The Luxury Closet for your unwanted Cartier and Hermès gets new funding

The Luxury Closet, a website for buying and selling second-hand luxury goods, has received fresh backing from a group of Middle Eastern venture capital investors as it seeks to expand beyond the region The company aims to use the funding to increase buyers and sellers on its platform Middle East Venture Partners, based in Beirut, led the US$87 million funding round, according to a statement from the Luxury Closet.

Sellers using the Luxury Closet send their products to the company to keep in a temperature-controlled warehouse until they are bought, while the company's "Authenticity experts" certify quality CEO Kunal Kapoor founded the website, labelled as an online boutique for "Pre-loved luxury items", and has a workforce of 80 people More established luxury companies are also expanding in the sector.

In June, Richemont, the owner of Cartier and IWC luxury timepieces, bought Watchfinder, an internet-based retailer that specialises in used watches. . Source