Dubai-based online marketplace for pre-owned luxury goods, The Luxury Closet announces multi-fold growth in the GCC and beyond.
The Luxury Closet recently completed its growth funding round, bringing the total round to $11 million. The new funding announcement is part of the growth round announced last year, which was led by Middle East Venture Partners (MEVP).
The second closing round was led in entirety by Knuru Capital, which now will become a key shareholder in The Luxury Closet, together with our two existing shareholders – MEVP and Wamda Capital, said founder and CEO, Kunal Kapoor, during an exclusive interview with RetailME.
The latest investment will be used by The Luxury Closet to fund growing the company’s seller base in the region and the company’s global expansion efforts, starting in Hong Kong after its latest acquisition of Guiltless.com.
When asked why The Luxury Closet chose to acquire Guiltless.com, Kapoor explained, “Hong Kong is the largest market is South East Asia that we wanted to enter along with a partner. And Guiltless was the pioneer online luxury marketplace in Hong Kong. This will provide The Luxury Closet with a strong foothold in the rapidly growing Asian market and enable us to offer delivery and concierge services to our customers in Hong Kong.”
According to him, this will enhance The Luxury Closet’s positioning and reach. “With this acquisition, The Luxury Closet will not only continues to disrupt the $10 billion personal luxury consumption in the GCC, but also open the ultra-valuable GCC closets to a fast growing global demand for unique pre-loved luxury items,” Kapoor added.
Going forward, in 2019, The Luxury Closet aims to nearly double the items available on its website. What’s more, The Luxury Closet has also created physical touchpoints to better interact with its clientele. “We recently opened a showroom that exhibits some our best items in Novotel, Al Barsha. In June, we will launch the second branch in Dubai Marina Mall,” Kapoor revealed.
Words by Katie Streten Experiential Strategy Director, VMLY&R COMMERCE Throughout the last year,June 13, 2021 | By Shruthi Nair
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