Carousell, the Singapore-based online classifieds giant, has signed a deal to acquire Refash, a local omnichannel fashion e-commerce retailer, for an undisclosed sum.
Carousell will leverage Refash’s network of 10 physical thrift stores across Singapore to help users sell their secondhand products in a shorter span of time.
Founded in 2015, Refash will continue to operate its own brand, retaining its name, platform, and team. The acquisition will drive a synergistic partnership between the two marketplaces, Carousell said.
Refresh has processed over 5 million pieces of clothing. It has also resold pre-used clothing from over 305 international and local fashion labels.
Carousell co-founder and CEO Siu Rui Quek (left)
with Refash founder Aloysious Sng / (Source: Carousell)
“We see immense opportunity in teaming up to make selling even simpler for anyone time-starved who has underused clothes in their wardrobes,” said Siu Rui Quek, co-founder and CEO of Carousell.
According to Tracxn data, Carousell has made five acquisitions so far, namely Ox Street, OLX Philippines, Duriana, Watch Over Me, and Caarly.
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