Delta Partners advises luxury e-commerce marketplace on $8.7 million fundraising
Delta Partners Corporate Finance Limited, which is part of Delta Partners Group, has acted as financial advisor on an $8.7 million funding round for The Luxury Closet, an online marketplace for pre-owned luxury goods in the Middle East.
The round was led by Middle East Venture Partners, one of the largest VC funds in the Middle East with more than $400 million in assets, followed by Precinct Partners, Wamda Capital, Saned, Equitrust and Saudi investor Tech Invest Com.
The new investment will be used to expand The Luxury Closet’s supply of exclusive sellers in the Middle East and to build out its network of buyers across the globe. The funds will also be used to improve the scale of the company’s authentication of goods and to add further expertise in e-commerce and luxury.
“The Middle East’s has one of the most exclusive closets in the world and online luxury spending is booming. The Luxury Closet is enabling the world to enjoy the pleasure of the most exclusive luxury goods at a fraction of their retail price,” said Victor Sunyer, Partner of Delta Partners’ Corporate Finance Business, who advised on the transaction.
To date, The Luxury Closet has raised more than $20 million since its launch in 2011. The Dubai-based company has grown from three members to more than 80 employees and revenues have grown strongly over the last few years on the back of more consumers going online to buy luxury goods.
“We see a massive wave building up in how consumers perceive and purchase luxury, one that is going to change the luxury industry forever. The Luxury Closet is proud to be leading the change of adding sustainability, and accessibility to the world of luxury in the region,” said CEO and Founder of The Luxury Closet, Kunal Kapoor. The company is leading pre-owned luxury goods retailer in the Middle East and has more than 20,000 items available on its platform.
About Delta Partners
Delta Partners is the leading Advisory and Investment firm specialized in Telecoms, Media and Technology with offices in the United States of America, Asia, the Middle East, Africa, Europe and Latin America. We partner with global and regional telecom providers, digital players, other TMT clients and our investors to help them address their most challenging strategic issues.
With more than 200 professionals, the group operates globally and covers the emerging and high-growth economies with a unique approach that combines strategic perspectives with a hands-on pragmatic approach. Delta Partners delivers tangible results to clients and investors through its exclusive sector focus on Telecoms, Media and Digital.
Our unique combination of Management Consulting, Corporate Finance1 and Investments2 creates unparalleled value for our clients, investors and business partners.
1,2 Delta Partners Corporate Finance Limited and Delta Partners Capital Limited are members of the Delta Partners Group of companies and are authorised and regulated by the DFSA.
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