The move is part of Carousell’s efforts to increase its influence in the booming re-commerce market after acquiring Singapore-based secondhand sneakers and streetwear marketplace Ox Street last year.
Financial terms of the transaction were not disclosed. Carousell said the deal with Reflash will allow it to make selling secondhand fashion more seamless, “helping time-starved users declutter in an instant”.
Carousell Group, which includes C2C marketplace Carousell, Vietnam’s Chotot and Malaysia’s Mudah, is one of Southeast Asia’s fastest-growing managed marketplaces.
Since its inception in 2015, Reflash has grown to become Singapore’s largest omnichannel fashion re-commerce retailer with an online store and a network of ten physical thrift stores across the city. The brand has processed more than 5 million pieces of clothing and resold used clothing from about 305 international and local fashion labels.
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Singapore’s Carousell Raises $100 Million for Regional Expansion
Carousell Group secured $100 million in a funding round led by South Korean private equity firm STIC, bringing its valuation to $1.1 billion.
