The Luxury Closet

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ABOUT THE LUXURY CLOSET:

The Luxury Closet, a Middle East luxury resale marketplace, has successfully raised US$8.7 million in growth funding in a round led by existing investors Middle East Venture Partners (MEVP) along with participation from Wamda Capital, Precinct Partners, Tech Invest Com, Saned, and Equitrust.

The Luxury ClosetKunal Kapoor, founder and CEO, The Luxury Closet

At a time when fundraising concerns dominate the minds of small businesses across the region, The Luxury Closet has managed to steadily raise finances in the market over the years- in April 2015, the e-commerce startup raised $2.2 million in a seed round, and closed a $7.8 million Series B round in October 2016, with its investors continuing to back the startup on its successive rounds. The current funding proceeds, however, are quite different in their utility for the startup's founder and CEO Kunal Kapoor. "In the earlier investments, the company helped create a solid foundation in terms of bringing the team and the required infrastructure in place, and getting the second-hand model right," notes Kapoor. "[But] we now have clear metrics and strategy of where the future growth needs to come from, and the funding will allow us to achieve these goals," he says.

The Luxury Closet is a Dubai-based luxury e-commerce portal that specially focuses on the pre-owned segment with over 60% of their sales reported to come from high-end luxury brands like Louis Vuitton, Chanel and Rolex- brands that rarely discount their merchandise. The startup, however, gives consumers a choice to buy their wish list of items pre-owned at "a discount averaging 60% from retail." According to a statement by the company, with studies estimating that there's likely $500 billion worth of luxury goods sitting in closets globally, The Luxury Closet is striving "to bring the untapped supply of luxury items online."

With respect to what the startup intends to do with the latest capital injection, Kapoor says their top priority would be to edge closer to their mission statement- to build "the largest community of sellers" from the region, and ensure a seamless experience for them. "The funding will also allow us to expand our warehousing facility, and build a client experience center. We also plan on growing our team and bringing in top talent to be a part of our road to success," adds the entrepreneur. Explaining the steps that constituted the fundraising process, Kapoor notes that the round was "overwhelmingly subscribed by existing investors."

The Luxury Closet. Image credit: The Luxury Closet.

As for the pitches made to other external investors, the startup started with analyzing how big the business can be, and then went on translating this into a financial business plan using historical metrics, plus assumptions on how the metrics needed to further evolve. "In addition to the financial plan we built an info memo that explained to investors the key highlights of the company, the model, plan, how we are going to get there. The process took about two months to complete," says Kapoor. "Next, we started our marketing phase, which was to reach out to regional and international prospective investors, and narrowed on the right partner through multiple rounds of meetings."

As for some of the key aspects that excites the company about aligning with such top tier investors, Kapoor says that the solid industry understanding and the wealth of advice that such investors bring in can come in very handy for them in scaling their business. "Investors also know what other investors look for and have a wide network; their assistance in fundraising is key. However, most importantly, they are our ambassadors who are constantly spreading the word about the company and connecting us with others who will help us build the company we dream of!"

The entrepreneur is also optimistic of the potential of the market they operate in. Kapoor cites analysts' predictions that the MENA luxury market could be worth over $12 billion by 2021, with the second-hand vertical by itself expected to be over $900 million. "In developed markets, one in ten luxury purchases are pre-owned, while if we look at watches alone, it's one in five purchases," Kapoor notes. "We are barely scratching the surface as in the Middle East, the segment is underserved and there is massive room for growth. We now have 22,000 unique items on the site, which makes the catalogue comparable to some of the biggest malls in the region. However, this number can be multiplied many times over."

This brings us to the startup's key business proposition, which did turn heads when it launched, but one can't ignore the substantial improvements in the luxury industry since then, with brands realizing the importance of getting online. However, Kapoor believes that perhaps the only way to buy high-end brands at a discounted price today in the region is to buy them pre-owned, and that's where The Luxury Closet stands out. "We see this as a competitive edge that will allow us to build unique business and a focal point for luxury buyers and sellers across the world. Dubai is an amazing city to start a luxury company, and we hope to expand further outside the region," he says.

Kunal Kapoor, founder and CEO, The Luxury Closet. Image credit: The Luxury Closet.

The mention of Dubai also brings to light Kapoor's own entrepreneurial journey- quitting his job as a Sales Manager at Louis Vuitton in 2010, with the aim of starting his own business, Kapoor came up with his statement of purpose as "to build a saleable company that sold a product that I loved, where I had some expertise." Talking about how he arrived at a model to make luxury goods more affordable for people, Kapoor says, "I researched the model, and found two variations- an offline-only model operating in countries like Japan and Hong Kong, and an online model prevalent in the US. We later adapted the two together, an online store with an option to pick up items."

As for the startup's plans to keep the momentum going, along with an eye on "unlocking the best closets in the region," Kapoor says they also plan to sign contracts with major retailers in the region, which will facilitate access to supply of new items. "On the demand side, we will grow our international buyer base; for example, the US is a fast growing market for us accounting for over 20% of our sales," says Kapoor. Seems that sky is the limit for this startup, and we wish them all the best!

