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2 August 2018
PETALING JAYA: Former Khazanah Nasional managing director Azman Mokhtar says the RM80 million investment in Zivame, an online lingerie company in India, is recoverable in the medium term.
In his farewell note to Khazanah staff, Azman said the sovereign wealth fund invested US$19 mil (RM80 million) for a 22% stake in the company.
Azman said the fundamentals of the investments should be looked at carefully, pointing out that India is a market of one billion people, half of whom are women and that incomes were rising there.
“Zivame remains a going concern and in fact has just had its best-ever quarter and we remain quietly confident that we will be able over the medium term to recover all or almost all of what we have provided for.
“”In any case, again, as with all our overall investment assessment we need to look at things in perspective in that the same risk-taking in India for the consumer sector in companies ranging from the sale of paints for houses to jewellery, under what we call Project Billion have generated more than RM1bil realised and unrealised gains to date,” he said following his resignation on July 26 from Khazanah.
He said that they had made more than RM6 bil in gains from investing in online e-commerce company Alibaba.
As for the investment in UBS, through investment company Olivant in 2008, which also caused losses of RM1.7 bil, Azman said that such losses are not exceptional.
Azman said that overall, Khazanah achieved net gains of RM82 bil over a nine-year period from 2008 to 2017.
He said in investment terms, their gains have outnumbered their losses by 5 to 1.
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ZIVAMME WEAR
https://www.zivame.com/swim-beach.html?sortorder=desc&sortby=bestseller&trksrc=navbar&trkid=l1
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1 August 2018
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KUALA LUMPUR: Sovereign wealth fund Khazanah Nasional Berhad invested some RM80mil in a failed online lingerie business, revealed Economic Affairs Minister Datuk Seri Azmin Ali.
“Khazanah had invested in the online business, involving bras and lingerie.
“The business eventually failed and the losses had to be written off,” he said during his ministerial reply on the motion of thanks of the royal address in Parliament on Wednesday (Aug 1).
He was responding to a question by Datuk Seri Najib Tun Razak (BN-Pekan) who wanted know how Khazanah had deviated from its agenda.
Earlier, Azmin said that Khazanah had diverted from its role by divesting its shares in strategic assets.
He added that a revamp of Khazanah was needed to ensure that the sovereign fund returns to its original aim of owning and safeguarding national assets on behalf of all Malaysians.
Read more at https://www.thestar.com.my/news/nation/2018/08/01/khazanah-bares-all-in-failed-rm80mil-lingerie-venture/#FgDpplOfRYP6se0r.99
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https://twitter.com/jezlai/status/1024523614987538432
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Khazanah invests in Indian online lingerie retailer
Sep 6, 2015 – Malaysia’s sovereign wealth fund Khazanah Nasional Berhad has … The company had recently announced that it will launch a lingerie app as …
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4 September 2015
The Rakyat Post
Khazanah delves into lingerie
KUALA LUMPUR, Sept 4, 2015:
Malaysia’s government strategic investment fund Khazanah Nasional Bhd has invested in a leading Indian online lingerie retailer Zivame, which secured 2.5 billion rupees (RM 161 million) in its Series C round of funding.
Zodius Technology Fund, Unilazer Ventures, IDG ventures and also Kalaari Capital who also participated in the round, reported the Business Standard.
Zivame plans to use the funds to “continue dominating the category and provide a world-class lingerie shopping experience to Indian women”.
The lingerie company aims to get more women to shop online, strengthen its merchandise offering, increase consumer touch-points and build the category with innovative technology.
“Worldwide, lingerie is the most exciting category in the women’s apparel segment. The Indian woman, who is more confident than ever before is indulging herself in lingerie to express her individuality.
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Executive director investments of Khazanah India Advisors, Chinta Bhagat, reportedly said: “Khazanah Nasional is very happy to support Richa and the Zivame team with driving their mission of women empowerment within and beyond India.
“With Khazanah coming on board, Zivame’s funding needs are expected to be fully secure for the foreseeable future, and the focus will be on supporting them in building their institutional capabilities in the coming years.
http://www.therakyatpost.com/business/2015/09/04/khazanah-delves-into-lingerie/
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weehingthong 