UAE-based leading online luxury resale marketplace, The Luxury Closet has raised $14 million in a funding round for supporting its operation expansion across the world.
The funding round was led by GMP Investments, with participation from regional and international investors including HB Investments, Nazer Group, MEVP, and MLM Investment Company.
As per the company statement, the capital raised will be used to expand its presence in markets outside the UAE and execute a clear strategy to be a leader within the international high-end luxury resale market.
Mr. Faisal Mikou, chairman of GMP Investments said, “We are delighted to lead this investment at a time when consumers everywhere are increasingly focused on sustainability. We are fortunate to be partnering with a visionary management team and leading investors from the region to make The Luxury Closet a key actor of the global resale economy.”
“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.”
“MEVP is happy to report a partial exit for its first Fund and remains bullish on its ownership in MEVFII and MEVFIII,” remarked Mr. Walid Hanna, Founder, and CEO at Middle East Venture Partners (MEVP), one of the leading venture capital firms in the MENA region, which has seeded and backed The Luxury Closet in each successive funding round.
DFSA regulated firm Awad Capital Ltd. acted as financial advisors to the company, in cooperation with Drake Star Partners, a global investment bank, in the process of securing the funds.