Dubai’s The Luxury Closet secures $11m as it expands to Hong Kong
Monday, May 20, 2019
(The National by Sarah Townsend) – The Luxury Closet, an e-commerce venture that sells used fashion items, closed an $11 million funding round as it expands its operations outside the Arabian Gulf.
The Dubai business, founded in 2011 by entrepreneur Kunal Kapoor, intends to use the capital to expand into Hong Kong following its prior acquisition in the city of an e-commerce website, Guiltless.com, it said.
The company did not specify when the acquisition of Guiltless took place or the value of the deal, or whether the purchase was made using the funds raised in this latest round. The Luxury Closet was not immediately available to provide clarifications.
“2019 is proving to be a very exciting year for us – the Luxury Closet has built one of the best catalogues in the world and we are now taking it international,” said Mr Kapoor, who is also chief executive of The Luxury Closet.
“With the acquisition of the operations of Guiltless.com, it will provide us with a strong foothold in the rapidly growing Asian market and enable us to offer delivery and concierge services to our customers in Hong Kong.”
