ⓘ Featured image: A file-photo of Huda Kattan (L) and Mona Kattan (R) at Facebook Watch’s “Huda Boss” Season 2 at La Cantine Restaurant, Jumeirah Emirates Towers Hotel, Dubai
Dubai-based luxury resale marketplace The Luxury Closet (TLC) has yesterday announced that the company has raised an undisclosed sum from Huda Beauty Investments (HBI), the private investment office of the founders of Huda Beauty.
Founded by Kunal Kapoor in 2012, TLC has raised $18 million across various funding rounds led by Wamda, EQ2 Ventures, Saned Partners, Knuru Capital, MEVP, and more. The company offers an e-commerce platform theluxurycloset.com for users to buy, sell and consign pre-owned luxury items at discounted prices. The company claims to have over 80,000 items worth $120 million listed on its platform, sourced from around 5,000 sellers.
In accordance with a statement by TLC on Tuesday, with Huda Beauty the company is aiming to create a deeper and combined understanding of consumer behaviour in fashion, whilst driving brand awareness and increasing the adoption of resale of luxury items.
As a part of the latest funding round, HBI will join TLC as one of the pricipal shareholders with Mona Kattan, co-founder and global president of Huda Beauty joining the board alongside the existing shareholders Wamda, MEVP, Knuru Capital and Precinct Partners.
Speaking of TLC’s partnership with HBI, Kunal Kapoor, CEO & founder of TLC in a statement shared,
“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.”
Sisters Huda kattan and Mona Kattan, the founders of the global beauty behemoth, Huda Beauty launched Huda Beauty Investments in 2017 in a move to incubate and invest in early-stage businesses and startups. The investment arm of Huda Beauty has also invested in UAE’s cloud kitchen startup Kitopi. And this investment in TLC marks HBI’s second disclosed investment.
Sharing her thoughts on investing in TLC, Huda Kattan, founder of Huda Beauty and chairperson of HBI, in a press statement 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,”
Back in May, LAFFAZ Media had got a chance to closely work with Huda Beauty to publish an exclusive piece about Huda Kattan in its first digital magazine issue ‘MENA TOP 25 POWER BUSINESSWOMEN 2020‘