Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Jan. 31, 2021 | May 17, 2021 | |
Document And Entity Information | ||
Entity Registrant Name | NAKED BRAND GROUP Ltd | |
Entity Central Index Key | 0001707919 | |
Document Type | 20-F | |
Document Period End Date | Jan. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 781,704,296 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss and Other Comprehensive Income - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Profit or loss [abstract] | |||
Revenue | $ 80,039 | $ 90,065 | $ 111,920 |
Cost of goods sold | (46,147) | (56,247) | (74,480) |
Gross profit | 33,892 | 33,818 | 37,440 |
Other income | 4,223 | ||
Brand management expenses | (28,880) | (35,555) | (49,256) |
Administrative expenses | (9,556) | (11,837) | (3,432) |
Corporate expenses | (9,350) | (12,772) | (14,145) |
Finance expense | (8,214) | (5,213) | (4,041) |
Brand transition, restructure and transaction expenses | (22,527) | (14,593) | (10,075) |
Impairment expense | (4,895) | (8,904) | (8,173) |
Other foreign currency gains | 3,642 | 615 | 1,963 |
Interest income | 5 | 12 | |
Gain on sale of intangible assets | 906 | ||
Fair value loss on convertible notes derivative and warrants | (26,552) | (775) | |
Loss before income tax | (68,212) | (53,523) | (50,494) |
Income tax (expense)/benefit | (134) | (782) | 1,274 |
Loss for the period | (68,346) | (54,305) | (49,220) |
Items that may be reclassified to profit or loss | |||
Exchange differences on translation of foreign operations | (4,484) | 2,131 | (7) |
Other comprehensive (loss)/income for the period, net of tax | (4,484) | 2,131 | (7) |
Total comprehensive loss for the period | (72,830) | (52,174) | (49,227) |
Total comprehensive income/(loss) attributable to: | |||
Owners of Naked Brand Group Limited | $ (72,830) | $ (52,174) | $ (49,227) |
Loss per share for profit from continuing operations attributable to the ordinary equity holders of the Group: | |||
Basic loss per share (NZ$) | $ (0.62) | $ (34.74) | $ (200.77) |
Diluted loss per share (NZ$) | $ (0.62) | $ (34.74) | $ (200.77) |
Consolidated Balance Sheet
Consolidated Balance Sheet - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 90,925 | $ 3,791 |
Trade and other receivables | 8,134 | 6,057 |
Inventories | 16,596 | 23,539 |
Current tax receivable | 4 | |
Total current assets | 115,655 | 33,391 |
Non-current assets | ||
Property, plant and equipment | 2,977 | 3,037 |
Right-of-use assets | 18,401 | 23,809 |
Intangible assets | 22,849 | 28,293 |
Total non-current assets | 44,227 | 55,139 |
Total assets | 159,882 | 88,530 |
Current liabilities | ||
Trade and other payables | 28,728 | 22,430 |
Lease liabilities | 6,955 | 8,112 |
Borrowings | 14,493 | 19,215 |
Derivative financial liabilities | 629 | |
Current tax liabilities | 205 | |
Provisions | 870 | 5,844 |
Total current liabilities | 51,880 | 55,601 |
Non-current liabilities | ||
Lease liabilities | 14,597 | 17,719 |
Convertible loan notes | 3,002 | 19,698 |
Provisions | 1,212 | 1,796 |
Total non-current liabilities | 18,811 | 39,213 |
Total liabilities | 70,691 | 94,814 |
Net assets/(liabilities) | 89,191 | (6,284) |
Equity | ||
Share capital | 338,498 | 170,193 |
Other reserves | (4,366) | 118 |
Accumulated losses | (244,941) | (176,595) |
Total Equity | $ 89,191 | $ (6,284) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - NZD ($) $ in Thousands | Share Capital [Member] | Accumulated Losses [Member] | Foreign Currency Translation Reserve [Member] | Total |
Balance at Jan. 31, 2018 | $ 68,727 | $ (72,431) | $ (2,006) | $ (5,710) |
Loss for the year | (49,220) | (49,220) | ||
Other comprehensive income for the year | (7) | (7) | ||
Issuance new shares for cash | 40,228 | 40,228 | ||
Issuance new shares from business combination Naked | 14,196 | 14,196 | ||
Issuance new shares for the acquisition of FOH Online Corp | 6,873 | 6,873 | ||
Convertible notes converted to equity | 4,159 | 4,159 | ||
Shares issued in lieu of inventory payment | ||||
Balance at Jan. 31, 2019 | 134,183 | (121,651) | (2,013) | 10,519 |
Adoption of IFRS 16 | (639) | (639) | ||
Restated total equity | 134,183 | (122,290) | (2,013) | 9,880 |
Loss for the year | (54,305) | (54,305) | ||
Other comprehensive income for the year | 2,131 | 2,131 | ||
Issuance new shares for cash | 12,586 | 12,586 | ||
Convertible notes converted to equity | 5,979 | 5,979 | ||
Shares issued in lieu of inventory payment | 15,525 | 15,525 | ||
Warrants issued | 374 | 374 | ||
Conversion of debt | 1,546 | 1,546 | ||
Balance at Jan. 31, 2020 | 170,193 | (176,595) | 118 | (6,284) |
Loss for the year | (68,346) | (68,346) | ||
Other comprehensive income for the year | (4,484) | (4,484) | ||
Issuance new shares for cash | 93,693 | 93,693 | ||
Shares issued in lieu of inventory payment | ||||
Conversion of debt | 1,689 | 1,689 | ||
Shares issued in lieu of agreed settlement | 5,503 | 5,503 | ||
Convertible notes converted to equity and exercise of warrant exchanges | 67,420 | 67,420 | ||
Balance at Jan. 31, 2021 | $ 338,498 | $ (244,941) | $ (4,366) | $ 89,191 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Receipts from customers | $ 87,004 | $ 103,459 | $ 140,736 |
Payments to suppliers and employees | (102,431) | (123,510) | (149,750) |
Proceeds from Government wage subsidies | 2,878 | ||
Rent concessions received | 1,345 | ||
Income taxes refund/(paid) | 186 | 157 | (420) |
Net cash outflow from operating activities | (11,018) | (19,894) | (9,434) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Payments for intangible asset | (211) | (151) | |
Payments for property, plant and equipment | (1,498) | (1,294) | (2,585) |
