As 2026 approaches, Valiram Group has made one of the most significant moves in its long history. The group has reportedly emerged as a new equity partner in The Exchange TRX, acquiring a 40% equity stake previously held by Lendlease, together with the entire 60% stake in the adjacent TRX Campus building.
The transaction is estimated at around RM1.1 billion and is expected to be completed in the second half of the 2026 financial year, subject to regulatory approvals.
This move marks a clear transition from tenant and retail operator to co-owner of strategic commercial infrastructure.
A Bold New Chapter for Valiram
TRX is not just another shopping mall. In its first year of operations, The Exchange TRX recorded RM2.64 billion in sales and attracted 45 million visitors, quickly establishing itself as one of Malaysia’s most successful lifestyle-led commercial destinations.
For Valiram, taking an ownership position in TRX is a strategic extension of what it already understands best. Retail today is no longer only about stores and products. It is about experience, location, ecosystem, and longevity.
By investing directly into a landmark district that integrates retail, lifestyle, and commercial activity, Valiram places itself at the centre of a high-performing urban environment with long-term relevance.
A Name You May Not Know, But Brands You Certainly Do
While the Valiram name may not always be front-facing to consumers, its influence across Asia Pacific retail is unmistakable.
Source: TATLER
The group has been responsible for introducing and growing global brands such as Michael Kors, Coach, Victoria’s Secret, Fossil, Tissot, Bath & Body Works, Swarovski, Kate Spade New York, and Tumi across the region.
These partnerships did not happen overnight. They were built through decades of execution, trust, and the ability to localise international brands while preserving their global identity.
Humble Beginnings In Kuala Lumpur
Valiram’s story began in 1935, when the business was founded in Kuala Lumpur by Utumal Valiram as a small trading company importing textiles and sundries. The company’s defining transformation, however, came under the leadership of his son, Datuk Jethanand Utumal Valiram.
At just 16 years old, following the sudden passing of his father, Jethanand was thrust into leadership. While most teenagers were focused on school and youthful ambitions, he became the family patriarch almost overnight. From that moment on, he dedicated his life to building, protecting, and expanding the family enterprise with discipline and foresight.
Under Datuk Jethanand’s leadership, Valiram expanded beyond textile imports and wholesale into yarn manufacturing, fabric production, and garment re-export. This shift reflected an early understanding of global supply chains and the importance of controlling value creation.
The Pivotal Shift Into Luxury Retail
A turning point came in 1990, when a chance encounter with the then CEO of Malaysia Airports exposed Datuk Jethanand to the potential of airport-based luxury retail. He immediately recognised the opportunity, years before travel retail became a dominant channel in Asia.
In 1996, Valiram opened the world’s first textile boutique at an airport, located at Subang Airport. The concept proved highly successful and soon attracted the attention of global luxury brands.
This led to multiple new concessions at Kuala Lumpur International Airport, including a stand-alone Dunhill boutique.
What followed was effectively Valiram’s second growth phase, one that repositioned the group from a textile enterprise into a serious luxury retail operator.
Expanding Through Crisis, Not Despite It
When the Asian Financial Crisis struck in 1997, many companies scaled back or exited entirely. Valiram took a different path.
Under Datuk Jethanand’s steady stewardship, the group expanded into travel and downtown retail, laying the foundations for regional growth. By 2001, Valiram launched the multi-brand Swiss Watch Gallery at Penang International Airport. Soon after, it added brands such as Coach, Montblanc, Hermès, and Godiva to its growing portfolio at KLIA.
In 2004, the group expanded into Singapore with a Bally store at Changi Airport, marking a decisive step beyond its home market. By 2015, Valiram reported annual turnover of RM2 billion, supported by consistent growth, providing clear evidence of long-term planning and disciplined execution.
From Retail Operator To Strategic Brand Partner
As retail evolved, so did Valiram. The group moved beyond managing physical boutiques and invested in end-to-end brand ecosystem management, covering marketing strategy, visual merchandising, customer experience, data analytics, and performance optimisation.
This approach repositioned Valiram from a retailer to a long-term strategic partner for global brands seeking sustainable growth in Asia Pacific markets.
Today, Valiram operates more than 350 stores across nine markets, including Malaysia, Singapore, Indonesia, Australia, Thailand, Hong Kong, Macau, Vietnam, New Zealand, and the Philippines.
Its portfolio spans fashion, watches, jewellery, beauty, fragrance, food and beverage, and e-commerce, alongside proprietary retail concepts such as Swiss Watch Gallery, The Flying Emporium, Luxury Fashion, Vie Beaute, and Flow.
A Legacy Carried Forward
Datuk Jethanand Utumal Valiram remained closely involved in the business as chairman and advisor until his passing in 2017, offering guidance shaped by decades of experience, discipline, and long-term perspective. His leadership style was anchored in patience, foresight, and a deep understanding of when to evolve and when to stay the course.
That philosophy continues today under the leadership of the third generation, Sharan, Ashvin, and Mukesh Valiram. While the operating environment has changed dramatically, their approach remains consistent with the group’s heritage.
From a small textile shop in Kuala Lumpur to a regional luxury retail leader, and now a stakeholder in one of Malaysia’s most important commercial districts, Valiram’s journey has been defined by clarity of purpose and generational thinking.With nearly a century behind it, the group’s move into TRX feels less like a risk and more like a continuation of a familiar principle; invest early, think long, and build for relevance that lasts beyond a single generation.
Sources: 1| 2| 3| 4
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