We despatched Vivy Yusof our burning questions after studying her e-book, she really answered

She continued, “I needed to share to younger individuals particularly a glimpse of what it’s prefer to be an entrepreneur, as a result of most of the time, social media offers solely a fraction of the attractive highlights. The uglier elements, the errors, the pains, the navigating the unknown elements—individuals don’t discuss that a lot, so I needed to do it.”

What would she change about her previous decade?

All through the e-book, Vivy candidly addresses points and errors she made as an entrepreneur, significantly with FashionValet.

So, realizing what she is aware of now, would she have approached the corporate any in another way?

“Actually, I wouldn’t have modified something,” she answered. “FashionValet was wanted to assist elevate all the native manufacturers ecosystem in Malaysia.”

However she would later add:

“In hindsight, what I might’ve performed in another way was to determine the way to finance the manufacturing and advertising and marketing for native manufacturers with bigger establishments who can help, as a result of that was the principle downside in scaling native manufacturers—the competitors from worldwide manufacturers establishing store in Malaysia is robust till as we speak.”

On high of that, she would have performed extra retail activations to introduce native manufacturers and educate the general public. That is as she is aware of now that greater than “seeing is believing”, “touching is believing”. Being on-line is just not sufficient.

“However doing that usually was extraordinarily expensive,” she commented. “As you already know, opening shops requires numerous capital expenditure and long-term leases with landlords. To try this when provide wasn’t assured was a threat FashionValet took, within the hopes of rising different SMEs.”

So, after a decade of doing their finest, she felt prefer it was time for the group to bow out.

“I do hope somebody can work out the way to scale this higher than us, and do a brand new model of FashionValet—if that occurs, I’d be joyful to help and record our personal manufacturers with them,” she mentioned.

What was ending FashionValet’s 10-year run like?

Whereas Vivy does share about FashionValet’s closure within the e-book, we needed to be taught extra about what her mindset was like main as much as it.

“It was in our minds for over a 12 months, however we would have liked to offer it extra likelihood—we tweaked numerous issues in that interval to search for options,” Vivy mentioned.

FashionValet has been a platform that benefited many native style firms and serviced many shoppers in Malaysia and past, so Vivy and her workforce naturally needed to make issues work.

“However on the finish of the day, mentors at all times inform us if one thing doesn’t work, finish it quick,” Vivy mentioned. “We had our responsibility to the general enterprise to verify the expansion was wholesome and worthwhile, so if we simply can’t make one thing worthwhile, as entrepreneurs, we needed to chew the bullet and let it go.”

Vivy additionally shared that there was a transition committee at FashionValet and an in depth plan in place. The workforce purposely needed it to be a gradual transition, as she believes no change ought to be a sudden and abrupt one.

Why was there no public assertion when FashionValet shut down?

Believing {that a} extra full model expertise for each dUCk and LILIT. would require their very own web sites and apps, the workforce thought it will be finest to introduce the shoppers to these platforms, whereas nonetheless holding FashionValet’s web site up and operating so the client expertise wouldn’t see an abrupt change.

“By the point we introduced [the closure] on the FV web site, 90% of our clients had already migrated to the manufacturers’ web sites/apps so we have been assured no main announcement was wanted,” Vivy shared.

She believes that the speculations that got here have been principally outdoors of the manufacturers’ buyer base, from “a few detractors eager to create a much bigger drama”.

“Enterprise unit pivots are frequent in any firm, however the nature of my public persona is that it will be amplified and I settle for that,” she mentioned. “I attempted my finest to reply each question, and we did this with numerous media interviews.”

How has the corporate been doing after this pivot?

“Our profitability has positively improved and now we’re centered on scaling the manufacturers to a world degree,” Vivy instructed us.

“Nevertheless, we have been hit shortly after by the worst occasions for retail business—pandemic, inflation, the struggle in Ukraine affecting the availability chain, rising oil costs that affected all our prices.”

Whereas this stuff have affected the group’s plans, Vivy shared that the workforce is able to scale as soon as the market improves.

As for now, Vivy has no touch upon any future plans (whether or not or not it’s IPO, expansions, or no matter else), however promised to maintain us posted on any information.

What’s going to the subsequent decade appear to be?

Even the title of the e-book, The First Decade, makes for an ideal lead-up for one more title, maybe The Second Decade?

Nicely, it is likely to be just a little too quickly to say.

“After nearly a two-year strategy of writing and launching this e-book, I’m simply having fun with the fruits of my labour,” Vivy mentioned.

The entrepreneur has had a e-book tour in Malaysia, and not too long ago in Singapore. Transferring ahead, she shared that she is simply excited to launch the e-book in different markets and meet the readers there as properly.

That is particularly as she needs The First Decade to be a world e-book that entrepreneurs in all places can relate to.

“Having mentioned that, I really like writing and wouldn’t be shocked if I get up sooner or later wanting to put in writing one other e-book, so we’ll see!”

Whereas erring on the facet of warning by way of the worldwide market, Vivy shared that the corporate will promise an equally thrilling array of modest style collections and collaborations for each dUCk and LILIT. this 12 months.

The group has simply accomplished a serious tech revamp throughout its web sites and apps, and shall be rolling out new options to additional merge and combine its on-line and offline expertise.

“As our imaginative and prescient is to turn out to be a world group of modest style manufacturers servicing a possible of 1 billion Muslim females on the market, we’re at all times looking out to spend money on different manufacturers that match our ambitions and worth,” she concluded.

On the finish of our interview, she quipped that if there have been any firms, her Instagram DMs are at all times open.

• Be taught extra about The First Decade: My Journey from Blogger to Entrepreneur right here.
• Learn extra articles we’ve written about Vivy Yusof right here.

Featured Picture Credit score: Vivy Yusof