The GCC-based online luxury resale marketplace has secured a $14M equity capital raise in a round led by GMP Investments.
A number of other regional and international investors including HB Investments, Nazer Group, MEVP, and MLM Investment Company have also all participated in the funding.
The raised capital will be used to accelerate the brand’s forth with the company set to expand its presence in key markets outside of the UAE, particularly given the resale sector’s significant growth in the past few years. Companies such as The Real Real, Poshmark and Thredup have all debuted on the public stock market and fashion houses such as Kering Group have also become interested in the resale industry.
“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.
