The Finance Ministry confirmed that Khazanah and PNB sold their minority stakes in FashionValet (FV) for RM3.1 million, marking a loss of RM43.9 million from initial investments of RM27 million by Khazanah and RM20 million by PNB.
FashionValet
The divestment was part of Khazanah’s portfolio strategy, with COVID-19 significantly impacting FV’s business. Founder Vivy Yusof stated that the platform’s closure was accelerated by the pandemic, shifting focus to the dUCK and Lilit brands.
NXBT Partners acquired a 51.25% stake, becoming the largest shareholder, while Vivy Yusof’s husband holds 17.65%. FV recorded losses for three years, including RM34.5 million after tax in 2022.
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