Proceeds from sale of intellectual property or business combination, net of cash acquired | 906 | 870 | |
Net cash outflow from investing activities | (1,709) | (388) | (1,866) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issue of shares | 93,693 | 12,586 | 23,248 |
Proceeds from borrowings - Convertible notes issue | 19,309 | 21,507 | |
Repayment of borrowings - Bank | (3,400) | (2,100) | (18,489) |
Debt issuance costs | (322) | ||
Principal repayments of lease liabilities | (7,136) | (8,127) | |
Interest paid on borrowings | (1,165) | (1,768) | (2,269) |
Net cash inflow from financing activities | 101,301 | 22,098 | 2,168 |
Net increase/(decrease) in cash and cash equivalents held | 88,574 | 1,816 | (9,132) |
Cash and cash equivalents at beginning of year | 3,791 | 1,962 | 10,739 |
Effects of exchange rate changes on cash and cash equivalents | (1,440) | 13 | 355 |
Cash and cash equivalents at end of the year | $ 90,925 | $ 3,791 | $ 1,962 |
Description of Business
Description of Business | 12 Months Ended |
Jan. 31, 2021 | |
Description Of Business | |
Description of Business | 1 Description of business Naked Brand Group Limited (“the Group or the Company”) is a designer, distributor, wholesaler and retailer of women’s and men’s intimates apparel globally. The Group sells its merchandise through retail and outlet stores in New Zealand and Australia, wholesale operations in New Zealand, Australia, the United States and Europe, and through online channels. The Group operates both licenced and owned brands, including the following: Licenced brands: Heidi Klum (terminated on 31 January 2020 with specific details below), Fredericks of Hollywood Owned brands: Pleasure State, Davenport, Lovable, Bendon, Fayreform, Naked, VaVoom, Evollove, Hickory The financial report covers Naked Brand Group Limited and its controlled entities (‘the Group’). Naked Brand Group Limited is a for-profit Group, incorporated and domiciled in Australia. Events in the prior year the following significant changes occurred, of which there is further disclosure contained within this report: ● On 28 th ● On 31 st The financial report was authorised for issue by the Directors on May 18, 2021. Comparatives are consistent with prior years, unless otherwise stated. The amounts in the financial statements have been rounded to the nearest thousand dollars. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Jan. 31, 2021 | |
Basis Of Preparation | |
Basis of Preparation | 2 Basis of Preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. Naked Brand Group Limited is a for-profit entity for the purpose of preparing the financial statements. The consolidated financial statements of the Group also complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). (a) Historical cost convention The financial statements are based on historical costs, except for the measurement at fair value of selected financial assets and financial liabilities. (b) New standards, interpretations, and amendments not yet effective There are a number of standards, amendments to standards, and interpretation which have been issued by the IASB that are effective in future accounting periods that the group has decided not to adopt early. In January 2020 the IASB issued the final amendments in Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) Classification of Liabilities as Current or Non-Current – Deferral of Effective Date (Amendments to IAS 1) the January 2020 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) In May 2020, the IASB issued amendments to IAS 37, Provisions, Contingent Liabilities and Contingent Assets In May 2020, the IASB issued further amendments to IFRS 3, Business Combinations 2018 Conceptual Framework An acquirer should apply the definition of liability in IAS 37, rather than the definition in the Conceptual Framework Levies In May 2020, the IASB issued Property, Plant and Equipment – Proceeds before Intended Use, which made amendments to IAS 16. The amendments prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss. The amendments are affective for annual periods beginning on or after January 1, 2022. Early application is permitted. Management is currently assessing the impacts of the amended standard. In May 2020, the IASB issued Annual Improvements to IFRS standards 2018-2020 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
Summary Of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 3 Summary of Significant Accounting Policies (a) Going concern The financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. For the financial year ended 31 January 2021 the Group experienced a loss after income tax from continuing operations of NZ$68.3 million and operating cash outflows of NZ$11.0 million. It also is in a net current asset position of NZ$63.8 million and a net asset position of NZ$89.2 million. The losses in the year ended 31 January 2021 of NZ$68.3 million (2020: NZ$54.3 million) are NZ$14.0 million greater than in the prior year. Gross profit was maintained at NZ$33.9 million with the negative impact of lower sales as a result of COVID being offset by lower royalty costs following termination of the Heidi Klum license agreement in the prior year. All other costs were NZ$14.8 million higher with a foreign currency benefit of NZ$3.0 million and receipt of government subsidies and rent concessions of NZ$4.2 million being more than offset by a NZ$26.6 million fair value adjustment on convertible notes. The Group maintained its loan facility with the Bank of New Zealand, for the majority of the financial year ended 31 January 2021 the Group