The Dubai-based luxury resale marketplace, The Luxury Closet (TLC), announced raising an investment from Huda Beauty Investments (HBI), the private investment office of Huda, Mona, and Alya Kattan, welcoming them onto their board of principal shareholders.
The new partnership aims to promote the concept of resale, and improve brand development and social media. Founded in 2011, The Luxury Closet is an e-commerce platform for pre-owned luxury goods, such as shoes, accessories, clothing, bags, and watches.
“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 Kunal Kapoor, co-founder and CEO of The Luxury Closet, in a statement today.
Huda Beauty Investments is the private investment office of the founders of the globally esteemed Huda Beauty makeup and skincare brand.
“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,” said Huda Kattan, Chairperson of HB Investments and founder of Huda Beauty.