OUR PRODUCTS

BAGS

• SHOULDER BAGS
• TOTES
• HOBOS
• SATCHELS
• WALLETS
• EXOTIC BAGS
• EVERYDAY BAGS
• EVENING BAGS
• BACKPACKS
• BRIEFCASES
• SUITCASES
• ALL BAGS

SHOES

• SANDALS
• SNEAKERS
• PUMPS
• FLATS
• BOOTS
• ALL SHOES >

ACCESSORIES

• SUNGLASSES
• FASHION & SILVER JEWELRY
• SCARVES
• BELTS

TECH ACCESSORIES

• TRAVEL ACCESSORIES
• HAIR ACCESSORIES
• ALL ACCESSORIES

WATCHES

• ROLEX
• CARTIER
• OMEGA
• BVLGARI
• VAN CLEEF & ARPELS
• CHOPARD
• MOVADO
• LONGINES
• HUBLOT
• CHANEL
• LOUIS VUITTON
• HERMES
• DIOR
• GUCCI
• BURBERRY
• MICHAEL KORS
• ROBERTO CAVALLI
• JUST CAVALLI
• VERSACE
• DISCOVER MORE BRANDS
• FINE JEWELRY
• BRACELETS
• EARRINGS
• NECKLACES
• RINGS
• ALL FINE JEWELRY
• CLOTHING
• DRESSES
• TOPS
• SKIRTS
• COATS
• JACKETS
• PANTS
• JEANS & DENIM
• SWEATERS & KNITWEAR
• SUITS
• SHORTS
• ALL CLOTHING

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• Apply the Discount Code in the Discount code box and avail of the extra Discount.
• Add the address details and contact details and go ahead with the payment options.
• Select the payment options and Book your tickets easily.

PAYMENT OPTIONS:

• The Luxury Closet provides all possible payment options for our customer’s convenience. Cash on Delivery (COD), Cash on Location (COL), Credit Card (CC) and PayPal being some of them. Please note some payment methods might be unavailable for specific destination countries, selective items, selective users.
• In certain cases, for payments made via Credit Card, we might get in touch with you to request for additional personal documents, such as a passport copy or ID card, in order to confirm your purchase. This is required to verify the identity of the buyer and protect the cardholder against any possibility of fraudulent payments..

ORDER STATUS:

• Login to your account - Login.
• Click on View Order History.
• Click on the tracking number against the specific order.
• Or Click Here to Check the Status.

RETURN, EXCHANGE & REFUND

Delivery Exceptions:

• The Luxury Closet works with sellers and collectors across the world to maintain accurate listings of their items online. In rare cases, we may be unable to successfully deliver items because of a mismatch in live inventory listings with our partners. In such cases, The Luxury Closet may cancel an order if an item is unavailable, and make a full refund if the order has been paid for. The placement of an order does not guarantee delivery of an item.
• The Luxury Closet is not liable for delay in orders because of Customs clearances at the destination.
• The Luxury Closet will NOT deal or provide any services or products to any of OFAC sanctions countries in accordance with the law of UAE. Regulations may prohibit importation of items made with exotic materials (e.g. crocodile skin) to certain countries. Please contact the Customer Service Department for more information.
• Customs Duties / Taxes:
• Our items are shipped from Dubai, UAE. Almost all countries apply customs duty on import of goods. The customer is liable to pay the Customs & Duties levied during the clearance process and also to provide any additional documents as & if requested by the Customs Officials. We suggest that you seek Internet Assistance to get an estimate of the applicable Customs Duties & Taxes in your country.
• GCC: Duties & Taxes are included in the item price and no additional customs fee will be applied in the GCC countries.
• Rest of the world: Customs and Duties are to be paid at the time of clearance once the item reaches the destination country. Buyer will be contacted by the courier company to make the payment.
• Cash on Delivery (COD):
• COD payment is applicable only on UAE orders. An additional fee of AED 30 (USD 8) is applied to all COD orders.
• Credit Card Payments:
• We accept payments through all major credit cards. All international transactions are converted to USD and at the time of making the purchase, by default you will be charged in USD
• The actual amount charged may differ as per your bank's rate of exchange.

Returns

• The Luxury Closet promises you 100% satisfaction on each purchase.
• We have a 3-Day Return Policy, which means all return requests must be raised within 3 days of receiving the delivery.
• The Luxury Closet shall be responsible for return collection and refund is processed within 7 days after the item is received and passes the quality check.

NOTE: Non-returnable items are selective items that do not qualify for returns and cancellations. Such items mention “No returns on this item” on the item page.

How does it work?

• Returns can be initiated from the Buyer's account under 'My Purchases tab>Ongoing/Completed tab>Select Order>Cancel/Return

Refunds

• Refunds are processed within 7 Business Days after the returned item has been received by The Luxury Closet and checked for Quality & Condition.
• All prepaid orders (Credit Card, PayPal, ApplePay) are refunded to the original method of payment and cannot be substituted/transferred to any other method.
• Cash payment orders are refunded only via an online transfer to a Bank Account. Buyer is liable to bear any costs/fees applied by the bank for the transaction and/or currency exchange.
• All international transactions are converted to USD and the received amount shall be refunded to the buyer's original method of payment for the exact value as received. Any difference in the refund amount due to currency exchange is the responsibility of the buyer.
• Credit card refunds, once initiated, may take 7-14 Business Days to complete the bank's processing and be credited to the buyer's account. Bank Transfers may take 3-5 Business Days for completion once processed.
• Refund shall be processed for 100% value of the item(s) and does not include any Shipping Costs, TLC Cash, Vouchers, Customs Duties & Taxes, and/or any other local taxes paid by the buyer.
• In case of an unsuccessful delivery, any Customs Duties & Taxes borne by The Luxury Closet shall be deducted from the buyer's refund.

CONTACT AND INFORMATION:

The Luxury Closet is located in Dubai, Dubai, United Arab Emirates.

+971 50 605 9509.