FashionValet’s founders stepped down and took full responsibility for the almost RM44 million loss suffered by Khazanah Nasional and Permodalan Nasional Bhd, which invested in the e-commerce platform.

Fashion entrepreneurs Vivy Yusof and her husband Fadzaruddin Shah Anuar apologised over the issue, explaining that they expanded their business too aggressively and did not sufficiently plan for a “rainy day”.