A Malaysia online fashion destination started by a local married couple has attracted serious capital investment led by US private equity investor Elixir Capital.
While the exact amount of the investment has not been disclosed by either party, the multimillion dollar injection will allow FashionValet to accelerate the expansion of its online reach through mobile e-commerce, big data strategies and original customer-centric content and to scale its operations into other Asian cities.
Elixir Capital is a global private equity firm based in Silicon Valley, California.
“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 the FashionValet’s co-Founder and CEO, Fadzarudin Anuar.
“We’ve seen substantial e-commerce growth already, yet there’s room for much more in Malaysia, where there’s less than one percent penetration of sales online, as compared to 10 per cent in China, US and Western Europe, and we want to continue to foster this trend as one of the pioneering brands in the industry.”
FashionValet tripled its revenue in 2014 on the way to becoming a leader in Malaysia’s online fashion sector. The company has managed to do this while keeping operations lean and reactive to community demand.
“We were approached to be funded by several other companies, but Elixir Capital shared the same vision we had to grow FashionValet into a multi-million dollar company that champions local designers in Asia – which is what really convinced us to work with them,” added Vivy Yusof, co-Founder and chief creative officer of FashionValet.
“FashionValet now forms the Southeast Asian centerpiece for Elixir’s multi-market investment platform in digital commerce, with accelerated enterprise growth and regional expansion serving as our investment thesis,” said Arshad Ahmed, MD of Elixir Capital.
“FashionValet has the makings potentially of a homegrown Malaysian IPO in retail e-commerce.”
FashionValet’s founders say they want to use the capital to better serve their customers and suppliers alike, and to improve the customer experience and product offering.
FashionValet offers a wide selection of ready-to-wear garments, including Muslimah attire, with customers throughout Malaysia, Brunei, and Singapore. It stocks homegrown brands and designer products, serving as an outlet for up-and-coming designers across Asia.
