It looks like “The Luxury Closet” is aiming for some serious expansion through the region after the Dubai-based startup bagged just under $9 million in a new round of growth funding. The latest round was led by Middle East Venture Partners (MEVP), with contributions from Precinct Partners, Wamda Capital, TechInvest, Equitrust, and Saned.
The origin of the company goes all the way back to 2012 when founder Kunal Kapoor launched it as a marketplace for new and pre-owned luxury items such as jewelry, clothes, handbags, and watches. With more than 20,000 products on its virtual store shelves, with the number always rising, The Luxury Closet is one of the most popular e-commerce platforms of its kind. The net value of all the products in its catalog currently stands at +$5 million. For the brand conscious shoppers out there, the online retailer offers products from most of the popular brands including Louis Vuitton, Rolex, and Chanel, to name a few.
To add more charm to its store, The Luxury Closet offers a 100% authenticity lifetime guarantee on all products. Additionally, shoppers are also safeguarded by a guaranteed 100% refund policy, which includes the cost of shipping. “We see a massive wave building up in how consumers perceive and purchase luxury, one that is going to change the luxury industry forever. The Luxury Closet is proud to be leading the change of adding sustainability, and accessibility to the world of luxury in the region,” said founder and chief executive, Kunal Kapoor.
The company now plans on utilizing the newly raised fund to further boost its presence in the Middle East and North Africa before spreading its wings over other parts of the world in the foreseeable future.