Home-grown beauty brand, Huda Beauty invests in The Luxury Closet, a luxury resale marketplace in the Middle East. HB Investments (HBI), the private investment office of the founders of Huda Beauty, have announced a strategic partnership seeking to harness the combined understanding of consumer behaviour in fashion and beauty and to drive brand awareness and increase the adoption of resale.
HB Investments will become one of the principal shareholders of The Luxury Closet with, Mona Kattan, co-founder and global president of Huda Beauty, joining the board alongside existing shareholders Middle East Venture Partners (MEVP), Wamda Capital, Knuru Capital and Precinct Partners. Till date, The Luxury Closet has raised $18 million across three funding rounds.
As Huda Beauty invests in The Luxury Closet, Kunal Kapoor, CEO and founder, The Luxury Closet said, “Given the economic situation, people are increasingly valuing circular businesses as they are an affordable and sustainable way to refresh their wardrobes. This has expedited The Luxury Closet’s growth across market cycles. HBI’s investment in The Luxury Closet is excellent news for our company. The partnership will help us bring the concept to a whole new audience.”
“I have always been an advocate of circular fashion, and I am very excited about our endeavours with The Luxury Closet. At the beginning of our entrepreneurial journey, we did not have the means to purchase fashion luxury items and thus opted for vintage and second-hand shops. I’m very pleased to be part of the board alongside likeminded individuals, and a business that offers a unique service that fills a major gap in the market,” Kattan added.
“We are excited to partner with The Luxury Closet. Sustainability is one of our primary focuses and a core tenant for the HBI portfolio. In our continued effort to champion responsible and eco-friendly businesses, we couldn’t be more enthusiastic about our partnership with The Luxury Closet,” stated Huda Kattan, chairperson of HB Investments and founder of Huda Beauty.
“The resolve and resilience shown by Kunal and the team is the driving force behind MEVP’s continued commitment to making The Luxury Closet the most trusted and loved online fashion marketplace in MENA. We are growing faster than ever and have established footprints from Hong Kong to California. With this fundraiser, we will achieve significant supply goals such as garnering over 100k SKUs, which will make The Luxury Closet MENA’s largest luxury mall,” concluded Walid Mansour, partner & chief investment officer, MEVP.
Words by Farimah Moeini, Snapchat Head of Industry – Retail and Travel TheJuly 5, 2021 | By RetailME Bureau
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