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FashionValet scrutinized as Khazanah, PNB exit amid losses
FashionValet Sdn Bhd is under scrutiny following significant investment losses reported by Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB).
The company had experienced financial losses for five consecutive years before these investments.
According to the Companies Commission of Malaysia, FashionValet saw its losses grow from 166,793 ringgit (US$38.179) in 2012 to 10.7 million ringgit (US$2.35 million) by 2017.
In 2018, when Khazanah and PNB invested, the company recorded a net loss of 20.19 million ringgit (US$4.44 million).
Khazanah and PNB invested 27 million ringgit (US$5.94 million) and 20 million ringgit (US$4.44 million) respectively in FashionValet in 2018.
Recent FashionValet developments
| Timeline |
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08-Oct-2019 🇲🇾 What’s next for Stripe in Southeast Asia
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15-Aug-2019 📈 Malaysia-based marketplace for offline ads secures $200k
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15-Oct-2018 🛒 3 lessons we can learn from Malaysia’s most visited ecommerce stores
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30-Mar-2016 💰 FashionValet scores multi-million dollar series B from Japan’s leading fashion portal
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| 03-Mar-2015 👗 2 years after pitching on reality TV show, this Malaysian ecommerce startup pockets series A funding |
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