Tag: Ox Street

Manila, Philippines – Ox Street, the online integrated sneaker-focused marketplace, has launched a new offering called ‘Used’, which allows authenticated buying and selling of used and b-grade sneakers across APAC. 

For some, it may seem strange to buy used sneakers, but Ox Street data suggests that affinity for secondhand already exists in today’s market. Buyers are keen to acquire limited editions at a friendlier price point, which on average is 30% lower than ‘Brand New, Dead Stock’ (BNDS). 

Based on Ox Street’s research amongst its existing customer base, 45% of buyers of BNDS sneakers have already purchased used sneakers in the past but struggle with the fear of buying fakes. To tackle these challenges, Ox Street manages the end-to-end process for Used – from handling payment and shipping to authenticating all products sold through the platform.

Ox Street has soft-launched Used for sellers two weeks ago, enabling them to start listing their used sneakers. Today marks the launch for buyers, with over 1,000 used sneaker listings already available on the platform, eager for new homes.

To get started with buying and selling used and b-grade sneakers on Ox Street, the search results page on the app will show a small icon indicating if used products are available, and app users can browse all used listings for a particular product after selecting the size.

Gijs Verheijke, Ox Street’s CEO, shared that sneakers are meant to be worn, but sneakerheads tend to accumulate too many pairs to constantly wear all of them. 

“Through Used, we are saving millions of pairs of great sneakers from a slow death at the bottom shelf of someone’s closet. In doing so, we’re also really excited to see the range of limited edition and vintage sneakers making their way back onto the marketplace,” said Verheijke.

Meanwhile, Quek Siu Rui, co-founder and CEO at Carousell Group, said that during the past 10 years, Carousell has facilitated tens of millions of secondhand transactions and inspired people all over the world to start selling and buying secondhand items. 

“Looming environmental changes and over-consumption have made our mission more relevant than ever. The latest Used feature on Ox Street will definitely supercharge the recommerce trend in the region as a market leader in sneakers, and encourage more people to consider secondhand as their first choice,” added Rui.

Singapore – Carousell Group, the classifieds group in Greater Southeast Asia, has announced its acquisition of Ox Street, the end-to-end marketplace for authenticated sneakers and streetwear, in the aim to deepen its reach and scale to become a market leader for fashion and luxury goods in the region.

Ox Street will continue to operate as its own brand, retaining its name, platform, and team. The acquisition will be driving a synergistic partnership between the marketplaces.

The group said the acquisition reflects Carousell’s deep commitment to reimagining the classifieds experience, with a focus on trust and convenience, to make secondhand the first choice. The Ox Street team inspects and authenticates every pair of sneakers before it reaches its buyers. Carousell’s advanced and intuitive technology, extensive reach, and marketplace liquidity across a wide range of categories, combined with Ox Street’s authentication capabilities will further propel the mutual goal of creating an experience where transacting secondhand is as convenient and trusted as buying first hand.

Quek Siu Rui, the co-founder and CEO of Carousell, commented they are excited to acquire Ox Street in their mission to inspire the world to start selling, and they share common values in being user-first and in building communities, as evidenced by the brand love they have created among their dedicated community of sneakerheads and fashion enthusiasts, especially among the Gen Z.

“They have also built trust by authenticating every pair of sneakers that gets transacted on the Ox Street marketplace. We see immense opportunity in bringing that capability and their learnings to double down on our recommerce efforts. Most of all, we see this acquisition as joining forces to accelerate our shared vision of making second hand the first choice,” said Rui.

Meanwhile, Gijs Verheijke, Ox Street’s founder and CEO, shared that they initially started a conversation with Carousell on partnering up to provide authentication as a service for sneakers, but as discussions progressed they found so much common ground in how they see the future, that they decided it would be much more powerful for Ox Street to fully join the Carousell group.

“With Carousell’s reach and technological capabilities, we can supercharge Ox Street’s ability to innovate and reach more buyers and sellers. Last but not least, we have a lot of shared values and found a very strong cultural fit, and I cannot be more excited to partner with Siu Rui, Marcus, Lucas, and the entire Carousell team,” said Verheijke.

Singapore – Sneakers and apparel marketplace Ox Street has announced the launch of its Asia-focused experimental creative studio ‘OX Street Labs’, which will act as an incubator for up and coming Asian artists to co-create limited edition designs that are inspired by the region’s culture. 

OX Street Labs will work with a selected group of SouthEast Asian designers who are radically changing the narrative for fashion-forward Asian consumers, and will give Asian artists a voice and platform to share their designs. The studio will spearhead regional Asian collaborations, made by local designers from Bangkok to Manila. 

“From the very beginning, our intention with Ox Street was to champion Southeast Asia as the future centerpoint of culture, and disrupt the global fashion marketplace. Southeast Asia is underrepresented in the global creative sphere, and with Ox Street Labs we continue to forge a path to more global recognition of local street cultures,” said Gijs Verheijke, founder and CEO of Ox Street.

The creative studio’s launch comes in response to the opportunity of showcasing unique brand collaborations against well-known Western apparel collections such as The Ben & Jerry Dunks Nike and Off White as well as recently the MSCHF x Satan Nike Air Max.

“Local artists and creative concepts from this region don’t always get the recognition they deserve. Ox Street Labs means we can help Asian designers build their artistic platform faster,” Verheijke added.

First edition Ox Street Labs 2021 releases include the Sheng Shiong x Nike Dunk SB, the NDP x Air Jordan 1 ‘No. 4 Camo’, and the Songkran x Nike Dunk High. These limited editions are one of ones, and can be commissioned with Ox Street Labs.

Ox Street has recently expanded its Southeast Asia presence, notably in the Philippines and Malaysia last February this year.

Singapore – Ox Street, a Singapore-born sneaker-focused marketplace, has expanded its presence to Malaysia and the Philippines to connect with its rapidly growing base of buyers across the region. This comes as the e-commerce secures successful funding from a bridge round bringing its total funding to above US$1M. 

Ox Street is as niche as it gets, choosing sneakers as its main product, and going in the direction of resale for its sellers, while a bidding process for its buyers. 

Commenting on the expansion, its CEO and Founder Gijs Verheijke (pictured) said, “Our journey in the last 18 months has been extraordinary, and our launch in Malaysia and the Philippines marks the start of our further expansion in the region. The priority is to continue to keep Ox Street’s Asian credentials in order to help us grow our market share in the region. Our core focus is its product and service-driven approach which is apparent in our success to date.”

Following its recent expansion, consumers on Ox Street can buy and sell on the platform in more than eight markets across the region. Sneaker brands sold on Ox Street include Nike, Air Jordan, Yeezy, and Adidas.

The company believes the demand for its platform is credited to the rise of Gen Z Asian investors, collectors, and fashion-conscious consumers, who are reaching their peak in terms of spending power.

“They are breaking down all negative connotations often linked to re-sale, reinventing the fashion and luxury sectors,” said the company in a press release. 

“We are the only regional player in the space with a mobile app, and one that is design and UX driven in their product. All this is making a difference to create a modern and go-to brand for our Asian audience. We have built a trusted platform for buying and selling the best limited-edition sneakers and we look forward to a positive and successful 2021,” added Verheijke.