Funds to help FashionValet expand online reach, scale to other Asian cities
Now the SEA ‘centrepiece’ for Elixir’s multi-market investment platform in e-commerce
THE husband-and-wife team behind Malaysia’s online shopping destination FashionValet has much to celebrate about, announcing a multimillion-dollar investment led by Elixir Capital, a global private equity firm based in Silicon Valley, California. The actual amount was not disclosed.
The investment by Elixir Capital is intended to help FashionValet accelerate the expansion of its online reach through avenues such as mobile e-commerce, big data, and original customer-centric content.
This would allow the brand to scale its operations to other Asian cities, FashioinValet said in a statement.
“The investment from Elixir Capital marks a significant step for FashionValet as we continue to really develop the brand beyond Malaysia and pave the way for retail e-commerce locally,” said FashionValet cofounder and chief executive officer Fadzarudin Anuar.
“We’ve seen substantial e-commerce growth already, yet there’s room for much more in Malaysia, where there’s less than 1% penetration of sales online, as compared to 10% in China, the United States and Western Europe,” he added.
In 2012, public-listed e-government services giant MyEG Services Bhd invested into FashionValet after the founders overcame 40 competitors to win the Make The Pitch knockout competition. MyEG invested RM1 million (US$326,580 at the time) for a 30% stake in the company.
FashionValet said it tripled revenue in 2014, but did not disclose actual numbers.
“We were approached to be funded by several other companies, but Elixir Capital shared the same vision we had to grow FashionValet into a multimillion-dollar company that champions local designers in Asia – which is what really convinced us to work with them,” said FashionValet cofounder and chief creative officer Vivy Yusof.
FashionValet offers a wide selection of ready-to-wear garments, including Muslimah attire, with customers throughout Malaysia, Brunei, and Singapore. It proudly carries homegrown brands and designers, serving as a key platform for up-and-coming designers across Asia.
FashionValet’s goal with this capital injection is to better serve its customers and suppliers alike, as well as improve customer experience and product offering, the startup added.
“FashionValet now forms the South-East Asian centrepiece for Elixir’s multi-market investment platform in digital commerce, with accelerated enterprise growth and regional expansion serving as our investment thesis,” said Elixir Capital managing director Arshad Ahmed.
“FashionValet has the makings potentially of a homegrown Malaysian IPO (initial public offering) in retail e-commerce,” he added.
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