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The Luxury Closet (TLC) announced earlier this week that it has raised new investment from Huda Beauty Investments, the private investment office of the founders of the leading global cosmetic brand Huda Beauty (HB).

The size of the investment was not disclosed. However, the company confirmed that the newly forged partnership will aim to develop The Luxury Closet’s equity while simultaneously helping the company to expedite its growth across markets.

Launched in 2017, HB Investments primarily focuses on early-stage businesses by empowering them to expand market reach. Notably, information about the investment firm’s previous partnerships are very scarce, although it is confirmed that it has made investments prior to TLC.

The investment in TLC, one of the fastest growing luxury resale marketplaces, is a part of an ongoing $11 million round which has also seen participation by MEVP. Worth noting here is that MEVP has been one of the early backers of TLC.

The company has raised $18 million in total funding till date, which includes an $11 million growth round last May and a $2.2 million Series A round in 2015. 

As of today, nearly 60% of TLC’s revenue comes from MENA while the remaining 40% comes from Asian markets and the US.

Reacting to the new investment from HB, Kunal Kapoor, the co-founder and CEO of The Luxury Closet, stated, “Given the economic situation, people are increasingly valuing circular businesses as they are an affordable and sustainable way to refresh their wardrobes. This has expedited The Luxury Closet’s growth across market cycles. HBI’s investment in The Luxury Closet is excellent news for our company. The partnership will help us bring the concept to a whole new audience.”

Sarah Faisal

Sarah Faisal

An enthusiastic content manager at Matter in Hand with an affinity for uncovering the magical bits of everything. I also love movies, poetry, and smoothie bowls.