The Luxury Closet is one of the world’s most well-known and revered luxury resale marketplaces and was established by Kunal Kapoor in 2012. Since then, the platform has amassed a following over 137 thousand on Instagram alone, and a clientele who look to The Luxury Closet for their attention to detail, quality, sustainability, and authenticity. Sustainability within the fashion world has been a conversation that has taken the spotlight and shoppers want to be more mindful in their approach to consuming fashion, whether that is investing in a “forever piece” or simply obtaining a rare pre-loved luxury item at a competitive price.
In a bid to grow the business further and analyzing consumer behavior when it comes to beauty and fashion, The Luxury Closet has just partnered up with Huda Beauty Investments (HBI), who are now shareholders at the pre-loved fashion platform.
HBI have been welcomed as a principal shareholder at the Luxury Closet and have been tasked with applying their extensive knowledge and expertise to aid the platform’s social media presence and business development. Moreover, with its roots in the Middle East, the company hopes to build its presence all over the world, whilst raising awareness about the mindful concept of buying pre-loved luxury items.
CEO and Founder of The Luxury Closet, Kapoor, said in a statement about the onboarding of Huda Beauty Investments, “Given the economic situation, people are increasingly valuing circular businesses as they are an affordable and sustainable way to refresh their wardrobes. 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.”
Mona Kattan, who is the chairperson at HBI also stated, “I have always been an advocate of circular fashion, and I am very excited about our endeavors with The Luxury Closet. At the beginning of our entrepreneurial journey, we did not have the means to purchase fashion Luxury items and thus opted for vintage and second-hand shops. I’m very pleased to be part of the board alongside likeminded individuals and a business that offers a unique service that fills a major gap in the market.”
