The Luxury Closet successfully raised approximately $11 million in growth funding, led by Knuru Capital, facilitating its expansion into Hong Kong and strengthening its position in the pre-owned luxury goods market.

Target Information

The Luxury Closet is recognized as one of the leading e-commerce platforms globally for pre-owned luxury goods. Recently, the company successfully completed a growth funding round, raising approximately $11 million, thus enhancing its financial capacity to expand operations and offerings in the international luxury market.

This funding round's second closing was led by Knuru Capital, a newly established fund dedicated to investing in global digital disruptors. Knuru Capital joins two prominent venture capital firms focused on the Middle East and North Africa, namely Middle East Venture Partners (MEVP) and Wamda Capital, as significant shareholders in The Luxury Closet.

Industry Overview in the Region

The luxury goods market in the Middle East, particularly in the Gulf Cooperation Council (GCC) region, is estimated to be worth around $10 billion. The growing affluence and changing consumer preferences in this re