Luxury resale platform The Luxury Closet in Dubai secures $11 million in funding, acquisitions include Hong Kong-based Guiltless.

The Luxury Closet, a Dubai-based ecommerce platform for pre-owned luxury goods, has successfully closed a growth funding round of $11 million. This second closing, led by Knuru Capital, follows an initial tranche of $8.7 million raised in July 2019.

Knuru Capital, a venture capital firm known for funding global digital disruptors, expressed delight at their investment in The Luxury Closet. Alain Dib, CEO of Knuru Capital, stated, "Investing in The Luxury Closet aligns with our goal of funding companies that are changing the way we shop and interact with luxury goods."

Bassim Haidar, Chairman of Knuru Capital, added, "The Luxury Closet's strategy of sourcing regionally and selling globally perfectly matches our ambition."

With this funding, The Luxury Closet has expanded its operations to Hong Kong. The acquisition of Guiltless, a Hong Kong-based ecommerce website that also sells pre-owned luxury products, marks The Luxury Closet's entry into the Asian market.

Kunal Kapoor, founder & CEO of The Luxury Closet, commented on the acquisition, stating, "This will provide a strong foothold in the Asian market and enable delivery and concierge services to customers in Hong Kong."

The additional funds will be used to strengthen The Luxury Closet's technology, expand its product offerings, and enhance its customer experience. The company aims to become the go-to destination for pre-owned luxury goods worldwide.

Middle East Venture Partners, Wamda Capital, Precinct Partners, TechInvest, Saned, and Equitrust were investors in the first closing of the round. Knuru Capital led the second closing, further strengthening their commitment to The Luxury Closet's growth and success.

As The Luxury Closet continues to expand, it is poised to disrupt the luxury resale market and provide a sustainable, affordable, and accessible alternative to traditional luxury shopping.

Luxury resale platform The Luxury Closet in Dubai secures $11 million in funding, acquisitions include Hong Kong-based Guiltless.