The FashionValet Drama

For the past few weeks, Malaysia has found itself with a major controversy surrounding Vivy Yusof and her husband, Datuk Fadzaruddin Shah Anuar, the couple behind FashionValet. FashionValet is a well-known fashion e-commerce brand in Malaysia and Malaysians have a lot of feelings about it.

What’s the Tea?

FashionValet used to be a big name in Malaysia’s fashion scene, and it caught the eye of major investors like Khazanah Nasional Berhad and Permodalan Nasional Berhad (PNB). Back in 2018, these government-linked investment companies (GLICs) invested a combined RM47 million into the company, aiming to support local entrepreneurs and give e-commerce a boost.

Fast forward to 2024, and things have taken a major nosedive. Both Khazanah and PNB ended up selling their stakes for just RM3.1 million, taking a massive hit of RM43.9 million. Malaysians are pissed, and honestly, I am too.

Malaysians Are Fuming

When the news broke, Malaysians took to social media to vent their frustration. People questioned how public funds were handled and are calling for answers from both the GLICs and the FashionValet founders. There’s a lot of talk about mismanagement, with many pointing out that Vivy and Fadzaruddin were still living the high life while the company was struggling.

The couple hasn’t been able to dodge the heat, and critics haven’t held back. There’s a sense of betrayal, especially since the money lost was tied to national investments meant to uplift the local economy.

With all the backlash, Vivy and Fadzaruddin eventually issued a public apology. They admitted that their overly aggressive expansion plans, including growing the team and opening more retail spaces just before COVID-19 threw a wrench into everything. They also announced they’d be stepping down from FashionValet to try and let the company recover.

Most Malaysians felt that the apology was too little, too late. After all, the money is gone, and the damage is done.

What Happens Next?

Now, there’s even more drama as the Malaysian Anti-Corruption Commission (MACC) has jumped in to investigate. Prime Minister Anwar Ibrahim has also ordered Khazanah to run an internal audit to figure out what went wrong and to make sure this kind of thing doesn’t happen again.

This whole FashionValet saga has really got Malaysians talking about how public money is spent and whether there’s enough accountability in the corporate world. People want transparency, they want answers, and they want to see some real consequences if there was any wrongdoing. For now, we’re all just watching to see how this story unfolds and hoping it leads to some meaningful changes. But in the end, the money was lost and the people’s going to feel the impact.