The Luxury Closet gets $11m investment from Huda Beauty
The Luxury Closet and HB Investments, the private investment office of the founders of Huda Beauty, have signed a strategic partnership to drive brand awareness and increase the adoption of resale. HB Investments participated in the ongoing capital raising of $11M and will become one of the principal shareholders of The Luxury Closet with Mona Kattan, Co-Founder and Global President of Huda Beauty, joining the board alongside existing shareholders Middle East Venture Partners, Wamda Capital, Knuru Capital and Precinct Partners.
TLC focuses on the resale of perfect condition items from high-end brands such as LV, Hermes, and Rolex from sellers across the Middle East, which globally has the highest per capita spend on luxury. In the last 12 months, TLC has expanded rapidly and delivered robust growth. TLC direct-to-consumer sales in MENA represents 60 percent of revenues and overwhelmingly extends to 40 percent from Asia to USA. They have raised $18M till date across 3 funding rounds
CEO and Founder of The Luxury Closet, Kunal Kapoor, said, “Given the economic situation, people are increasingly valuing circular businesses as they are an affordable and sustainable way to refresh their wardrobes. This has expedited The Luxury Closet’s growth across market cycles. HBI’s investment in The Luxury Closet is excellent news for our company. The partnership will help us bring the concept to a whole new audience.”
Huda Kattan, Chairperson of HB Investments and Founder of Huda Beauty, said, “We are excited to partner with The Luxury Closet. Sustainability is one of our primary focuses and a core tenant for the HBI portfolio. In our continued effort to champion responsible and eco-friendly businesses, we couldn’t be more enthusiastic about our partnership with The Luxury Closet.”
Awad Capital, a DIFC-based and DFSA-regulated firm, is advising The Luxury Closet on its on-going capital raising.
