, announced its deal to buy Singapore’s largest thrift store and e-commerce platform, Refash. The recent acquisition reflects the joint efforts made by the two companies to facilitate and encourage selling and buying secondhand goods in the locality. Corousell will leverage Refash’s network of physical thrift stores across Singapore to enable secondhand product vendors to boost sales through these circulated channels, in a short span of time.
Founded in 2015 in Singapore, Refash expanded quickly, with a focus on thrifting, as it worked to foster and destigmatise the concept of buying and selling secondhand fashion. It aims to shift attitudes toward secondhand shopping as it streamlines the operation and process of accessing pre-loved fashion essentials through its online platform, and additional 10 brick-and-mortars across Singapore. The company has so far processed over 5 million pieces of clothing and resold fashion selects from over 300 international and local fashion labels
Carousell Co-founder and Chief Executive Quek Siu Rui stated, “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.”
Refash will continue its operations under its own label subsequent to the acquisition, retaining the brand name, stores, and platform, as well as its management team. The firm will act solely as a fashion vertical to Carousell, as the partnership comes as a natural proceeding step with fashion apparel being the biggest market across its channel.
Quek emphasised the company’s undertakings aim to “inspire others to make second-hand their first choice [through this deal],” further expressing 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.”
Months prior to the recent deal, Carousell had acquired another Singapore-based marketplace featuring original sneakers and streetwear selects, Ox Street, expanding its venture into the emerging and reforming trends of the fashion industry.
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