Naiise, once a standout in Singapore’s retail landscape, was founded in 2013 by Dennis Tay with an initial investment of SGD 3,000. The company was designed to champion local designers and artisans by offering a platform to display and sell their works.
Many successful companies start small, and Naiise was no exception. But financial troubles forced it to close in April 2021. Just months later, Naiise was brought back online by WestStar Group, led by former Honestbee CEO Ong Lay Ann.
This dramatic revival serves as a reminder that strategic growth and meticulous financial management aren't just buzzwords—they're essential for survival.
So, was Naiise really not so 'nice'? Let's uncover what went wrong.