With ChatGPT and hashtags, Malaysians show unease with Fashion Valet losses

Anger and intrigue are mounting across Malaysian social media over the loss of US$10 million in state funding for Fashion Valet, with users turning to AI to investigate the spending habits of the influencer founders behind the failed e-commerce firm.

With more than 1.8 million followers on Instagram, Fashion Valet co-founder Vivy Yusof, 37, – renowned for her fondness for social media “humblebragging” and luxury brands – is now in the spotlight as the collapse of her business venture billows out into a national scandal.

Vivy and her husband and co-founder, Fadzarudin Shah Anuar, 36, were called in for questioning on Tuesday by the Malaysian Anti-Corruption Commission (MACC) over the failed venture, as public interest surged in the loss of millions of dollars of taxpayers’ money.

The revelation last week that Malaysian sovereign wealth fund Khazanah Nasional Berhad and investment firm PNB Anger dumped their stakes at a loss of 47 million ringgit (US$10.7 million) in 2022 has seen anger spill out online.

Malaysians on X have scrutinised Vivy’s collection of luxury handbags and shoes, posted under hashtags such as “crazy bag lady” and “each of them has a story”.

Estimated by some to be worth over 1.5 million ringgit, Vivy’s display of wealth has struck a nerve in Malaysia, where the median household income is just 6,338 ringgit.