could not meet the compliance covenants. The business raised NZ$113.0 million of funds in the form of issued capital and convertible notes during the financial year to assist with the operating cash outflows and used this to repay $3.4m of the bank debt. The Group also received NZ$2.0 million in subsidies from the New Zealand Government and $0.9m in subsidies from the Australian Government as well as receiving rent concessions of NZ$1.3 million as a goodwill gesture from landlords due to COVID. Since 1 February 2021 and to the date of signing this report, the Group has raised NZ$298.3 million, in the form of issued shares and repaid the bank debt of NZ$14.5 million in full on 9 February 2021. As such, with over NZ$300 million of cash in the business and a substantially strengthened Balance Sheet the directors have no reasonable doubt that the Company has adequate resources to continue to use the going concern basis of accounting in preparing the financial statements. Furthermore, whilst global macro-economic conditions remain uncertain with continued potential impacts from the COVID-19 pandemic and divestment of the Bendon business puts the Company in a confident position to safeguard the Group’s ability to continue as a going concern. (b) Basis for consolidation Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively. When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. (c) Business combinations Business combinations are accounted for by applying the acquisition method which requires an acquiring entity to be identified in all cases. The acquisition date under this method is the date that the acquiring entity obtains control over the acquired entity. The fair value of identifiable assets and liabilities acquired are recognised in the consolidated financial statements at the acquisition date. Goodwill or a gain on bargain purchase may arise on the acquisition date, this is calculated by comparing the consideration transferred and the amount of non-controlling interest in the acquiree with the fair value of the net identifiable assets acquired. Where consideration is greater than the net assets acquired, the excess is recorded as goodwill. Where the net assets acquired are greater than the consideration, the measurement basis of the net assets are reassessed before a gain from bargain purchase recognised in profit or loss. All acquisition-related costs are recognised as expenses in the periods in which the costs are incurred except for costs to issue debt or equity securities. Any contingent consideration which forms part of the combination is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured, and the settlement is accounted for within equity. Otherwise subsequent changes in the value of the contingent consideration liability are measured through profit or loss. (d) Income Tax The tax expense/(benefit) recognised in the consolidated statements of profit or loss and other comprehensive income comprises of current income tax expense plus deferred tax expense/(benefit). Current tax is the amount of income taxes payable/(recoverable) in respect of the taxable profit/(loss) for the period and is measured at the amount expected to be paid to/(recovered from) the taxation authorities, using the tax rates and laws that have been enacted or substantively enacted by each jurisdiction by the end of the reporting period. Current tax liabilities/(assets) are measured at the amounts expected to be paid to/(recovered from) the relevant taxation authority. Deferred tax is provided on temporary differences which are determined by comparing the carrying amounts of tax bases of assets and liabilities to the carrying amounts in the consolidated financial statements. Deferred tax is not provided for the following: ● The initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit/(tax loss). ● Taxable temporary differences arising on the initial recognition of goodwill. ● Temporary differences related to investment in subsidiaries, associates and jointly controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by each jurisdiction by the end of the reporting period. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and losses can be utilised. Current and deferred tax is recognised as income or an expense and included in profit or loss for the period except where the tax arises from a transaction which is recognised in other comprehensive income or equity, in which case the tax is recognised in other comprehensive income or equity respectively. In determining the amount of current and deferred income tax, the Group takes into account the impact of uncertain income tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact the income tax expense in the period that such a determination is made. (e) Revenue and other income Sale of goods Sales of goods through retail stores, e-commerce and wholesale channels are recognised when control of the products have been transferred to the customer which is a point in time. For wholesale and e-commerce sales, risks and rewards are transferred when goods are delivered to customers, and therefore reflects an estimate of shipments that have not been received at year end based on shipping terms and historical delivery times. The Group also provides a reserve for projected merchandise returns based on prior experience. The Group sells gift cards to customers. The Group recognises revenue from gift cards when they are redeemed by the customers. In addition, the Group recognises revenue on all of its unredeemed gift cards when the gift cards have expired. (i) Sale of goods - wholesale The Group sells a range of lingerie products in the wholesale market. Sales are recognised when control of the products has transferred, being when the products are delivered to the wholesaler, the wholesaler has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the wholesaler’s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the wholesaler, and either the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the group has objective evidence that all criteria for acceptance have been satisfied. