Khazanah Nasional and Permodalan Nasional Berhad’s (PNB) share value in FashionValet had dropped by almost RM44 million when the business was sold in 2023, compared to how much they spent in 2018.

In a written parliamentary reply, the Finance Ministry stated that Khazanah pumped in RM27 million, and PNB RM20 million, to acquire a minority stake in the local fashion brand in 2018.

It was part of a gambit to boost bumiputera businesses in the e-commerce sector.

However, following the Covid-19 pandemic and troubles with fundraising, FashionValet was severely affected...