Investment in luxury resale platform, The Luxury Closet, secured from Huda Beauty Investments in Dubai.

In a strategic move to boost the growth of the pre-owned luxury goods market, HB Investments, the private investment office of Huda, Alya & Mona Kattan and Christopher Goncalo, has announced its investment in The Luxury Closet. This partnership, which was first announced in 2017, marks one of the first announcements by HB Investments.

The Luxury Closet, an ecommerce marketplace for pre-owned luxury goods, has already made a significant impact, listing 80,000 items worth $120 million from 5,000 sellers. With this investment, the platform aims to garner over 100k SKUs, making it MENA's largest luxury mall.

Walid Mansour, Partner & Chief Investment Officer at MEVP, has expressed enthusiasm about The Luxury Closet's growth and supply goals. Sustainability is a primary focus for HB Investments, making this partnership a perfect fit. Mona Kattan, co-founder and Global President of Huda Beauty, is also an advocate of circular fashion and is excited about the partnership.

HB Investments specialises in investing in early-stage businesses and helping founders build their brands and expand their reach. The strategic partnership with HB Investments will help The Luxury Closet bring the concept to a whole new audience.

The co-investors in HB Investments include prominent entrepreneurs such as Ronnie Screwvala and Vani Kola. Last year, The Luxury Closet closed an $11 million growth round, bringing its total financing to $18 million. The company also made headlines by acquiring Guiltless, a Hong Kong-based ecommerce platform for resale of luxury products.

Zubair Naeem Paracha, founder at our xA tech and startup enthusiast, has written about The Luxury Closet's recent fundraiser. The Luxury Closet's founder is not mentioned in the provided paragraph, but it is worth noting that 60 percent of The Luxury Closet's revenue comes from the Middle East & North Africa.

Huda Kattan, Chairperson of HB Investments and founder of Huda Beauty, is also excited about the partnership. She believes that The Luxury Closet's mission aligns perfectly with her own values of sustainability and circular fashion. With this investment, The Luxury Closet is poised to make a significant impact in the pre-owned luxury goods market.

Investment in luxury resale platform, The Luxury Closet, secured from Huda Beauty Investments in Dubai.