Vivy Yusof’s double-edged success: Fame, fortune, and fallout

Vivy Yusof's rise and fall, especially as a high-profile entrepreneur in Malaysia, is a story marked by both success and controversy.

Her journey to becoming a well-known entrepreneur began with FashionValet, a fashion e-commerce platform she co-founded in 2010 with her husband, Fadzarudin Shah Anuar.

The fashion e-commerce platform offered a curated selection of high-quality local fashion brands and international labels, positioning itself as one of the key players in Malaysia's online retail scene.

This was a period when e-commerce in Southeast Asia was just starting to take off, and FashionValet filled a gap by offering fashion-forward clothing that catered to the modern, stylish Malaysian woman.

FashionValet has recently come under intense scrutiny of late amid allegations of funds mismanagement by its co-founders.

Vivy and Fadza, have been charged with criminal breach of trust (CBT) involving RM8 million. The charges stem from investment losses incurred by Khazanah Nasional Berhad (Khazanah) and Permodalan Nasional Berhad (PNB), which had collectively invested approximately RM43.9 million in their e-commerce platform.

The couple pled not guilty before Sessions Court judge Rosli Ahmad after the charge was read.

The question is how did this happen to a seemingly successful hijabi businesswoman - one who even wrote a book on her journey towards success? Was it a lack of business acumen, or business knowledge? Or was it privilege and wealth that ultimately led to bad business decisions?

Vivy's savvy social media presence also played a significant role in her rise. She was one of the first entrepreneurs in Malaysia to leverage platforms like Instagram to create a personal brand, intertwining her business with her lifestyle, and building a massive online following.

Her personal style, personality, and strong brand image helped her gain both recognition and influence beyond just the fashion industry.

In addition to FashionValet, Vivy co-founded The dUCk Group, which launched with scarves and later expanded into other fashion and beauty products.

The dUCk brand became a sensation in Malaysia, with Vivy becoming the face of the brand.

The success of these businesses positioned her as one of Malaysia's most successful young entrepreneurs, leading to her being celebrated in both business and lifestyle media.

Vivy and her husband, Fadza.

CHALLENGES AND CONTROVERSIES

While Vivy’s business empire grew rapidly, it wasn’t without its share of challenges and controversies, leading to what some perceive as a "fall" or decline in her public standing.

Due to her enormous popularity, Vivy has faced criticism on social media several times over the years.

For instance, in 2020, she was embroiled in a controversy after a tweet about her privilege as a wealthy entrepreneur was seen as tone-deaf during the economic struggles brought on by the pandemic.

Her critics accused her of being out of touch with the struggles of ordinary Malaysians. In another instance, Vivy was criticised for making comments about paying herself a large salary, which many saw as insensitive given the economic challenges many were facing during the pandemic.

As a public figure, Vivy’s personal life also often became a point of discussion. Her online persona, which was very open and personal, sometimes drew attention to her family and lifestyle in ways that led to mixed reactions.

Vivy’s strong presence on social media, which had initially worked to her advantage, also became a double-edged sword. Her personal brand, which was intertwined with her business ventures, suffered when she became a polarising figure due to her controversial statements.

While some continued to support her, others became increasingly critical, leading to a fractured public image. Her many businesses which include FashionValet and The dUCk Group were not immune to operational and financial challenges.

Both companies faced difficulties related to scaling, competition in the retail space, and increasing operating costs. Some reports have pointed to financial difficulties, especially in a climate where the global pandemic affected retail sales, and consumer behavior shifted toward online shopping, putting pressure on established businesses.

In 2021, Vivy’s role in the day-to-day operations of FashionValet and the dUCk Group was also questioned after the companies restructured and hired external management.

Vivy acknowledged this and stepped back to focus more on the strategic side of the business rather than its day-to-day operations.

Amid recent allegations of fraud, many people in the Malaysian public started viewing Vivy as a symbol of excessive wealth and privilege, particularly when compared to the struggles faced by everyday Malaysians.

Her failure to address or respond adequately to these criticisms in the eyes of some has led to a a fall from grace narrative. The question I guess on everyone’s mind is, was Vivy oblivious to the inner-workings of her own businesses and concetrated too much on her personal branding instead?

Despite all the recent allegations heaped against her, Vivy seems to remain a resilient figure, continuing to lead her businesses while attempting to rebuild her public perception, claiming trial to recent charges of fraud.

The "fall" of Vivy, while real in some respects, is part of a broader narrative of a rapidly changing Malaysian public landscape that is more critical of those in the public eye, especially those of privilege and excessive wealth.

Vivy’s story is also a steep lesson in how much is actually too much, overconsumption and how the price of privacy is actually higher than popularity.