PAC: FashionValet failed due to high-risk strategy and Covid-19

PAC: FashionValet failed due to high-risk strategy and Covid-19

KUALA LUMPUR: Khazanah Nasional Bhd’s investment in FashionValet, although subjected to due diligence, failed due to its high-risk omnichannel strategy, external market shocks brought on by the Covid-19 pandemic, and shifts in post-pandemic consumer behaviour.

PAC pins Khazanah’s losses in FashionValet on risky strategy, Covid-19 shocks

PAC chairman Mas Ermieyati Samsudin says the committee came up with five key findings in its report on domestic investments by the sovereign wealth fund.