From millions of ringgit in losses, to selling pre-loved luxury handbags, here's everything you might have missed.
news FashionValet Controversy Explained: Vivy Yusof's Resignation, Khazanah & PNB 's Involvement From millions of ringgit in losses, to selling pre-loved luxury handbags, here's everything you might have missed. Cover image via Vivy Yusof edited by SAYS Follow us on Instagram, TikTok, and WhatsApp for the latest stories and breaking news.
Recently, news of huge financial losses for FashionValet, followed by Vivy and Fadza's resignation, as well as questions surrounding Khazanah and PNB's role, have sparked nationwide controversy.Khazanah and PNB are two big government-linked investment companies that put a total of RM47 million into FashionValet to buy small ownership stakes six years ago
Following Khazanah and PNB's exit, FashionValet underwent a significant change in ownership when NXBT Partners acquired a majority stake in the company in January 2024. "Since public money is involved, naturally people are asking questions. We are also starting to see content revealing what may have been going on... in the public interest, I believe they should issue a statement," Fahmi said, as quoted by Channel News Asia.
Without a contingency plan, once the pandemic hit in 2020, the couple found themselves exposed and had to shut down their e-commerce platform in a bid to conserve finances. Instead, they focused on growing their in-house brands, Lilit and dUCK. Both the original Instagram post and the dedicated Instagram account to sell the bags, @vivy_preloved, have since been deleted.
Former Damansara MP Tony Pua has come to the defence of Khazanah, arguing that such setbacks are common in the venture capital sector Meanwhile, the Malaysian Anti-Corruption Commission has confiscated several financial documents from the Finance Ministry, Khazanah, and FashionValet Sdn Bhd in a raid on 4 November
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Fashionvalet Controversy Vivyyusof Ecommerce Onlineshopping Khazanah Pnb
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Fadza And Vivy Step Away From FashionValet, No Mention If They Still Hold SharesFashionvalet is listed as an 'internet fashion boutique' but suffered when the pandemic hit.
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Isu Kerugian Pelaburan: Vivy & Suami Tampil Beri Penjelasan, Umum Lepas Jawatan Dalam FashionValetVivy Yusof dan Fadza dalam masa sama turut menegaskan akan mengambil tanggungjawab penuh berhubung kegagalan pelaburan dalam FashionValet itu.
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MOF: Khazanah & PNB Lost Over RM43M After Selling Their Stake In FashionValet For RM3.1MAccording to the Finance Ministry, the decision marked 'a responsible exit' for Khazanah and PNB.
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