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Finance Minister II Datuk Seri Amir Hamzah Azizan pointed out three probable factors that led to FashionValet’s downfall while answering Bukit Bendera MP Syarleen Abdul Rashid’s question at the Dewan Rakyat yesterday .1. The Covid-19 pandemic changed things The Covid-19 pandemic changed the way we did things. Businesses with physical stores had to pivot to an online business model, especially during the Movement Control Order periods.
However, the pandemic threw a wrench in the plans and the market for premium clothing fell significantly. Although Khazanah and PNB provided strategic and financial advice, the competition with the other platforms were too strong.
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