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I’m not great when it comes to fashion – if it were up to me, I’d be lounging around in T-shirts, shorts, and slippers 99% of the time. Alas, certain functions (and being in a relationship) mean that I’ve had to find some nicer clothes.
In that journey, however, I found that I’ve rarely turned to online platforms for clothes shopping. I much prefer heading down to stores to try new things, even though my partner is very used to buying her outfits online.
As such, the subject of today’s story, FashionValet, is a complete stranger to me. The company has recently found itself in a bit of a pickle and is currently under some scrutiny. Read on to find out what’s happening.
Today we look at:
- A not-so-fetching story from FashionValet
- A US$2.6 million fundraise for an SME succession planning startup
- Other newsy highlights such as WeWork ending leases for two locations in Singapore and Atome’s US$200 million credit facility
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Out of fashion, into the fire
Image credit: Timmy Loen
It might not be the most fierce-sounding acronym, but the Malaysian Anti-Corruption Commission (MACC) has allegedly found some suspicious dealings involving a company linked to FashionValet’s founding partner. Here’s a breakdown of what’s happened so far.
- The trifecta: Fadzarudin Anuar and Vivy Yusof founded fashion marketplace FashionValet in 2010. Three years later, they started 30 Maple, a holding company. Following that, they incorporated Sitca Designs in 2015, which owns the Lilit clothing brand.
- In-and-out: In 2018, FashionValet acquired 30 Maple for US$21.8 million, but the deal was done as a 100% share swap. That same year, the founding couple were paid US$2.3 million in dividends.
- Sold: Sovereign wealth funds Khazanah Nasional and Permodalan Nasional invested US$6 million and US$4.5 million, respectively, into FashionValet in 2018. However, both firms sold their stakes at a deep discount in 2023, prompting Prime Minister Anwar Ibrahim to order an internal audit on the investment.
Read more: Breaking down an unfashionable story
Startup spotlight
Continuing a legacy
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