Carousell acquires second-hand fashion brand Refash
C2C shopping platform Carousell has signed an agreement to acquire omnichannel fashion recommerce retailer Refash in Singapore. On the back of its partnership with Ox Street to power authentication capabilities for pre-owned streetwear, the acquisition reflects the group’s drive to address convenience and trust issues in second-hand selling and buying .
Leveraging Refash’s offline retail base through 10 physical thrift stores in Singapore and its operational expertise to help Singaporeans declutter cash, the partnership will enable “empty your closet” capabilities to help sellers lack of time to declutter in an instant, to sell more transparently than ever. Refash has built a profitable base since 2015 and will continue to operate as its own brand, retaining its name, platform and team. The acquisition will lead to a synergistic partnership between marketplaces and accelerate the pace of recommerce in Singapore, Carousell said in a press release.
With the acquisition, Carousell is looking to strengthen its presence in the fashion space it has been in since 2012. Focusing on feedback from the Carousell community, one of the main concerns is that users have no no time to sell. The partnership with Refash allows Carousell to take another important step for one of its main categories to further simplify the sale of second-hand fashion and propel the future of sustainable and circular fashion.
“We are privileged to partner with the Refash team, who share our passion for making pre-owned the first choice, and bring over seven years of experience in the fashion re-commerce space. We see a huge opportunity in teaming up to make selling even easier for anyone short on time who has underused clothes in their wardrobe,” said Quek Siu Rui, Co-Founder and CEO of Carousell.
“With our reach and expertise in using technology and AI to create seamless buy-sell experiences for the occasion, we are thrilled to partner and accelerate Refash’s growth. Above all, we are very excited to partner with a mission-driven team to serve the community by making pre-owned fashion easier and more accessible than ever before,” he added.
Carousell said it lists fashion among its biggest categories for supply and demand in the majority of its markets.
Aloysius Sng, founder of Refash, added that he looked forward to leveraging Carousell’s capabilities and existing network to unlock more areas of growth. “Through our network of brick-and-mortar thrift stores, we offer a much sought-after service for consumers to declutter their closets quickly and hassle-free, and with Carousell we can enable more people on both ends of the spectrum to participate. , i.e. buying and selling second-hand fashion. I’ve never been more excited about Refash and its recommerce potential as we continue to make second-hand shopping enjoyable,” Sng said.
Separately, Carousell has also partnered with IKEA Singapore to launch a second-hand showroom at IKEA Tampines on Earth Day. The month-long physical showroom at IKEA Tampines showcases pre-loved IKEA items from influencers like singer-songwriter Nathan Hartono, Tiong Jia En, Munah Bagharib and even Carousell co-founder Marcus Tan from April 21 to June 30, 2022. The showroom will display these items and their stories, to show how second-hand items can be desirable, inspiring and aspirational, IKEA said in a statement.
Photo courtesy: 123RF
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