FashionValet gets multi-million dollar investment from Elixir Capital
Vivy Yusof's fashion retail website is growing fast, with plans to expand in the Asia region
California-based private equity firm Elixir Capital has signed a multi-million dollar investment deal with Malaysian shopping website FashionValet. The investment will aid FashionValet, co-founded by husband and wife team Fadzarudin Anuar and Vivy Yusof (pictured above), to expand its reach in Asia.
"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 Fadzarudin, CEO of FashionValet. "We've seen substantial e-commerce growth already, yet there's room for much more in Malaysia, where there's less than one per cent penetration of sales online, as compared to 10% in China, US and Western Europe, and we want to continue to foster this trend as one of the pioneering brands in the industry."
Mobile e-commerce, big data strategies and customer-centric content are some of the ways FashionValet will tackle its big move after having already tripled its revenue in 2014. Goals also include improving customer experience and developing a bigger product range.
"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, Chief Creative Officer of FashionValet.
We caught up with Vivy, who told us more about what the investment means for her business.
What is Elixir capital's investment in Fashion Valet? And what stake will they have in the company?
We are keeping the details of the investment private.
I understand there were multiple investment partners on the table. Why did you choose Elixir?
We felt that Elixir understood the vision for the company the best and they were proactive in showing what value add they can bring to the table. At the end of the day, we felt they were the ones we were most comfortable with.
A lot of other investment partners we were negotiating with either didn't have much passion in growing the business or wanted too much control of the company, but Elixir was just right in the middle.
Being from the Silicon Valley in the US, they also have a lot of technical knowledge that they share with us. Being essentially a tech company in e-commerce, we realise the need to step up our game in the IT department. We now have an in-house IT team after having previously outsourced this.
How will this investment grow the business? What are your plans for expansion?
This investment is really to amplify what we've been doing in the past two years where we feel we've perfected our business model. You'll see a lot more marketing from FashionValet, which will benefit the brands on our platform more than anyone else. We'll also be using this investment to act on the wealth of consumer data we generate on a daily basis, making the whole shopping experience smoother and easier for customers.
Will you still control the majority of the business?
Yes, Fadza and I still own majority and control of the company together.
Will you open any new offices overseas? If so, where will be first?
We can't give too much detail about this but we have already had people on the ground in Jakarta for a couple of years now and we plan to expand our operations there. As for other cities, we have our plans in place, but we will do it prudently and carefully.