The Luxury Closet raises $14 million

The Luxury Closet raises $14 million

UAE-based The Luxury Closet has raised $14 million in a round led by GMP Investments, with participation from regional and international investors including HB investments, Nazer Group, MEVP, and MLM Investment Company.

Founded in 2011 by Kunal Kapoor, The Luxury Closet is an e-commerce marketplace offering pre-owned fashion items with the goal of maintaining sustainability in the fashion industry.

The investment will help The Luxury Closet accelerate its global growth and increase its presence in markets outside the UAE.

Kapoor states that "re-sale e-commerce“ will be the future of shopping with one in six transactions to be pre-owned by the end of the decade.

Press release:

The Luxury Closet, the leading GCC online luxury resale marketplace, today announced it has secured a $14 million equity capital raise in a round led by GMP Investments, with participation from regional and international investors including HB Investments, Nazer Group, MEVP, and MLM Investment Company.

The capital raised will accelerate The Luxury Closet's already robust global growth with the company set to magnify its presence in markets outside the UAE and execute on a clear strategy to be a leader within the international high-end luxury resale market. 

The resale industry has witnessed remarkable