Local multi-brand retailer Naiise will close its last and largest outlet at Jewel Changi Airport on Sunday due toThe constant struggle to pay the salaries of its vendors. ”
This news came after a series of outlets closed last year. In the first half of 2020, this apparently happened Close three physical ports. This included the Paya Lebar Quarter, which he owned The lease expires.
The outlets of both Guel Changi Airport and Paya Lebar were opened in 2019, which means that they have only been in operation for about two years.
Shortly before that, it was Naiise, too Retired prematurely as the operator of Design Orchard’s retail offer With the Textiles and Fashion Federation, noting the impact of Covid-19 on the economy and its business.
Previously assigned to oversee Design Orchard’s ground floor space and operate at least until January 2022; The withdrawal came after a series of cost-cutting measures, which included halving the number of its employees early last year.
Her financial struggles go back to 2016
Naiise’s problems have been around since long before the pandemic.
Earlier in January 2020, some local brands were reported to have withdrawn from their online and physical stores due to Delay in payment Up to a year. Some even had thousands of dollars in sales.
On Naiise, merchandise is sold on a freight basis, which means that suppliers are only paid for items sold, with the exception of a commission fee of between 30 and 40 percent.
The company later apologized, saying it had its own cash flow problems due to late payment of debtors.
Separately, another 2018 report revealed this Naiise has been in default since 2016. Founder Denise Tay thought that the delay in payments to vendors was due to the loss of key personnel and the slow transition from the startup to the full-fledged company.
The growing complaints against Naiise are in stark contrast to its previous public image as A success story in a stagnant retail scene And the champion of domestic designers.
In fact, Naiise has always been described as the largest platform for domestic designers. It provided a platform for local brands and was the place to be for quirky Singaporean-themed products such as kueh pillows and Singlish logos.
It was established as an online store in 2013 and ventured into physical stores two years later. As of January 2020, Naiise has five outlets in Singapore and an overseas outlet in Kuala Lumpur.
However, a recent check on their website showed that only Gems Changi Airport was the outlet remaining.
Featured image credit: Naiise