Amplify Growth Partnership, a joint venture between Saudi-based Ajeej Capital and UAE-based Nuwa Capital, has announced a $5 million Sharia-compliant growth investment in the Turkish modest fashion brand, Touché Privé. The strategic funding is designed to finance the brand’s entry and significant expansion across the GCC, with an initial focus on Saudi Arabia.
A Strategic Bet On The GCC’s Booming Fashion Market
The investment marks a significant move by the Saudi-UAE fund to capitalize on the rapidly expanding modest fashion sector, a market projected to grow from $280 billion to over $400 billion by 2030. The GCC, and particularly Saudi Arabia, is at the forefront of this trend with double-digit growth. By backing an established international brand, Amplify Growth Partnership is positioning itself to capture a share of this lucrative market, leveraging its regional expertise to fuel the brand’s local success. Sharaf Sharaf, Fund Head at Amplify Growth, stated, “This represents our third transaction to date and reflects our conviction in Touché Privé’s strong track record… We believe they’re strongly positioned to lead the GCC’s modest wear market.”
Backing A High-Growth Global Player
The decision to invest in Touché Privé was driven by the company’s impressive performance and global reach. The brand demonstrated 102% year-over-year growth in 2024, generating $30 million in revenue and serving a loyal customer base of millennial and Gen Z women across more than 100 countries. This proven model and strong brand loyalty made Touché Privé an attractive investment for the MENA-based VCs, who see it as a category leader capable of scaling effectively within the region.
Driving Regional Expansion
The capital injection will be used to execute a targeted expansion strategy, beginning with the opening of flagship stores in prime locations across Saudi Arabia. This will be accelerated through a planned partnership with one of the Kingdom’s largest retail groups. The goal is to combine Touché Privé’s high-quality, contemporary designs with a strong local retail presence, establishing a new standard for modest fashion in Saudi Arabia, the UAE, and Kuwait.
About Amplify Growth Partnership
Amplify Growth Partnership is a joint venture between Ajeej Capital and Nuwa Capital, investing in high-growth technology and tech-enabled companies. The fund partners with entrepreneurs to help them scale their businesses, with a focus on creating “local-to-global” success stories by supporting founders poised for significant market leadership.
About Touché Privé
Founded in 2014, Touché Privé is a fast-growing fashion brand that redefines modern design for women globally. Through its omnichannel platform, which includes e-commerce and physical retail, the company offers contemporary, design-led modest wear. It currently serves customers in over 100 countries, empowering women to express themselves through fashion that aligns with modern lifestyles.
Source: Wamda
