Denis Opudo
The luxury closet is the leading online platform for buying and selling boutique items. The company was launched in 2011 and it based outside Dubai. The luxury items under transaction comprise of both new and used clothes, handbags, jewelry, and watches. Luxury Closet is currently focusing on business expansion in Bahrain and Kuwait. The startup operates in Saudi Arabia and UAE simply by connecting luxury buyers and sellers. The company plans to operate in Africa countries especially Egypt in the near future. However, frequent pound devaluation in Egypt may influence the startup’s operation in the country.
According to Kunal Kapoor, the Closet’s founder and CEO, Arab countries operation had never been in the company plan. The Egyptian current focus is triggered by collaboration with market leading influencers in the country. Besides Kuwait and Saudi Arabia, the company anticipates launching globally operation in order to tap new markets. He added that the company stocks re-sellable luxury items worth $500 billion. However, the market current demand for new luxury items is projected to worth $ 300. He further noted that the company is continuously growing in sales and worldwide market operations. The company’s recent international markets are not limited to Asia, Africa, and North America but also Arabs Emirate and South America. The company product model is very simple falling under brand new or pre-owned luxury items.
The company website report shows that the startup is a commission-based platform. The commissions are derived from the sellers’ side but not buyers. The report added that the simple company idea constitutes building a platform that allows customers to redeem their assets into liquid cash. The company slogan is ‘win-win proportion’. Mohamed Emeira emphasized that the platform authenticators ensure the products received are always 100% original. He added that the company regulates price system by operating at a set price range.
