Kuala Lumpur’s Business Power Players and Rising Stars
From Dr. Nazri Mokhtar’s pioneering Nara Clinic to Alia Bastamam’s trailblazing fashion label, Kuala Lumpur’s luxury industry is experiencing a transformative wave — with powerhouses redefining wellness, fashion, hospitality and gastronomy.
Kuala Lumpur’s business and luxury landscape is undergoing a remarkable transformation, driven by a dynamic blend of emerging entrepreneurs and established industry giants. From pioneering ventures in finance and fashion to innovative startups in beauty and gastronomy, these Kuala Lumpur-based companies are not only reshaping the city’s economy — they are positioning it at the forefront of regional markets. These power players and rising stars are setting new standards, disrupting industries, and spearheading trends that ripple far beyond Malaysia’s borders. Be it building homegrown empires or game-changers that are challenging the status quo with fresh, ground-up initiatives, their influence is unmistakable.
As Kuala Lumpur’s business ecosystem evolves, a surge of innovation is emerging across key sectors — finance, food, fashion, and beauty. With both established financial institutions and bold new startups, these companies are reshaping the city’s economic landscape and reinforcing Malaysia’s growing global prominence.
Beauty/Wellness
Dr Nadzri Mokhtar’s Wellness Ventures
According to projections, the global wellness industry is estimated to reach USD 1.5 trillion by 2025 while the global skincare market is expected to grow by USD 189.3 billion, driven by increasing consumer demand for innovative and effective skincare solutions. A pioneer in this space is Dr Nazri Mokhtar — a notable figure in Malaysia’s luxury beauty and wellness industry, particularly in the field of functional medicine. His role as the chief medical doctor at Bangsar’s Nara Clinic has shaped the local wellness industry and made Nara Clinic a high-end destination for socialites and discerning clients seeking advanced, holistic treatments. As a pioneer in oxygen bath therapy and homeopathic wellness, Dr Nazri takes a functional medicine approach, focusing on treating root causes rather than just symptoms. His expertise extends to autoimmune diseases, making him a sought-after practitioner for those looking for long-term, integrative health solutions. His clientele includes high-profile figures who trust him for both medical and aesthetic treatments.
In the broader luxury men’s wellness space, Apollo Men’s Wellness in Starhill Gallery is defining a new era of high-end self-care for men. These establishments cater to an elite clientele with bespoke treatments that go beyond traditional grooming, offering specialised wellness solutions tailored for modern, high-performing men. This sector is experiencing a boom in Malaysia, particularly in KL’s affluent circles, as more individuals seek personalised, science-backed treatments that blend luxury with longevity. Figures like Dr Nazri Mokhtar are leading this evolution, positioning Malaysia as a growing hub for functional and aesthetic wellness. The demand for luxury wellness treatments in KL is mirrored globally, with markets such as the US and Europe also witnessing a surge in functional wellness. Malaysia — with its strategic geographical location and relatively untapped wellness potential — is now being recognised as a hub for the wellness tourism sector, attracting high-net-worth individuals from around the world.
Read More: 8 Malaysian Beauty Brands Creating Local and Global Buzz
Lee Tim Koh’s Paloma Skincare
Southeast Asia is rich in traditional ingredients and medicinal practices, offering a wealth of revitalising and soothing elements that are often overlooked by the dominant Western and East Asian beauty brands currently controlling the market. While the adoption of Asian and South Asian wellness practices by Western beauty brands has been ongoing for some time, the limited coverage has left room for local brands to reclaim Asia as the birthplace of holistic wellness. Enter Paloma Skincare. Southeast Asia’s skincare market is set to grow at a compound annual growth rate (CAGR) of 6.9 percent, and Paloma’s positioning of itself as a local luxury skincare brand is a response to this surge in demand.
Paloma Skincare is a Malaysian skincare brand co-founded by model, influencer and entrepreneur Koh Li Tim — aiming to showcase Southeast Asia’s rich biodiversity through nature-focused products. The brand emphasises the use of local superfoods and adaptogens — such as herbs and fruits native to the region — to create effective skincare solutions. Their flagship product — the “24/7 Repair Serum” — combines ingredients like Vitamin C, Vitamin E, and fermented rice extract to rejuvenate dull skin.
