Carousell, the Singapore-based online classifieds giant, has signed a deal to acquire Refash, a local omnichannel fashion recommerce 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.
Refash 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.
Refash is one of our portfolio startups in Plug and Play APAC.
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