Dubai-based The Luxury Closet, a leading luxury resale marketplace in the Middle East, has announced that it has successfully closed an $8.7 million growth round of funding.

The financing was led by Middle East Venture Partners (MEVP), a tech focused venture capital firm, along with participation from Wamda Capital, Precinct Partners, Tech Invest Com, Saned and Equitrust.

The Luxury Closet has expanded its SKU base to 20K and is adding products worth over $5 million every month. With the capital it plans to expand its supply from exclusive sellers in the Middle East multiple folds and to build out its network of buyers across the globe. In addition to individual sellers, several companies have started joining the marketplace adding to the catalogue, and building the definitive luxury shopping destination, a statement said.

“We see a massive wave building up in how consumers perceive and purchase luxury, one that is going to change the luxury industry forever. The Luxury Closet is proud to be leading the change of adding sustainability, and accessibility to the world of luxury in the region,” said CEO and founder of The Luxury Closet, Kunal Kapoor.

The Luxury Closet focuses on the pre-owned segment, where over 60 per cent of its sales come from top end luxury brands like Louis Vuitton, Chanel and Rolex that don’t discount their merchandise. The company gives consumers a choice to buy their dream items pre-owned at a discount averaging 60 per cent from retail. – TradeArabia News Service