Domestic multi-label retail chain Naiise closes its last and largest point of sale at Jewel Changi Airport this Sunday due to “a continuous struggle to pay suppliers. ”
This news came after a series of store closures last year. In the first half of 2020, it looks like closed three physical outlets. This included his Paya Lebar Quarter branch, which he has expired lease.
Both Jewel Changi and Quarter Paya Lebar airports opened only in 2019, which meant it was only operational for about two years.
Not long before that, she had Naiise as well prematurely retired as a retail showcase operator Design Orchard with the Textile-Fashion Federation, citing the impact of Covid-19’s impact on the economy and its business.
He was previously appointed curator and ground floor space manager at Design Orchard at least until January 2022; and the withdrawal followed a series of cost-cutting measures, which included halving the number of employees early last year.
His financial struggles date back to 2016
Naiise’s problems have existed long before the pandemic.
Earlier in January 2020, it was announced that some domestic brands were withdrawing from its online and physical stores due to payment delays up to a year. Some even owned thousands of dollars in sales.
Goods in Naiise are sold on a consignment basis, which means that suppliers are paid only for items sold, excluding a commission of between 30 and 40 percent.
The firm later apologized, saying it had its own cash flow problems because its debtors paid it late.
Separately, this was revealed by another report for 2018 Naiise has not paid in advance since 2016. Founder Dennis Tay explained that the delay in payments to suppliers was due to the loss of key personnel and the slow transition from startups to a full-fledged company.
The growing complaints against Naiise are in stark contrast to his previous public image a success story on the sluggish retail scene and a champion of local designers.
In fact, Naiise has always been touted as the largest platform for local designers. It provided a platform for local brands and was a place for unusual products with Singapore-themed products, such as queue-shaped pillows and T-shirts with Singlish slogans.
It was founded as an online store in 2013, and started physical stores two years later. Since January 2020, Naiise has had five outlets in Singapore and overseas in Kuala Lumpur.
However, a recent check on his website showed only Jewel Changi Airport as the remaining exit.
Image shown: Naiise