UAE-based startup The Luxury Closet is looking to expand its operations in Egypt.
The Luxury Closet’s founder and CEO Kunal Kapoor stated that “after collaborating with some high-profile Egyptian Influencers, we realised the potential Egypt holds for our market, and it became a larger focus for us.”
Commenting on his company’s operations Kapoor said that “The Luxury Closet is a market leader in the UAE with a close focus on the whole GCC, and especially Saudi Arabia and Kuwait. However, since The Luxury Closet ships worldwide, that allows us to operate everywhere around the world.”
As for The Luxury Closet’s short-term plan, Kapoor revealed that his company was looking to become “the market-leader and innovator in the whole GCC region.”
“Our current focus is to expand more into Saudi Arabia, Kuwait, and Bahrain and increase our market share in these markets,” he stated in an interview with Mubasher.
Bain & Co, a leading consulting firm, estimates that there are around $500 billion worth of re-sellable luxury items in consumers’ closets. Despite, that consumers purchase around $300 billion in new items each year.
Based out of Dubai and founded in 2011, The Luxury Closet is a leading online boutique for buying and selling new and used luxury items like handbags, clothes, watches and jewelry.
Currently operating in the UAE and Saudi Arabia, The Luxury Closet, as its name suggests, connects luxury brand sellers with buyers. Their model is simple, the luxury and fashion items are either new or “pre-owned”, with the latter coming out in four conditions: like new, gently used, or well used.
The Luxury Closet’s online store has over 16,000 unique items as part of its selection, featuring top luxury brands such as Louis Vuitton, Chanel, Van Cleef and Arpels, Cartier, Rolex, and more.