{"id":2783,"date":"2020-09-02T11:47:58","date_gmt":"2020-09-02T11:47:58","guid":{"rendered":"https:\/\/graziamagazine.com\/me\/?post_type=articles&p=2783"},"modified":"2021-04-11T11:54:03","modified_gmt":"2021-04-11T11:54:03","slug":"huda-beauty-invests-11-million-in-the-luxury-closet","status":"publish","type":"articles","link":"https:\/\/graziamagazine.com\/me\/articles\/huda-beauty-invests-11-million-in-the-luxury-closet\/","title":{"rendered":"Huda Beauty Invests $11 Million in the Luxury Closet"},"content":{"rendered":"
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HUDA AND MONA KATTAN<\/figcaption><\/figure>\n

We all know and love\u00a0The\u00a0Luxury Closet<\/a>. It’s super easy to sell designer pieces – and even easier to get our hands on them, whether it’s A-listers’ favourite Dior Book Tote in denim, or Gucci’s cult newcomer, the Dionysus shoulder bag.<\/p>\n

But what happens when the Middle East’s leading luxury resale platform merges with the Middle East’s beloved beauty tycoon? Well, we’re about to find out as Huda Beauty Investment (HBI) –\u00a0the private investment office of the Huda Beauty founders (namely Huda, Alya and Mona Kattan; Christopher Goncalo and CEO, Karan Wats) – has set foot in the\u00a0luxury reseale marketplace<\/a>.<\/p>\n

HBI will become one of the principal shareholders of\u00a0The Luxury Closet, with\u00a0the ongoing capital raising round of $11 million, along with MEVP as a co-investor. Mona Kattan, Co-Founder and Global President of Huda Beauty will join the board alongside existing shareholders Middle East Venture Partners (MEVP), Wamda Capital, Knuru Capital and Precinct Partners.<\/p>\n

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COURTESY OF THE LUXURY CLOSET<\/figcaption><\/figure>\n

“I have always been an advocate of circular fashion, and I am very excited about our endeavours 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,” said Mona Kattan of the venture.<\/p>\n

This\u00a0strategic partnership announced by\u00a0The Luxury Closet and HBI, seeks to tap the combined understanding of consumer behavior in fashion and beauty and to drive brand awareness and increase the adoption of resale.<\/p>\n

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“In our continued effort to champion responsible and eco-friendly businesses, we couldn\u2019t be more enthusiastic about our partnership with The Luxury Closet”<\/span><\/p>\n<\/blockquote>\n

Huda Kattan also added, \u201cWe are excited to partner with The Luxury Closet. Sustainability is one of our primary focuses and a core tenant for the HBI portfolio.\u00a0In our continued effort to champion responsible and eco-friendly businesses, we couldn\u2019t be more enthusiastic about our partnership with The Luxury Closet<\/span>.\u201d<\/p>\n

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A post shared by Huda Kattan (@huda)<\/a><\/p>\n<\/div>\n<\/blockquote>\n