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Singapore’s Naiise all but collapses under debts

Singapore gift and homewares chain Naiise has closed its last store – the Iconic at Jewel Changi Airport – suggesting the end of the eight-year-old brand. 

Multiple sources say Naiise has collapsed due to its inability to paying debts to suppliers, and weak sales in the wake of the Covid-19 pandemic. Opened in May 2019, Naiise Iconic at Jewel Changi was considered one of the company’s biggest investments, unknowingly made at the wrong time – just before Covid hit. 

Last year, the retailer fielded multiple complaints from vendors accusing of defaulting payments. At the same time, Naiise’s co-founder Amanda Eng reportedly quit her role in the company. 

According to Today, Naiise owes up to US$7500 to vendors, many of whom have ended their relationship with Naiise and given up claims on the grounds the legal process is too costly and time consuming. 

“My game-publishing studio has been a vendor of Naiise since 2015 and we have been owed money since 2018,” said Lye Wen Song Xeo, co-founder of Capital Gains Studio wrote on Facebook. “Promises made to repay have all been broken again and again and we had no choice but to pull our games out early last year.”

“Covid-19 has been very hard on many of our distributors and I appreciate those distributors that came clean with us and honestly shared with us their problems and what their plans [were] if they are unable to pay us. However, shirking responsibilities and not coming clean with your vendors is honestly… not Naiise,” said Xeo.

Despite its physical stores closing, Naiise continues to trade online and at a Kuala Lumpur outlet. Founded in 2013, Naiise had six stores in Singapore and Malaysia. 

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