Subscribe to our FREE Newsletter , or Telegram and WhatsApp channels for the latest stories and updates. Why is Fashion Valet (FV) mentioned everywhere for the past few days? It’s because a large investment in the company gave diminishing returns. Around March 2018, Khazanah and Permodalan Nasional Berhad (PNB) invested a combined RM47 million in FashionValet.
Khazanah contributed RM27 million while PNB gave RM20 million to acquire minority stakes. Fast forward to Tuesday (29 October), Khazanah and PNB have sold off their shares in FashionValet and received a meagre RM3.1 million from the sale.
According to The Edge , FashionValet has been loss-making for the past three consecutive years. Twitter user @Alturkistiano said that FashionValet lost RM127 million since 2022. JUMLAH KERUGIAN FASHION VALET ADALAH RM127 JUTA! 5 tahun lalu (2019), ketika kali pertama aku mengkritik dan memberi peringatan tentang pelaburan PNB dan Khazanah di dalam Fashion Valet ketika itu adalah lebih kurang RM25 juta (retain earning).
Pada tahun 2022, jumlah kerugian...
pic.twitter.com/mniOwmuS5A The Ministry of Finance (MOF) said the sale is a “responsible exit” for both investing arms.
After all, Khazanah is one of the largest sovereign wealth funds in the world with the aim of growing Malaysia’s wealth while PNB is a Malaysian investment management company that was founded in 1978 as part of Malaysia’s New Economic Policy. MOF added that the losses incurred from the stake sale were minor .