High-end fashion resale platform, The Luxury Closet, has raised US$14 million in its current investment round, led by regional investment firm GMP Capital, as well as foreign and local investors, including Huda Beauty Investment, the private office of the owners of a renowned Middle Eastern cosmetics company.
The Dubai-based company employs people in five countries and serves customers in more than 80 countries across the world, capitalizing on the rising demand for pre-owned clothing among consumers. After the Gulf, the United States is already the startup's second-largest market.
As the worldwide epidemic puts pressure on people's wallets and investors take a greater interest in sustainable design, the profits of the new US$14 million equity round will be utilized to fund the company's development outside of the United Arab Emirates.
The Luxury Closet's CEO and founder, Kunal Kapoor, said that resale is the future of buying. By the end of the decade, they estimate one out of every six purchases to be pre-owned. What excites them the most is the prospect of driving the industry toward a more sustainable and ecologically responsible future.
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