Singapore’s online marketplace Carousell has signed a deal to acquire Refash, an omni-channel fashion recommerce retailer.
The partnership with Refash enables Carousell to take a significant next step for one of its core categories to make selling secondhand fashion even simpler, “and to power the future of sustainable and circular fashion,” said Carousell.
Quek Siu Rui, Co-founder and CEO of Carousell commented: “We see immense opportunity in teaming up to make selling even simpler for anyone time-starved who has underused clothes in their wardrobes. With our reach and expertise in using technology and AI to create seamless buy-sell experiences for secondhand, we are excited to partner and accelerate the growth of Refash.”
“The acquisition will drive a synergistic partnership between the marketplaces and accelerate the pace of recommerce in Singapore,” said Carousell.
Celebrating a decade of sustainability, Carousell said it has facilitated tens of millions of secondhand transactions across its markets.
Founded in August 2012 in Singapore, Carousell claims it has millions of monthly active users and a leading presence in eight markets under the brands Carousell, Mudah.my, Cho Tot, OneKyat, Ox Street and now Refash.
Carousell is backed by investors including Telenor Group, Rakuten Ventures, Naver, STIC Investments, and Sequoia Capital India.
The online classifieds marketplace raised US$100 million in a round of funding in September last year, taking its valuation to US$1.1 billion.
Featured Image Credit: Carousell