👩‍💻 Hajar Hassan, a TikTok user, discusses the financial struggles of Fashion Valet, owned by Yvi Yusof. Despite continuous losses, Khazanah Nasional Berhad invested RM27 million and PNB invested RM20 million in March 2018 using public funds.

🤔 The investment raises questions about how these organizations could invest such large amounts in a company that has never turned a profit. Many netizens expressed their disappointment regarding this issue.

👗 Fashion Valet was established in 2010 and targets women aged 25 to 40. They opened physical stores in 2015, with a total of 10 locations including one in Singapore and one in Brunei. However, the company has consistently reported losses, with a negative profit margin of -18.5% in 2017, -32.2% in 2018, and -15% in 2020.

📉 Following the COVID-19 pandemic, Fashion Valet faced further losses and required new capital to continue operations. By the end of 2023, the company was taken over by a Bumiputera company, NXBT, led by CEO Afzal Abdul Rahim.

💰 The shares from Khazanah and PNB were sold at a very low price of RM1 million, resulting in a return of RM3.1 million for the investors. This situation raises concerns about the decision-making criteria used by Khazanah and PNB for their investments.

🔍 Vivi has mentioned on Instagram that she will provide explanations when the time is right, as she is currently in the hospital. Meanwhile, the public is waiting for Khazanah and PNB to clarify their investment strategies and decision-making processes.