Carousell acquires streetwear marketplace ahead of IPO

Online classifieds giant Carousell has acquired Ox Street, an end-to-end marketplace dedicated for sneakers and streetwear, for an undisclosed amount.

Following the acquisition, Ox Street will continue to operate as its own brand and retain its team. The deal would drive a synergistic partnership between the two firms, Carousell said in a statement.

Ox Street CEO Gijs Verheijke (left) and Carousell Group CEO Quek Siu Rui / Photo credit: Carousell

Through its platform, Ox Street inspects and authenticates every pair of sneakers before sending them out to buyers.

Leveraging Ox Street’s experience with fashion and luxury goods, Carousell aims to deepen its reach and scale to become a market leader in the category. Ox Street also said it can find a wider audience with Carousell’s reach and technological capabilities backing it up.

“We see immense opportunity in bringing that capability and their learnings to double down on our recommerce efforts,” said Quek Siu Rui, co-founder and CEO of Carousell. “Most of all, we see this acquisition as joining forces to accelerate our shared vision of making secondhand the first choice.”

According to Gijs Verheijke, founder and CEO of Ox Street, the acquisition came about after the company initially spoke with Carousell about providing its authentication services for the classifieds firm. As talks between the two firms progressed, Verheijke said they “found so much common ground in how we see the future” and decided to fully join Carousell.

The announcement follows Carousell’s entry to the unicorn club after raising US$100 million in September this year. The investment also comes ahead of a potential listing in the US through a merger with a blank-check company.