Malaysian luxury lifestyle and retail group Valiram deepens its network in ASEAN with over 85 percent of the group’s business contribution coming from ASEAN markets. Leveraging on its long-time banking partner HSBC’s strong geographical presence across the region, Valiram has scaled up its business from a textile merchant in Kuala Lumpur, Malaysia to emerge as Southeast Asia’s leading luxury and lifestyle retail specialist that it is now.
The Valiram business is progressive and agile that it was able to capitalise on digital technology to quickly adapt to and mitigate the limitations brought about by the Covid19 pandemic. The Covid-19 restrictions – from the closure of their stores to travel bans and regulatory changes – saw the group pivot their business and remain agile, making the right timely changes with speed.
Since the start of the pandemic, Valiram has expanded their retail offering across many of their luxury products through e-commerce platforms. Its Valiram 247 initiative offers consumers the ease of shopping anywhere, and at anytime, 24 hours 7 days a week.
HSBC and the family-owned business enjoy a long-time financial partnership, going back to 1982 when Valiram first started its imports of luxury goods. HSBC was the first bank that understood Valiram’s unique requirements to fund advance payment financing to their suppliers such as providing them with revolving credit, trade loans, bank guarantees, foreign currency exchange in other countries where they are present, and more throughout the years.
Karel Avni Doshi, Country Head of Corporate, Commercial Banking, HSBC Malaysia said: “With close to 40 years of business relationship and counting, we at HSBC truly value Valiram as our long-term customer. This solid partnership is reflected well in HSBC’s support to Valiram as it achieves its tremendous growth potential in ASEAN, especially now that Valiram is strengthening its foray into e-commerce. Given HSBC’s robust digital banking portfolio, we have the right capacity and capability to offer Valiram exactly what it needs for further e-commerce expansion within the ASEAN region.”
Sharan J Valiram, Executive Director of Valiram said: “We could have never imagined throughout our journey that our Banking Partner will play such an important role in helping us pivot our business from brick and mortar retail to an omni-channel presence.”