Lifestyle

Naiise Making A Comeback With New Owner; Says Sellers Will be Paid ‘Instantly’

2021-09-17 , 8:47 am

On 11 April this year, multi-label retailer Naiise closed its last outlet at Jewel Changi Airport on Sunday (11 April) due to the economic effects of the pandemic and an inability to pay vendors.

Once a huge platform for local designers, the closure had saddened many customers and sellers.

However, since 2016, some disgruntled vendors have been complaining about delays in payments.

In any case, it seemed like it was all over for Naiise, as just four days after the closure of their last store, owner Dennis Tay filed for bankruptcy.

But guess what? Naiise is back.

Naiise Making A Comeback With New Owner

Just like Britney Spears did several times in her career, Naiise is making a comeback.

In an Instagram post yesterday, the local retailer announced that its online marketplace has been acquired by WestStar Group.

View this post on Instagram

A post shared by Naiise (@naiise)

“Under new ownership, the priority will be to build and improve on the Naiise platform to ensure its long-term sustainability and scalability for a wider creative ecosystem,” the post said.

“Naiise will also continue to pursue its commitment in championing local designs, creatives and artisans.”

Launched Online Store With Over 500 Merchants, Sellers Will Be Paid “Instantly”

Naiise launched its new online store yesterday at 9pm, with products from a vast array of local brands.

“Besides home, fashion, beauty and lifestyle, Naiise will also feature more hyper-local, eco-friendly and independent international brands in the coming months,” it said.

“Over 500 merchants will be featured gradually on the platform, as well as debut from new brands”.

Naiise said its new platform allows sellers to be “paid instantly” upon every successful order fulfilment.

It’s also working on a “buy now, pay later” concept.

Now, if you’re wondering why Naiise has to emphasise this point, we’ll have to delve into history.

A Sketchy History

Last year, when Naiise was closing its stores one by one, more than 100 vendors joined a Facebook group called “Naiise Vendors” to discuss approaches to retrieve their money.

The Naiise of the past operated on a consignment basis where suppliers do not get any money for products placed at the Naiise shopfronts.

Only when an item is sold will the supplier earn money from the sales, minus the cut that Naiise takes, which was reportedly thirty to forty per cent.

The disgruntled vendors claimed they were owed amounts ranging from S$1,000 to S$10,000, and said that their calls to Tay have not gone unanswered for long periods.

Some vendors reportedly chose to write off their debts, as hiring a lawyer or debt collector would have been too time-consuming and costly.

At the time, Tay said that Naiise “never recovered” from the pandemic.

“I cannot apologise enough to the brand partners whose trust I’ve misplaced, and to whom monies are still due. I assure you all that the situation remains so because of an inability to pay, and not unwillingness,” he said in April.

In the process of trying to keep his business afloat, he’d exhausted his savings and borrowed heavily from banks, which is why he later had to file for personal bankruptcy.

He accepted blame for the store’s demise, though, saying the fault was his alone.

A Quirky Store Known for Selling Locally-Designed Products

For those who don’t know, Naiise was known for selling products such as clothing and shoes by Singapore designers, as well as quirky items such as kueh-shaped cushions.

It was founded as an online store in 2013 and the company opened its first physical store two years later.

At one point, it had six stores in Singapore and Malaysia but had to eventually close all of them.

So, I guess, in a way, you can say that Naiise is returning to its roots.