Carousell acquires Singapore fashion resale brand Refash
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ONLINE marketplace Carousell has inked a deal to buy Refash, a Singapore e-commerce platform and store operator for second-hand clothes, the companies announced on Monday (May 9). The deal value is undisclosed.
Launched in 2015, Refash is focused on “thrifting”, or facilitating sales and purchases of second-hand clothes. The company said that it has processed over 5 million pieces of clothing and resold apparel from over 300 fashion labels. Besides its online platform, Refash also operates 10 physical thrift stores across Singapore.
According to data platform VentureCap Insights, Refash posted US$460,242 in revenue for FY2020 ended December, with a profit of close to US$36,300.
Post-acquisition, Refash will continue to operate as its own brand, retaining its name, platform, and team. The deal will beef up Carousell’s fashion vertical, which has been a major category for the company since its founding in 2012.
“With our reach and expertise in using technology and AI to create seamless buy-sell experiences for secondhand (products), we are excited to partner and accelerate the growth of Refash,” said Carousell co-founder and chief executive Quek Siu Rui.
The deal comes months after Carousell bought Ox Street, a Singapore-based marketplace for authenticated sneakers and street wear. In February, Carousell was in talks to acquire Singapore-based property marketplace operator 99 Group, ahead of a potential US listing this year.
Questions & Answers
Q.Will Refash continue to operate under its existing brand after the acquisition?
Will Refash continue to operate under its existing brand after the acquisition?
Yes, Refash will retain its own brand, name, platform, and team post-acquisition. It will continue its operations as before, integrating into Carousell's fashion vertical.
Q.What was Refash's financial performance like in its last reported fiscal year?
What was Refash's financial performance like in its last reported fiscal year?
For the fiscal year 2020, Refash reported revenues of US$460,242. The company also achieved a profit of nearly US$36,300 in the same period.
Q.How many physical stores does Refash currently operate in Singapore?
How many physical stores does Refash currently operate in Singapore?
Refash operates 10 physical thrift stores located across Singapore. These complement its online platform for second-hand clothes.
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