Kattan Sisters Look Fashion with Latest Investment
In the Middle East, online platforms specializing in selling pre-loved luxury items are popping up fast, facilitating the sale of second-hand items. One notable example is The Luxury Closet (TLC), an e-portal for authenticated, pre-owned high fashion items.
Boasting an inventory of more than 80,000 luxury items that range from Hermes Birkins to Rolexes, the online marketplace has grown since its launch in 2012 – TLC posted steady 80% growth year-on-year – and it is showing no signs of slowing down.
This week, the platform partnered up with US-Iraqi entrepreneur Huda Kattan, who has become a principal shareholder in the company. The pre-loved luxury fashion marketplace received investment from HB Investments (HBI), the private investment company owned by the Dubai-based beauty mogul.
The 36-year-old, who launched her beauty empire in 2013, will join the board of TLC, alongside her younger sister and co-founder of Huda Beauty, Mona Kattan, and existing TLC shareholders. “Sustainability is one of our primary focuses and a core tenant for the HBI portfolio,” said Huda in a released statement. “In our continued effort to champion responsible and eco-friendly businesses, we couldn’t be more enthusiastic about our partnership with The Luxury Closet.”
Echoing her statement, Mona added: “I have always been an advocate of circular fashion and I am very excited about our endeavors with The Luxury Closet.” The decision to invest in the Dubai-based resale marketplace is personal to the Iraqi sisters, who used to purchase luxury items from vintage and second-hand shops.
“At the beginning of our entrepreneurial journey, we did not have the means to purchase (luxury) items and thus opted for vintage and second-hand shops,” they said in the statement. “I’m very pleased to be part of the board alongside like minded individuals and a business that offers a unique service that fills a major gap in the market,” Mona added.
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