RIYADH: The Luxury Closet, an online platform for buying and selling used high-end goods, secured fresh financing worth $14 million to bankroll the company’s expansion outside the UAE, Bloomberg reported. The Dubai-based startup is raising funds for international expansion by marrying luxury with thrift. The financing is led by GMP Capital, alongside international and local investors including Huda Beauty Investment. “Re-sale is the future of shopping,” said Kunal Kapoor, chief executive and founder of The Luxury Closet. “We expect one in six transactions to be pre-owned by the end of the decade,” he added. Gulf spending on the resale market was among the highest before the pandemic,according to Bain & Co. But spending on the local luxury market fell by 17 percent afterward.