Tuesday, April 13, 2021
Home Lifestyle S'pore Retailer Naiise To Close Its Last Outlet At Jewel Changi Airport...

S’pore Retailer Naiise To Close Its Last Outlet At Jewel Changi Airport Due To Financial Woes

Homegrown multi-label retailer Naiise might be closing its final and largest outlet at Jewel Changi Airport this Sunday because of an “ongoing struggle to pay its vendors.”

This news got here following a spate of outlet closures final 12 months. In the primary half of 2020, it has apparently shut down three bodily shops. This included its Paya Lebar Quarter outlet, which has expired its lease.

Both the Jewel Changi Airport and Paya Lebar Quarter shops had been solely opened in 2019, which meant that it was solely operational for about two years.

Shortly earlier than that, Naiise had additionally prematurely withdrawn because the operator of Design Orchard’s retail showcase with the Textile and Fashion Federation, citing the affect of Covid-19 affect to the financial system and its enterprise.

It had beforehand been appointed to curate and run the bottom ground house at Design Orchard at the very least till January 2022; and the withdrawal got here after a collection of cost-cutting measures, which included halving its headcount early final 12 months.

Its Financial Struggles Dated From 2016

Naiise’s troubles has lengthy been round since earlier than the pandemic.

Earlier in January 2020, it was reported that some homegrown manufacturers had been pulling out of its on-line and bodily shops because of cost delays of as much as a 12 months. Some had been even owned 1000’s of {dollars} in gross sales.

Goods at Naiise are bought on a consignment foundation, that means that suppliers are paid just for gadgets bought, excluding a fee charge of between 30 and 40 per cent.

The agency later apologised, saying that it had its personal cashflow points because of its debtors paying up late.

Separately, one other 2018 report revealed that Naiise has been defaulting on funds since 2016. Founder Dennis Tay reasoned that the delay in funds to distributors had been because of lack of key workers and the sluggish transition from startup to full-fledged firm.

The rising complaints towards Naiise are in stark distinction to its earlier public picture as a hit story within the sluggish retail scene and champion of native designers.

In reality, Naiise has at all times been touted as the largest platform for native designers. It supplied a platform for native manufacturers and was the go-to place for quirky and Singapore-themed merchandise like kueh-shaped cushions and t-shirts with Singlish slogans.

It was based as a web based retailer in 2013 and ventured into bodily shops two years later. As of January 2020, Naiise had 5 shops in Singapore and an abroad outlet in Kuala Lumpur.

However, a latest examine on its website solely confirmed Jewel Changi Airport as its remaining outlet.

Featured Image Credit: Naiise

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Updated on April 13, 2021 12:11 am

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