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. The estimates of discount is based on the trading terms in the contracts, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in trade and other payables) is recognised for expected volume payable to customers in relation to sales made until the end of the reporting period. The Group’s obligation to provide a refund for faulty products under the standard trading terms is recognised as a provision. (ii) Sale of goods - retail/e-commerce The group operates a chain of retail stores and e-commerce websites selling lingerie products. Revenue from the sale of goods is recognised when a group entity sells a product to the customer. Payment of the transaction price is due immediately when the customer purchases the product. It is the group’s policy to sell its products to the end customer with a right of return within 30 days. Therefore, a refund liability (included in trade and other payables) and a right to the returned goods (included in inventory if deemed saleable) are recognised for the products expected to be returned. Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date. Interest revenue Interest is recognised using the effective interest method. Other income Other income is recognised on an accruals basis when the Group is entitled to it. - Government grants Government grants are recognised in the income statement so as to match them with the expenditure towards which they are intended to contribute, to the extent that the conditions for receipt have been met and there is reasonable assurance that the grant will be received. - Rent concessions Rent concessions are recognised in the income statement and relate to changes to lease expenditure as a result of COVID. The Group has elected to utilise the practical expedient for all rent concessions that meet the criteria and credited the consolidated statement of profit or loss and other comprehensive income. (f) Brand management, administrative, corporate and brand transition, restructure and transaction expenses Corporate expenses include head office costs such as human resources, finance team and rental costs. Administrative expenses include depreciation and amortisation, as well as professional accounting fees. Brand management expenses includes other costs incurred in selling products, including advertising, design and retail store occupancy and payroll. Brand transition, restructure and transaction expenses includes costs are extraordinary costs not normally associate with trading. (g) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowing pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised as an expense in the period in which they are incurred. (h) Inventories Inventories are measured at the lower of cost and net realisable value. Cost of inventory is determined using the weighted average costs basis and is net of any rebates and discounts received. Net realisable value represents the estimated selling price for inventories less costs necessary to make the sale. Net realisable value is estimated using the most reliable evidence available at the reporting date and inventory is written down through an obsolescence provision if necessary. (i) Property, plant and equipment Plant and equipment Plant and equipment are measured using the cost model. Under the cost model the asset is carried at its cost less any accumulated depreciation and any impairment losses. Costs include purchase price and other directly attributable costs associated with locating the asset to the installation site, where applicable. Depreciation Property, plant and equipment, is depreciated on a straight-line basis over the asset’s useful life to the Group, commencing when the asset is ready for use. The estimated useful lives used for each class f depreciable asset are shown below: Fixed asset class Useful life Leasehold improvements 1 - 10 years Plant, furniture, fittings and motor vehicles 3 - 7 years At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in accounting estimate. (j) Leases The Group adopted IFRS 16 on 1 February 2019. The standard replaces IAS 17 ‘Leases’ and IFRIC 4 ‘Determining whether an Arrangement Contains a Lease’ and for lessees eliminates the classifications of operating leases and finance leases. Straight-line operating lease expense recognition is replaced with a depreciation charge for the right-of-use assets (included in operating costs) and an interest expense on the recognised lease liabilities (included in finance costs). In the earlier periods of the lease, the expenses associated with the lease under IFRS 16 will be higher when compared to lease expenses under IAS 17. However, EBITDA (Earnings Before Interest, Tax, Depletion, Depreciation and Amortisation) results improve as the operating expense is now replaced by interest expense and depreciation in profit or loss. For classification within the statement of cash flows, the interest portion is disclosed in operating activities and the principal portion of the lease payments are separately disclosed in financing activities. For lessor accounting, the standard does not substantially change how a lessor accounts