KUALA LUMPUR, November 2 — FashionValet founders Datuk Fadza Anuar and Datin Vivy Yusof have announced their resignation, taking full responsibility for the substantial financial losses faced by their company. In a heartfelt Instagram post, the duo acknowledged management missteps that led to a reported RM47 million loss involving investments from government-linked firms Khazanah Nasional and Permodalan Nasional Berhad (PNB). “We take full responsibility for the failure of the investment,” they stated, noting that they had expanded the business too aggressively without adequate contingency planning.
The announcement follows public scrutiny and questions about the RM47 million investment, as Communications Minister Fahmi Fadzil urged patience for Khazanah and PNB to clarify the details of the losses. Fadza and Vivy expressed regret for the challenges caused to these institutions, hoping that their experience would not dissuade support for other local businesses. Reflecting on the setbacks, they cited operational challenges exacerbated by the pandemic and costly decisions to scale up their technology, team, and retail presence.
The founders also admitted to projecting a “positive and hopeful face to the world,” believing it would inspire confidence in their brand. However, they now recognize this approach as naïve and part of their oversight. Despite efforts to cut costs, including shutting down FashionValet’s e-commerce platform, they noted that the financial strain became insurmountable.
In their closing statement, Fadza and Vivy announced their decision to “step away from the business” to allow FashionValet a chance to rebuild without further impact. The Ministry of Finance described the RM16 million net loss on the RM47 million investment as “negligible,” yet the disclosure has sparked debate over the investment’s viability and FashionValet’s once-promising future.
