The Luxury Closet for your unwanted Cartier and Hermès gets new funding
Dubai-based website has received a new injection of funds for expansion
The Luxury Closet, a website for buying and selling second-hand luxury goods, has received fresh backing from a group of Middle Eastern venture capital investors as it seeks to expand beyond the region.
The Dubai-based site has a 20,000-product catalogue ranging from €45,130 (US$52,660) ostrich leather Hermès handbags and Cartier wristwatches priced at €14,726 to pink Gucci blouses for €465. The company aims to use the funding to increase buyers and sellers on its platform.
Middle East Venture Partners, based in Beirut, led the US$8.7 million funding round, according to a statement from the Luxury Closet. Precinct Partners, Wamda Capital and Equitrust, among others, also invested.
Sellers using the Luxury Closet send their products to the company to keep in a temperature-controlled warehouse until they are bought, while the company’s “authenticity experts” certify quality. CEO Kunal Kapoor founded the website, labelled as an online boutique for “pre-loved luxury items”, and has a workforce of 80 people.
More established luxury companies are also expanding in the sector. In June, Richemont, the owner of Cartier and IWC luxury timepieces, bought Watchfinder, an internet-based retailer that specialises in used watches.
Delta Partners Group acted as adviser on the funding round.
Want more stories like this? Sign up here. Follow STYLE on Facebook, Instagram and Twitter