Gen.T Listers Vivy Yusof and Fadza Anuar share their plans for FashionValet after the leading Southeast Asian online fashion platform successfully closed a Series C investment this March.
Funding For Fashion
Online shoppers across Southeast Asia can expect exciting new developments from FashionValet this year.
The leading fashion e-commerce platform just this week announced its successful closing of a Series C investment from the Malaysian Government’s strategic investment fund, Khazanah Nasional Berhad.
FashionValet is undoubtedly a brand that resonates with Malaysians, boasting a following in over 15 other countries around the world including Singapore, Brunei, the UK, the US, the Middle East and Australia.
Even so, the brand is set to strengthen its local presence with more physical stores and scale up its infrastructure using this latest round of investments.
With its 150-strong team, FashionValet currently carries more than 300 brands on www.fashionvalet.com and will soon welcome 2 more stores – in IOI City Mall Putrajaya and Publika.
Putting down more roots
“I’m excited to do more for the Malaysian fashion industry – FashionValet is always on the lookout to help grow more local brands to compete in the international arena.” shares FashionValet’s Chief Creative Officer Vivy Yusof.
“The investment by Khazanah will help us to pursue this reality,” she adds.
Vivy co-founded FashionValet with her husband and FashionValet’s CEO Fadza Anuar, who is equally proud of Khazanah’s vote of confidence in FashionValet.
FashionValet can now add this significant achievement to an impressive history of successful investments secured from firms like MYEG and the Silicon Valley-based Elixir Capital.
As of today, February 14, 2024, FashionValet doesn’t exist as an active platform. It announced its closure in July 2022. However, its two sister brands, Duck, specializing in scarves and accessories, and Lilit, focusing on modest wear, are still operational.
Here’s a brief history of FashionValet:
- Founded in 2010: FashionValet started as an online store curating designs from local Malaysian fashion designers.
- Growth and Expansion: Over the years, it grew into a leading e-commerce platform, hosting its own in-house brands and physical stores.
- Challenges and Closure: In 2021, FashionValet faced supply chain and cash flow issues. Subsequently, the company announced its closure in July 2022, aiming to shift its focus to its newly launched sister brands, Duck and Lilit.
While FashionValet no longer exists, its influence on the Malaysian fashion landscape remains significant. It pioneered online fashion retail in the country and supported numerous local designers in reaching a wider audience.