Fashion Valet is one of the leading fashion brands in Malaysia, under which they have several other brands such as Duck and Lilit. It initially focused as a one-stop e-commerce site for various clothing brands, but it has now changed to focus more on the two brands under them for now.
Most recently, it is seen that NXBT Partners has already taken a majority stake in Fashion Valet, which is 51%. NXBT is seen to have acquired shares held by Permodalan Nasional Berhad, Transasia, and several others, forming a majority stake in Fashion Valet. NXBT Partners is owned by Afzal Abdul Rahim (who heads TIME).
While the founders Fadzarudin and Vivy still maintain the same number of share units, making up around 17.6% and 16.8% respectively.
With this majority holding, it is not known whether there will be any changes in the company or otherwise. According to a rough check on SSM, Fashion Valet has generated an income of RM112 million in the year ending 2022.
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BUSINESS & MONEY