And the company is planning to open its first brick-and-mortar store in Singapore on Orchard Rd later this year after a successful online launch in the city state. A first onground store opened in Kuala Lumpur recently.
FashionValet co-founder/CEO Fadzarudin Anuar says the investment is “clearly more than a financial investment”, and that Start Today’s experience in building ZozoTown will prove invaluable as FashionValet charts its next stage of growth around the region.
“FashionValet has done an amazing job of developing high-demand brands and products from local designers,” says Start Today CDO Koji Yanagisawa. “We feel there is a lot we can share with them with respect to back-end operations.”
Founded in 2010 by Fadzarudin and his blogger wife Vivy Yusof, FashionValet sells fashion apparel, shoes and accessories, and in 2014 alone had total revenue of more than $1.2 billion. Over the past 12 months it claims to have doubled its revenue, as well as expand into Singapore and Indonesia. The company has more than 500 Southeast Asian brands in its range, with half from Malaysia and 180 from Indonesia. About 40 per cent of its online sales come from international customers.
Start Today’s investment in FashionValet comes exactly a year after the startup’s Series A round, led by Silicon Valley-based Elixir Capital. Internet company MYEG also invested in the company in 2012.