Timeline: FashionValet's Inception to Recent Scandal

FashionValet, established in 2010 by Vivy Yusof and her husband, Fadzarudin Shah Anuar, began as Malaysia's first online fashion store, aiming to provide a platform for local designers to reach a broader audience.

Timeline of Key Events:

2010: FashionValet is founded, starting with a small team and gradually expanding its offerings to include various local brands.

2012: The company secures investment from MYEG after winning the "Make The Pitch" competition, aiding its growth and expansion.

2015: FashionValet opens its first physical store in Bangsar Village, Kuala Lumpur, marking its transition from an online-only platform to a brick-and-mortar presence.

2018: Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB) invest a combined RM47 million in FashionValet, acquiring minority stakes to support the company's expansion and the local fashion industry.

2020: The company faces financial challenges, reporting a loss of RM12.37 million for the financial year ending December 31, 2020, with accumulated losses reaching RM83.44 million.

2021: FashionValet records a loss-after-tax of RM9.63 million, continuing its trend of financial difficulties.

2022: The company incurs a significant loss-after-tax of RM34.51 million, three times the loss recorded in 2021.

2023: Facing ongoing financial struggles, FashionValet shuts down its e-commerce platform to focus on its in-house brands, dUCk and LILIT.

Recent Developments (2024):

October 29, 2024: The Ministry of Finance announces that Khazanah and PNB have sold their collective stakes in FashionValet for RM3.1 million, resulting in a significant loss compared to their initial RM47 million investment.

October 30, 2024: Public criticism arises over the substantial financial losses, with netizens questioning the management of the investments and the company's financial practices.

November 1, 2024: Vivy Yusof and Fadzarudin Shah Anuar announce their resignation from FashionValet, taking full responsibility for the failed investment and acknowledging mistakes in managing the business.

November 4, 2024: The Malaysian Anti-Corruption Commission (MACC) conducts raids at multiple locations, including FashionValet's headquarters, as part of an investigation into the investment losses by Khazanah and PNB.

November 5, 2024: Vivy Yusof and Fadzarudin Shah Anuar provide statements to the MACC regarding the significant investment losses involving public funds in FashionValet.

Latest:

The MACC Forensic Accounting Division uncovered suspicious transactions linked to FashionValet and 30 Maple Sdn Bhd, and seized assets including luxury items to assess any misuse of funds.