KUALA LUMPUR: Khazanah Nasional Bhd and Permodalan Nasional Bhd (PNB) have sold their collective stakes in Malaysia’s first fashion e-commerce platform, Fashion Valet Sdn Bhd (FashionValet), for RM3.1mil, says the Finance Ministry. This marks a significant loss compared to their initial RM47mil investment.
In a written Parliamentary reply, the Finance Ministry revealed that Khazanah had invested RM27mil and PNB RM20mil in 2018 to acquire minority stakes in FashionValet. “The investments were aimed at supporting local tech entrepreneurs and the growth of digital retail, particularly bumiputra companies. “However, the Covid-19 pandemic severely impacted FashionValet’s business, requiring substantial new capital to continue operations,” the written reply read.
The ministry was addressing a query from Yeo Bee Yin (PH-Puchong), who requested information about the transaction and inquired whether other government-linked companies or investment firms had also invested in FashionValet. According to the Finance Ministry, in late 2023, a Bumiputera firm, NXBT Partners, offered to acquire Khazanah and PNB’s stakes and inject the necessary capital into the company. “Both entities accepted the offer as a strategic exit.
” Despite the RM3.1mil sale, the Finance Ministry described the losses as “minimal” in comparison to the overall earnings of Khazanah and PNB for the year..