Fashionvalet is listed as an 'internet fashion boutique' but suffered when the pandemic hit.
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Both invested a combined RM47 million in FashionValet. Khazanah contributed RM27 million while PNB gave RM20 million to acquire minority stakes. Driven by a vision to dominate the Southeast Asian market, they poured millions into expanding their technology infrastructure, bulked up their team, and rolled out multiple retail locations.
They hope their experience doesn’t deter Khazanah and PNB from supporting other local startups, though investors may well be wary of repeating the same mistakes.
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