Covid-19, competition and cash flow woes: Finance Ministry outlines FashionValet’s collapse to Parliament

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Khazanah Nasional Berhad Berita

PNB,Vivy Yusof,Fashionvalet

KUALA LUMPUR, Nov 14 — The Ministry of Finance has identified three factors that are said to have contributed to the collapse of online fashion business FashionValet, resulting...

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“As FashionValet sought to transform into a multi-channel shopping platform, it rapidly expanded its physical store presence. “The challenging fundraising environment at that time also hindered FashionValet’s attempts to secure fresh funding,” he stated. “To remain operational and resolve cash flow issues, FashionValet urgently required capital from new investors, but received limited interest,” he added.

“The final findings will help improve governance within the involved government-linked investment companies ,” he said.

 

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