#Asia Malaysia’s FashionValet secures Series B funding from Japan’s Start Today


FashionValet has operations in Singapore and Jakarta, and also operates a brick-and-mortar store in Kuala Lumpur


Malaysia-based fashion e-commerce platform FashionValet has raised Series B round financing worth ‘multi-million dollars’ from Start Today Co., owner of Japan’s leading online fashion mall ZOZOTOWN.

The startup will use the investment for strategic expansion and also to leverage the fashion e-commerce expertise of its Japanese partners in scaling the business.

This investment comes exactly a year after its Series A round, led by Silicon Valley-based Elixir Capital.

Over the past 12 months since the Series A funding, FashionValet claims to have doubled its revenue, commenced operations in Singapore and Jakarta, and opened its first brick-and-mortar store in Kuala Lumpur. A second physical store is scheduled to open in Singapore mid-2016 in the heart of Orchard Rd.

“We’re thrilled to have Start Today onboard as an investor, their experience in building ZOZOTOWN into the top fashion e-commerce portal in Japan will prove invaluable to FashionValet as we chart our next stage of growth around the region,” FashionValet CEO Fadzarudin Anuar said.

Started in 2010 by Malaysia’s popular blogger Vivy Yusof and her husband Fadzarudin Anuar, FashionValet is an online destination for Asian brands selling fashion apparel, shoes, and accessories, that aims to bring the latest fashion trends to your doorstep. The firm offers a wide selection of ready-to-wear garments, from Muslimah attire to lingerie and swimwear, and boasts fast delivery.

Today, FashionValet has over 500 Southeast Asian brands, with half from Malaysia, and 180 originating from Indonesia alone. Even though it was founded in Malaysia, 40 per cent of its online sales is derived from international customers.

In 2012, MYEG, one of Southeast Asia’s most well-known publicly-listed Internet companies, invested in FashionValet.

“FashionValet has done an amazing job of developing high-demand brands and products from local designers. We feel there is a lot we can share with them with respect to back-end operations. We are very excited to join them on their journey,” says Koji Yanagisawa, CFO of Start Today.

Start Today was founded in 1998 and got listed in 2007, and is based in Chiba (Japan). It is engaging in online retailing and e-commerce consulting activities in Japan. The company purchases limited amount of fashion items from various brands and resells in its online shops and boutiques comprising ZOZOTOWN.

The post Malaysia’s FashionValet secures Series B funding from Japan’s Start Today appeared first on e27.

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