Multi-vertical classified business Carousell will acquire Singaporean thrift fashion marketplace Refash for an undisclosed sum.

Refash, founded in 2015 by Aloysius Sng, is now in 10 retail stores across Singapore and aims to transform the meaning of buying and selling secondhand fashion with a vision to inspire a new generation of consumers to think secondhand first.

“We are fortunate to have a like-minded partner in Carousell. I am grateful to Siu Rui and the team for this opportunity and look forward to leveraging on their capabilities and existing network to unlock more areas of growth. Through our physical thrift store network, we are providing a much sought-after service for consumers to declutter their closets in a quick and fuss-free manner, and together with Carousell, we can meaningfully enable more to participate in both ends of the spectrum, that is, to buy and sell secondhand fashion” commented Aloysius Sng, Founder of Refash.

Carousell, the multi-vertical classified business focused on Southeast Asia is recently spiking up as it has reported a three-fold year-on-year rise in revenue for the financial year ended December 31, 2020, at $40.6 million. Carousell has recently ramped up efforts in transactions, as it looks to drive revenue. The company has been especially active in general goods and autos, but real estate remains a challenging segment for the horizontal.

The Singapore-based classified company is also in talks to acquire 99 Group, a regional real estate marketplace business, according to local publication Business Times.

“We are privileged to partner with Aloysius and the Refash team, who share our passion of making secondhand the first choice, and bring over 7 years of experience in the fashion recommerce space. We see immense opportunity in teaming up to make selling even simpler for anyone time-starved who has underused clothes in their wardrobes” commented on the latest acquisition Quek Siu Rui, Carousell’s co-founder and chief executive.

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