Naiise makes online comeback after acquisition by WestStar Group

Local multi-label retailer Naiise made an online comeback at 9 pm yesterday, five months after it ceased operations. According to Naiise's Instagram post, this comes following its acquisition by investment firm WestStar Group, which included its online market platform, trademark and social media accounts. MARKETING-INTERACTIVE has reached out for the value of the acquisition and its plans to market the relaunch.

Naiise said that under new ownership, its priority will be to build and improve on the online platform to ensure its long-term sustainability and scalability; while continuing to pursue its commitment in championing local designs, creatives and artisans.

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Learning from past mistakes, the post by Naiise also explained that the new and improved online marketplace platform will allow sellers to be paid instantly upon every successful order fulfilment; with an incubator model for upcoming and incoming designers and buy now pay later concepts in the works as well.

Besides home, fashion, beauty and lifestyle, Naiise will also feature more hyper-local, eco-friendly and independent international brands in the coming months. Over 500 merchants will be featured gradually on the platform, as well as debut from new brands, the company said.

To further show its commitment to supporting local businesses, Naiise has extended an exclusive invitation for merchants, which includes a waiver of listing fees and reduced last mile delivery rates, until 31 December 2021. MARKETING-INTERACTIVE has reached out to Naiise for comment.

Ong Lay Ann, CEO of WestStar Group, said in the Instagram post by Naiise that in line with its mission of inspiring creativity and connecting communities, Naiise aspires to be at the forefront of aggregating a community that has always appreciated local designs. "The creative ecosystem is fragmented and the reintroduction of Naiise marketplace, will allow both consumers and merchants to connect through a dedicated platform," he added.

Earlier this year, Naiise saw some brands pulling out of its stores due to delays in payments and owing thousands of dollars in sales. In an article by The Straits Times (ST), homegrown brands that got on board Naiise to push their products retreated from the business, while some reduced stock count in stores. The retailer later stopped operations on 14 April 2021, three days after it closed its Jewel Changi Airport store, according to ST. At the same time, its founder Dennis Tay also filed for personal bankruptcy, explaining that it has been "an extremely difficult two years" and that the past few weeks prior to winding down have been "the darkest of [his] life", Channel NewsAsia said.

Naiise is not the only retailer to have made an online comeback. Robinsons, for example, relaunched as an online retailer months after it shut its physical store in January this year. At the same time, cosmetics retailer Sasa also partnered with eCommerce company Shopee in February last year to launch its official store on Shopee's platform in Singapore after it exited the Singapore market that same year.

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