The e-retailer recently tapped $21m in funding for future expansion. The Luxury Closet, which are a Dubai-based online retailer selling pre-owned fashion, will use the $11 million raised to bolster its presence in southeast Asia.
The business has so far raised $21 million in funding from the likes of Wamda Capital and Middle East Venture Partners.
Kunal Kapoor, who started the business in 2012, said The Luxury Closet was closely eyeing a broader international expansion. “Resale marketplaces are growing around the world. We need to focus on being more global.”
“The next question is how fast we can expand in Hong Kong,” Kapoor said, adding that the company would not move its base from Dubai despite the intensity of its interest in Asia. “Our lion’s share of sales will still come from Middle East.” – Kunal Kapoor
