Politics · Malaysia Bureau
Khazanah, PNB poured nearly RM40m into FashionValet in 2018
The Sessions Court in Kuala Lumpur heard evidence that two major Malaysian sovereign wealth funds channelled substantial investment into the fashion e-commerce platform during the year in question. The disclosure emerged during proceedings in the trial of FashionValet co-founder Vivy Yusof.
LSN Malaysia ·
KUALA LUMPUR — A Sessions Court here was informed that Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) invested nearly RM40 million into FashionValet Sdn Bhd during 2018, according to evidence presented in the ongoing trial of the company's co-founder Vivy Yusof.
The court heard details of the significant capital infusion into the local fashion e-commerce platform, which had emerged as a notable player in Malaysia's digital retail sector. The investment amounts and timing were disclosed as part of submissions relating to the company's financial position and transactions during the specified period.
The trial, which is examining circumstances surrounding FashionValet's operations and finances, continues to hear evidence related to the company's funding history and corporate structure. Both Khazanah Nasional and PNB are key institutional investors under Malaysia's government-linked investment company framework.
FashionValet has been a significant venture in Malaysia's e-commerce landscape, focusing on local and regional fashion retail. The investment by the two funds represented a substantial commitment to the platform's growth and operations during that fiscal year.