The Naked Brand Group specialises in swimwear and intimate apparel in their design, manufacturing, and marketing processes. Formed out of a merger between Naked and New Zealand company Bendon Limited in 2018, the combined group runs a portfolio of ten individually licensed brands, including Bendon, Naked, and Davenport. Naked has struggled against mounting losses and a declining share price for several years, but in January 2021, the shares began to be recommended on social media, soaring 600% in a few days. Naked has responded to this in some slightly unusual ways.
Following years of disappointing results, and not having seen a profit since 2015, in 2021 Naked announced its intention to completely divest itself of bricks and mortar retail stores, instead focusing solely on eCommerce sales. CEO Justin Davis-Rice used the proceeds of this sale to pay off the group’s debts. More bizarrely, he also announced Naked’s intention to merge with electric car manufacturer Cenntro Automotive Group. Cenntro produces autonomous electric vehicles and has shipped more than 3000 vehicles to over 30 countries. It is not easy to see why the two business lines belong together in a single group, and though in many parts of the world eclectic conglomerates are the norm rather than the exception, this has not won Naked the support of institutional investors.
Retail investors may be excited by the company, but Naked shares have lost over 99% of their value between their 2015 IPO and 2021. Not surprisingly considering such extreme volatility, only a tiny fraction of Naked’s shares are held by institutional investors, and the largest such shareholder is Morgan Stanley with a 0.13% stake.
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Naked does not pay dividends to investors.
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