The Luxury Closet, the leading luxury resale marketplace in the Middle East, and HB Investments (HBI), the private investment office of the founders of Huda Beauty, have announced a strategic partnership, seeking to harness the combined understanding of consumer behavior in fashion and beauty and to drive brand awareness and increase the adoption of resale.
HB Investments 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 (MEVP), Wamda Capital, Knuru Capital and Precinct Partners.
“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.” said CEO and Founder of The Luxury Closet, Kunal Kapoor.
"I have always been an advocate of circular fashion, and I am very excited about our endeavours with The Luxury Closet. At the beginning of our entrepreneurial journey, we did not have the means to purchase Fashion Luxury items and thus opted for vintage and second-hand shops. I'm very pleased to be part of the board alongside likeminded individuals, and a business that offers a unique service that fills a major gap in the market." said Mona Kattan
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.”
Walid Mansour, Partner & Chief Investment Officer, MEVP added “The resolve and resilience shown by Kunal and the TLC team is the driving force behind MEVP’s continued commitment to making TLC the most trusted and loved online fashion marketplace in MENA. We are growing faster than ever and have established footprints from Hong Kong to California. With this fundraiser, we will achieve significant supply goals such as garnering over 100k SKUs which will make The Luxury Closet MENA’s largest luxury mall.”
Awad Capital Ltd., a DIFC-based and DFSA-regulated firm, is advising The Luxury Closet on its on-going capital raising.
About The Luxury Closet (TLC)
Based in Dubai, TheLuxuryCloset.com was founded in 2012 to become a leader in luxury resale. Since its inception, TheLuxuryCloset.com has grown into one of the top global luxury resale platforms. The website is updated daily with new products and content and offers access to the latest trends and fashion news. TLC values and celebrates luxury design and stands for all that embodies beauty, craftsmanship, and attention to detail. They see the line between shopper and art collector as a blur. There was a time when luxury brands were an aspirational dream. Today, a smart, value-oriented shopper does not need to compromise on quality. They can choose to invest in luxury, a reflection of living a life filled with authentic pride and sophistication. Together with their customers, The Luxury Closet creates the ultimate bridge between brands they believe in and a place where they can be shared, enjoyed and loved.
About HB Investments (HBI)
Based out of Dubai, HB Investments (HBI) is the private investment office of the founders of Huda Beauty: Huda, Alya & Mona Kattan & Christopher Goncalo and led by CEO, Karan Wats. HBI incubates and invests in early-stage businesses, applying their unique marketing and distribution platforms to support founders in building their brands and expanding their reach.
16 April, 2020