Beleaguered Singapore retailer Naiise makes comeback as online platform after 5 months
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[SINGAPORE] Five months after it stopped operations, homegrown retailer Naiise is making a comeback online on Thursday after being acquired by the Weststar Group.
WestStar Group is an investment firm founded by Ong Lay Ann, formerly the chief executive of now-insolvent Honestbee.
Naiise, best known for stocking products by local designers, creatives and artisans, announced the acquisition on its Instagram and Facebook pages on Thursday morning, adding that its website will go live on the very day at 9pm.
The multi-label retailer had stopped operations on April 14 three days after it closed its Jewel Changi Airport store, and following years of payment delays to its vendors.
Among its creditors were hundreds of vendors owed sums from a few hundred dollars to tens of thousands, banks and former employees.
Besides putting Naiise into liquidation, its founder Dennis Tay also filed for personal bankruptcy.
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Naiise offered assurances to would-be vendors in its post on Thursday, saying that its "new and improved online marketplace platform allows sellers to be paid instantly upon every successful order fulfilment".
In the post, Mr Ong said: "To show its commitment in supporting local businesses, Naiise is extending an exclusive invitation for merchants, which includes waiver of listing fees and reduced last mile delivery rates, till Dec 31, 2021."
The announcement did not make mention of what would happen to the creditors who were owed.
Naiise said it will gradually introduce over 500 merchants and debut new brands on the platform, including "more hyper-local, eco-friendly and independent international brands".
Along with a new incubator model for up-and-coming designers, "buy now pay later" concepts are also in the works.
Mr Ong added: "The creative ecosystem is fragmented and the re-introduction of Naiise marketplace will allow both consumers and merchants to connect through a dedicated platform.
"I encourage consumers to support these local designers, creatives and artisans through this difficult period and beyond."
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