The Luxury Closet has 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.
“Re-sale is the future of shopping. We expect one in six transactions to be pre-owned by the end of the decade. This marks a paradigm shift in consumer choice and the value chain of the fashion and retail industry. What we are excited about most is leading the industry to a more sustainable and environmentally friendly future.” said CEO and Founder of The Luxury Closet, Kunal Kapoor.
Middle East Venture Partners (MEVP) one of the leading venture capital firms in the MENA region has seeded and backed The Luxury Closet in each successive funding round.