After raising USD $7.8 million in Series B in September 2016, online platform The Luxury Closet for buying and selling pre-owned luxury goods raised another round of $8.7 million from Middle East Venture Partners (MEVP), Wamda Capital, Precinct Partners, Tech Invest Com, Saned and Equitrust.
In its third investment, the platform has now raised more capital than ever before and is scaling rapidly.
With around 586,000 monthly unique visitors worldwide, the online platform aims to use the new funding to hire top management talent who can help the business scale even faster, according to Kunal Kapoor, CEO at The Luxury Closet. “The current mission for us is to target supply, by unlocking the fabulous closets this region has to offer. We plan to sign contracts with major retailers in the region, which will significantly facilitate access to supply,” he added.
With a team of over 80 members, the platform currently offers and accepts around 488 luxury brands and its average order ticket is approximately $600. At the moment, its main focus will be on hiring, growing the team, scaling operations and targeting supply. Acquiring new sellers and maintaining a good balance of scaling to suit supply and demand remain two challenges, but the journey looks promising.