Following its launch in 2012, The Luxury Closet has gone on to become one of the world’s leading luxury resale platforms. A celebration of circular-fashion, the brand’s business model is centered around an aspirational dream in which value-oriented shoppers can make purchases rooted in both, quality and sustainability. Now, in a strategic partnership founded on harnessing the combined knowledge of consumer behavior in fashion and beauty, The Luxury Closet has welcomed Huda Beauty Investments (HBI) onto their board of shareholders.
As a principal shareholder in the business, HBI will apply their expertise to areas such as brand development and social media. In a bid to expedite growth across markets, the partnership will also drive awareness towards the concept of resale. Alongside the brand’s existing board of shareholders; including Middle East Venture Partners (MEVP), Wamda Capital, Knuru Capital, and Precinct Partners, HBI will be represented by Mona Kattan, Co-Founder and Global President of Huda Beauty.
In a statement released today, CEO and Founder of The Luxury Closet, Kunal Kapoor said, “Given the economic situation, people are increasingly valuing circular businesses as they are an affordable and sustainable way to refresh their wardrobes.” Going on to address the partnership he continued, “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.” Also commenting on their new investment, Chairperson of HBI Mona Kattan said, “I have always been an advocate of circular fashion, and I am very excited about our endeavors 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,” said Kattan. “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.”
As the private investment office of the founders of Huda Beauty, HBI intends to incubate and invest in early-stage businesses. Through the application of their unique marketing and distribution platforms, the office helps brands such as The Luxury Closet grow and expand. Led by HudaBeauty founders, Huda, Alya, and Mona Kattan, and Christopher Goncalo, the office is based in Dubai and headed by CEO Karan Wats.