News

OSKELLY Aims To Shake Up The MENA Luxury Fashion Market

The Eastern European platform will use investments of over $1 million to revolutionize the Middle East’s $89 billion fashion industry.

Published

6 months ago

January 26, 2024

Nour Nasir

oskelly aims to shake up the mena luxury fashion resale market

OSKELLY, the luxury fashion resale platform from Eastern Europe, has set its sights on the United Arab Emirates and is poised to reshape the nation’s fashion landscape. Armed with an investment fund exceeding $1 million, the company plans to digitize the fashion resale sector, advocate for sustainable consumption in the Middle East, and rejuvenate the region’s $89 billion fashion resale industry.

OSKELLY will begin its expansion by introducing a fashion wardrobe ecosystem aided by digital and AI solutions catering to Emirati users. The OSKELLY app allows for both buying and selling of pre-owned luxury items, with social tools enabling users to bid on items and showcase their collections.

Founded in 2017 by the sibling duo of Albert Oskanov and Zaira Keligova, OSKELLY boasts a European user base exceeding 500,000 and an extensive portfolio spanning over 3,000 luxury brands.

To combat counterfeit items, OSKELLY has devised a comprehensive offline authentication process, employing an in-house team of experts to scrutinize the quality, authenticity, and condition of luxury goods both during the uploading phase and before dispatch. Once certified, items undergo pre-sale preparation, including steaming and minimal restoration, before being sent to buyers in branded packaging.

albert oskanov oskelly co founder and ceo

Despite phenomenal growth, OSKELLY’s mission is about much more than commercial success. Albert Oskanov, the CEO and co-founder, emphasizes: “It’s about our mission to create a community-driven fashion ecosystem in the Middle East. We’re here to rewrite the luxury fashion resale story, and we’re driven by a genuine desire to make a difference at every level — from our wardrobes to the world in which we live”.

Also Read: Mobile Trends Shaping MENA In 2024

The Middle East’s fashion industry market, valued at $89 billion, stands as fertile ground for OSKELLY’s expansion. The second-hand luxury bag market in Dubai alone is estimated to be worth $68 million, with the UAE’s total market revenue now around $3.5 billion.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.