Singapore’s Naiise all but collapses under debts

1 min readUpdated Apr 12, 2021Apr 13, 202111:07 PM

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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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What this means

Naiise’s near-collapse, burdened by supplier debt and pandemic-weakened sales, exemplifies the critical risk of expanding without robust financial controls. Their significant investment in Jewel Changi, much like other retailers expanding into prime locations pre-pandemic, became a liability rather than an asset. This pressures other niche retailers to prioritise cash flow and vendor relationships, especially given the common practice of extending payment terms. While online operations and a single Kuala Lumpur outlet persist, the brand’s reputation is severely damaged. Competitors in the homewares space, particularly those reliant on local artisan suppliers, will gain market share. The critical factor to watch next is whether the brand’s online and Malaysian presence can sustain revenue without further vendor complaints.

Maria Santos · Retail News Asia newsroom

Questions & Answers

What led to the collapse of Naiise?

Naiise collapsed due to its inability to pay debts to suppliers and weak sales, which were worsened by the Covid-19 pandemic. They also faced multiple complaints from vendors regarding defaulting payments.

How much money does Naiise reportedly owe to its vendors?

Naiise reportedly owes up to US$7,500 to vendors. Many have given up their claims because the legal process is too costly and time-consuming.

When did Naiise open its last physical store and what was its significance?

Naiise opened its last store, the Iconic at Jewel Changi, in May 2019. It was considered one of the company’s biggest investments, made just before Covid-19 hit.

Is Naiise still operating in any capacity after its store closures?

Yes, despite its physical stores closing, Naiise continues to trade online. It also still operates a physical outlet in Kuala Lumpur.

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