FashionValet co-founders Fadza Anuar and Vivy Yusof have announced their resignation from the leadership of their company following significant financial losses borne by major investors Khazanah Nasional and Permodalan Nasional Berhad (PNB). Khazanah and PNB recently divested their stakes in the e-commerce fashion platform for RM3.1 million—a substantial markdown from their initial investment of RM47 million combined.
In a statement shared on social media, Fadza and Vivy expressed regret over the company’s financial trajectory and the impact on their investors. The couple emphasized that they assume full responsibility for the outcome, acknowledging their roles in steering the company through a series of costly strategic decisions.
Stepping Down From FashionValet
“We take full responsibility for the failure of the investment,” their statement read. “As the individuals responsible for managing the company, the buck stops with us, and we regret that it has come to this.”
Their statement detailed how the couple pursued aggressive growth strategies that ultimately backfired. FashionValet expanded its workforce, developed its own tech infrastructure, and opened additional retail outlets, with the expectation of continued growth.
When the COVID-19 pandemic disrupted the economy, however, these efforts left the company exposed, leading to severe financial strain.
Unforeseen Challenges and Cost-Cutting Efforts
FashionValet’s founders acknowledged that they had underestimated the risks involved. In their reflection, they admitted to curating a “hopeful” public image, which they hoped would build confidence in the brand even during challenging times.
As sales dropped, the company implemented cost-cutting measures, including the closure of its e-commerce platform, but these efforts were insufficient to offset the losses.
“There are many things we wish we had done differently, and we acknowledge the factors we failed to consider before embarking on expansion,” the founders noted.
A Formal Apology to Khazanah and PNB
Addressing their investors directly, Fadza and Vivy offered a formal apology to Khazanah and PNB. Both organizations had supported FashionValet in its early years, with Khazanah investing in 2018 as part of its mandate to foster local tech-driven entrepreneurship, and PNB aiming to support high-potential Bumiputera businesses in the digital sector
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