Dubai: HB Investments (HBI), the private investment office in which beauty blogger Huda Kattan is a shareholder, has picked up a stake in The Luxury Closet, the online resale portal. The former thus becomes one of the principal shareholders in the retailer, after participating in an ongoing capital raising round of $11 million along with Middle East Venture Partners (MEVP).
“The partnership will help us bring the concept to a whole new audience,” said Kunal Kapoor, CEO of The Luxury Closet in a statement.
Mona Kattan, co-founder and Global President of Huda Beauty, will join the board of TLC alongside existing shareholders MEVP, Wamda Capital, Knuru Capital and Precinct Partners. The Iraqi-American CEO and founder of make-up brand Huda Beauty has a huge fan base on social media, including on Instagram where she has more than 47 million followers.
“Founders of Huda Beauty add capabilities into brand development and their social media leverage,” said TLC in a statement.
The partnership will focus on developing The Luxury Closet’s equity and expediting growth across markets. The company, which was founded in 2012, has raised $18 million till date across three funding rounds.