Koh Li Tim is also a director at Environment Design Consultants (EDC International), a firm renowned for designing luxury hotel interiors — including the Park Hyatt in Ho Chi Minh City, Avani by Anantara in Bangkok, and Anantara Desaru Coast Resort & Villas in Johor. His father, Vincent Koh, established and leads EDC International, instilling a design philosophy that balances aesthetics with a comprehensive design experience. Drawing from his background in automotive design and his family’s design legacy, Koh Li Tim brings a unique perspective to both his architectural projects and Paloma Skincare. His personal experiences with traditional Chinese medicine — influenced by his grandmother’s herbal remedies — inspire Paloma’s mission to integrate Southeast Asian superfoods into modern skincare. Through Paloma Skincare, Koh Li Tim aims to elevate regional ingredients and traditional practices to the global stage, offering products that are both culturally rich and scientifically formulated.
Travel/Hospitality
YTL Hotels
The Malaysian luxury hospitality market is experiencing rapid growth, with projections showing a 5.2 percent annual increase in luxury travel spend globally, reinforcing YTL’s strategic positioning. YTL Hotels, part of the YTL Corporation, has been a defining force in Malaysia’s luxury hospitality sector, setting the benchmark for refined hospitality with properties such as The Majestic Hotel Kuala Lumpur and Pangkor Laut Resort. Unlike international franchises, YTL has successfully cultivated a distinctly Malaysian luxury experience while expanding globally. Its portfolio includes exclusive resorts in the UK, Japan, and France, proving that Malaysian hospitality can compete at the highest levels of the luxury market. With ongoing expansions and a commitment to sustainable tourism, YTL Hotels remains a dominant player in high-end travel.
The RuMa Hotel and Residences
The RuMa Hotel — part of the Zubair Group’s portfolio — is taking Kuala Lumpur’s luxury tourism to new heights. Since its inception, the RuMa Hotel has attracted the attention of both local and international investors, thanks to its unique offering that blends local luxury with modern sophistication. As part of the Zubair Group’s luxury portfolio, The RuMa represents a strategic move to capture the high-end segment of the city’s fast-growing tourism and business sectors. From a business perspective, the success of The RuMa can be attributed to its ability to cater to multiple market segments with finesse. The property not only serves as a luxury hotel for short-term guests but also integrates residential offerings with its premium serviced residences. This dual approach allows the brand to target both transient visitors and long-term residents, making it a versatile addition to Kuala Lumpur’s competitive luxury real estate market. By offering this combination of hotel services and long-term accommodation, The RuMa diversifies its revenue streams, ensuring a sustainable business model that appeals to a wider audience.
The hotel has strategically positioned itself as more than just a place to stay — it has become an exclusive lifestyle brand. Its high-end dining concepts — including the celebrated ATAS restaurant — are central to its identity, attracting the luxury-focused clientele that KL’s business district thrives on. The focus on sophisticated culinary experiences and curated events not only enhances the hotel’s profile but also contributes significantly to its revenue generation. For The RuMa, food and beverage offerings are not just a service; they are part of the hotel’s branding strategy to attract top-tier clientele, including business moguls, high-net-worth individuals, and diplomats, who seek more than just a hotel room — they want an experience. As global business and tourism in Kuala Lumpur continue to grow, properties like The RuMa are positioned to thrive in an increasingly competitive international market, helping position Malaysia as a desirable destination for high-net-worth individuals from around the globe. This expansion contributes not only to Malaysia’s global brand equity but also to the growth of the tourism sector, which contributed approximately MYR 80 billion (USD 18.9 billion) to Malaysia’s GDP in 2022, according to the Tourism, Arts and Culture Ministry.
TRX City Sdn Bhd
The Exchange TRX is more than just a luxury retail and lifestyle destination — it is a strategic pillar in Kuala Lumpur’s evolution into a global financial hub. As part of the larger Tun Razak Exchange (TRX) development, which aims to position Malaysia as a premier financial centre, The Exchange TRX brings together high-end retail, fine dining, and experiential luxury in a way that redefines the city’s commercial landscape. The development’s strategic location and world-class amenities help it align KL with other major retail destinations like Singapore’s Orchard Road and Tokyo’s Ginza district. TRX is also contributing to Malaysia’s economic growth by attracting foreign direct investment (FDI). In 2023, the Malaysian retail sector saw an increase in FDI, largely driven by the strategic positioning of developments like TRX. The complex’s impact on local employment and its contribution to the national GDP reinforces the role of luxury retail in Malaysia’s economic strategy.
With over 400 international brands, including first-to-market luxury labels and flagship stores, The Exchange TRX sets a new benchmark for retail in Malaysia, aligning Kuala Lumpur with major global shopping destinations. The integration of the 10-acre TRX City Park into the development further elevates its appeal, merging urban sophistication with nature to offer a dynamic environment for high-net-worth individuals, corporate executives, and international visitors. The Exchange TRX is a case study in how luxury retail developments can serve as economic catalysts. Its presence strengthens Malaysia’s position as a prime destination for global investors, attracting major luxury brands that are keen to capitalise on the spending power of both local elites and international visitors. This, in turn, fuels job creation and economic activity across the retail, hospitality, and service sectors.