for leases. During the period, the Group received rent concessions of NZ$1.3m, due to COVID-19. The Group has elected to utilise the practical expedient for all rent concessions that meet the criteria. The practical expedient has been applied retrospectively, meaning it has been applied to all rent concessions that satisfy the criteria, which in the case of the Group, occurred from March 2020 to June 2020. Rather than revaluating each lease, the Group opted to credit the consolidated statement of profit or loss and other comprehensive income as it is entitled to do under IFRS-16. Accounting for the rent concessions as lease modifications would have resulted in the Group remeasuring the lease liability to reflect the revised consideration using a revised discount rate, with the effect of the change in the lease liability recorded against the right-of-use asset. By applying the practical expedient, the Group is not required to determine a revised discount rate and the effect of the change in the lease liability is reflected in profit or loss in the period in which the event or condition that triggers the rent concession occurs. The effect of applying the practical expedient is disclosed in note 24. Right-of-use assets A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of-use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. Lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity’s incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. (k) Financial instruments Financial instruments are recognised initially using trade date accounting, i.e. on the date that the Group becomes party to the contractual provisions of the instrument. On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred). Financial Assets (i) Classification From 1 February 2018, the group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through OCI or through profit or loss), and ● those to be measured at amortised cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The group reclassifies debt investments when and only when its business model for managing those assets changes. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Debt instruments Subsequent measurement of debt instruments depends on the group’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the group classifies its debt instruments: ● Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated statement of profit or loss. ● FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the consolidated statement of profit or loss. ● FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises. Equity instruments The group subsequently measures all equity investments at fair value. Where the group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the group’s right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the consolidated statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. (iv) Impairment From 1 February 2018, the group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. (v) Subsequent measurement If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the financial assets original effective interest rate. Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss. Financial liabilities Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities depending on the purpose for which the liability was acquired. Although the Group uses derivative financial instruments in economic hedges of currency and interest rate risk, it does not hedge account for these transactions and does not have any hedged contracts in place. The Group’s financial liabilities include borrowings, trade and other payables (including finance lease liabilities), which are measured at amortised cost using the effective interest rate method. All of the Group’s derivative financial instruments that are not designated as hedging instruments are accounted for at fair value through profit or loss. (l) Impairment of non-financial assets At the end of each reporting period the Group determines whether there is an evidence of an impairment indicator for non-financial assets. Where an indicator exists and regardless for goodwill, indefinite life intangible assets and intangible assets not yet available for use, the recoverable amount of the asset is estimated. Where assets do not operate independently of other assets, the recoverable amount of the relevant cash-generating unit (CGU) is estimated. The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and the value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit or loss. Reversal indicators are considered in subsequent periods for all assets which have suffered an impairment loss, except for goodwill. (m) Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. (n) Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. (o) Trade and other payables These amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. (p) Intangibles Goodwill Goodwill is carried at cost less accumulated impairment losses. Goodwill is calculated as the excess of the sum of: i) the consideration transferred; ii) any non-controlling interest; and iii) the acquisition date fair value of any previously held equity interest; over the acquisition date fair value of net identifiable assets acquired in a business combination. Patents and Licences Separately acquired patents and licences are shown at historical cost. Licences and customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Licence fees have an estimated useful life of 5 – 50 years. Software Software has a finite life and is carried at cost less any accumulated amortisation and impairment losses. It has an estimated useful life of between one and three years. