FINANCIAL NEWS

UAE’s The Luxury Closet obtains USD2.2m fund

01 Apr 2015

(MENAFN) Dubai-based The Luxury Closet, launched in 2011, reported the securing of USD2.2 million finances from its local venture capital investors, Arabian Business reported.

The online platform, buyer and seller of personal luxury goods, obtained the sum from Middle East Partners (MEVP), Dubai Silicon Oasis Authority (DSOA) and MENA Venture Investments (MVI).

“There’s a huge appetite for luxury in the Middle East. We found a gap in the market for a large-scale online luxury offering, centered on the most coveted and authentic luxury products,” the founder of The Luxury Closet said.

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