The Luxury Closet raises $11Mn
The popular online marketplace for pre-loved and new luxury goods, The Luxury Closet, has raised $11 million in late-stage growth funding round. The investment was led by Knuru Capital, which became a key stakeholder in the e-commerce startup, joining existing shareholders Middle East Venture Partners (MEVP) and Wamda Capital.
The latest investment will fund the company’s expansion plans, starting with the acquisition of Hong Kong-based Guiltless.com, a similar website.
“2019 is proving to be a very exciting year for us. The Luxury Closet has built one of the best catalogues in the world, and we are now taking it international,” said Kunal Kapoor, founder and CEO. “With the acquisition of the operations of Guiltless.com, it will provide us 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.”
Commenting on the transaction, Walid Mansour, partner at MEVP said “The Luxury Closet is disrupting not only the ~10bn USD personal luxury consumption in the GCC but also opening-up the ultra-valuable GCC closets to a fast-growing global demand for unique pre-loved luxury items. Knuru’s investment only serves to underscore our bullishness and confidence in the success of The Luxury Closet.”
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