Fashion
Alia Bastamam
Alia Bastamam stands as a defining figure in Malaysia’s luxury fashion scene, making her an essential inclusion amongst KL’s power players. Since launching her eponymous brand in 2010, she has successfully navigated the industry with a focus on made-to-measure designs, evolving into a powerhouse of luxury ready-to-wear, particularly in resort-centric fashion. Her ability to merge femininity, strength, and sensuality in her designs has cemented her reputation among Malaysia’s elite, with her pieces becoming synonymous with merging local traditional silhouettes with an ease of modern glamour.
Beyond aesthetics, Alia Bastamam’s brand exemplifies the business acumen required to thrive in Malaysia’s competitive luxury landscape. Winning “Designer of the Year” at KL Fashion Week in 2017 and securing “Decade of Excellence” and “Brand of the Year” at the inaugural KL Fashion Awards in 2021 showcases her brand’s longevity and sustained influence. With the introduction of ALIA B. — a more accessible yet equally refined extension of her brand — she demonstrates a keen awareness of market segmentation, ensuring her influence extends across different luxury consumer tiers.
Her success story reflects Kuala Lumpur’s growing prominence as a hub for high-end fashion, proving that homegrown brands can command regional and international attention. By maintaining a sharp eye on fine quality, staying attuned to evolving fashion trends, and prioritising design longevity, Alia Bastamam continues to shape Malaysia’s luxury landscape. The ASEAN luxury fashion market — worth approximately USD 19.5 billion in 2023 — continues to grow, and Alia Bastamam’s consistent positioning in this space helps cement Malaysia’s status as a rising fashion capital in Southeast Asia. According to a 2023 report from the Fashion and Textile Association of Malaysia (FTAM), the Malaysian fashion industry is expected to grow by 10 percent annually, contributing over MYR 5 billion (USD 1.2 billion) to the national economy by 2025. This growth is driven by both local designers like Bastamam.
Gastronomy
Dewakan
Malaysia’s culinary landscape is also undergoing a shift, with local chefs and restaurateurs redefining global perceptions of Malaysian food. Dewakan — led by Chef Darren Teoh — has been a trailblazer in this movement, earning recognition on Asia’s 50 Best Restaurants list. As Malaysia’s first fine-dining restaurant to focus exclusively on indigenous ingredients, Dewakan is not only attracting global gastronomes but also influencing the international food sector. The global food industry is worth USD 5.6 trillion, and Malaysia’s evolving gastronomic offerings are positioning the country as a competitive player in the high-end dining sector. Dewakan stands out for its commitment to using locally sourced, sustainable ingredients, many of which are sourced from Malaysia’s rich biodiversity. This dedication to preserving Malaysia’s culinary heritage while pushing the boundaries of fine dining has earned Dewakan not only accolades from local critics but recognition from global culinary authorities.
In 2023, Dewakan’s inclusion on the prestigious list for the third consecutive year cemented its status as a key player in the global gastronomic scene. The restaurant’s menu — which blends traditional Malaysian flavours with modern techniques — offers a unique dining experience that continues to attract international visitors. As the first fine-dining establishment in Malaysia to focus exclusively on indigenous ingredients, Dewakan is pioneering a movement that celebrates the country’s rich culinary history while elevating Malaysian cuisine to a new level of international acclaim.
The Bao Guys (TBG)
On a more accessible level, The Bao Guys (TBG) has revolutionised Malaysia’s fast food scene, turning the humble bao into a gourmet experience. What started as a bold idea from three law graduates during the COVID-19 Malaysian Movement Control Order (MCO) quickly grew into one of the country’s most talked-about fast food bao chains. With a vision to reshape the global fast food scene, TBG opened its first brick-and-mortar store in SS2 in under six months, a testament to the entrepreneurial spirit driving the brand’s success.
Specialising in premium, grab-and-go bao offerings that cater to a diverse range of tastes, The Bao Guys is more than just fast food — it is a cultural revolution, modernising a traditional food staple and tailoring it for today’s ever-evolving palates. Their menu — a curated fusion of flavours from around the world — aims to make the bao the go-to fast food across Malaysia and, eventually, the world. With plans for expansion into high-traffic locations and key Southeast Asian cities, TBG is on a fast track to global recognition. The brand also intends to break into untapped regions in Malaysia, including Terengganu, Perlis, and Kelantan, where competitors are absent, allowing TBG to introduce its offering to new audiences. The brand’s commitment to expansion is further demonstrated by its efforts to establish a presence in East Malaysia, an area largely untouched by competitors.
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