Vivy Yusof, the founder of FashionValet, declared that she and her husband, Fadzarudin Shah Anuar, had both resigned and given up their roles inside the company.
Vivy stated that she accepts responsibility for the company’s collapse and expresses regret for the controversies surrounding their brand and investors, especially Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB), who previously contributed RM47 million to FashionValet.
“Most of all, we are very sorry for the controversy this has caused Khazanah and PNB. They have always acted professionally and in the best interest of their organisations.
“We hope this disappointment does not become a deterrence, and they will continue to support other local entrepreneurs.
“Finally, we think it is time for us to step away from the business, and relinquish our positions. We do not want the ensuing issues to further affect the company, considering that it is in the stages of a turnaround,” she wrote in her Instagram post.
According to reports on Tuesday, Khazanah and PNB sold their joint interests in Fashion Valet Sdn Bhd (FashionValet), the nation’s first fashion e-commerce site, for a mere RM3.1 million. The Ministry of Finance (MoF) estimates that the two businesses had previously invested RM47 million on the platform.
Khazanah and PNB, who invested RM27 million and RM20 million, respectively, in 2018 sold their shares to investment holding company NXBT Partners Sdn Bhd in 2023, according to a written parliamentary reply that the MoF posted on its website yesterday.
According to the corporations, FashionValet’s company was significantly harmed by COVID-19, necessitating a substantial amount of new capital to sustain operations.
“Khazanah and PNB received RM3.1 million from the sale of the shares. The loss from the sale of Fashion Valet shares was minimal compared to the overall revenue generated by Khazanah and PNB in the relevant year,” said the written reply.
Following such significant losses, Malaysians criticized Khazanah and PNB for making a poor financial choice for the nation and demanded the government to look into the investment choice.
Khazanah and FashionValet should immediately answer public concerns surrounding their recent deal, according to Communications Minister Fahmi Fadzil, who stated yesterday that the matter was important and of public interest.
“We are monitoring the issue closely. Although I haven’t yet received a full report on the specifics, many questions are circulating, and people are seeking clarity,” he told reporters at the Madani Deepavali Open House on Oct 31.
