Streetwear in SEA: Carousell-owned Ox Street on why sneakers have become an investment asset
Ashleigh Durden 15 hours ago
Alternative investments are a polarising concept. Some look at them as a vehicle for financial control, while others pass them off as scams and get-rich-quick schemes.
Among Gen Z and millennials, these investments — from crypto to sneakers — are becoming commonplace. In a survey conducted by Fundrise this February, it was revealed that over 50 per cent of young investors were looking to increase their allocation to alternative investments.
Singapore-based sneaker marketplace Ox Street has been capitalising on this trend in Southeast Asia. Founded in 2019, the platform gives regional consumers convenient access to the latest drops.
Screenshot of Ox Street
“Traditionally there’s been a big supply gap when it comes to Southeast Asian and Australian sneakerheads having access to the most coveted kicks. Even when they are connected to the latest drops, they’re left empty-handed for several weeks due to shipping times,” says Ox Street founder Gijs Verheijke.
Ox Street has built up a vast community of local sellers and introduced instant shipping. In some cases, the platform is even able to fulfil next-day sneaker delivery.
This has allowed the platform to grow its sales by 400 per cent over the last 12 months. “The demand is credited to the rise of Gen Z investors, collectors, and fashion-conscious consumers,” adds Verheijke.
Sneakers, streetwear, Southeast Asia
Sneaker and streetwear culture is in its early days in Southeast Asia, and Ox Street hopes to pioneer its development.
We are building a regional brand that speaks to local buyers. We are looking for the rebels who are orchestrating the next revolution in street culture. Who are the next Kanyes, Virgils and Kylies, coming from Jakarta, Manila, and Ho Chi Minh?
– Gijs Verheijke, founder of Ox Street
Verheijke believes that sneakers are the glue between several subcultures in art, music and fashion, which have gone increasingly mainstream.
“We feel they can also serve as a glue between the different countries in SEA. Our dream is to be a driving force behind the evolution of street culture and the art scenes in the region, and to become the go-to cultural centre for Gen Z.”
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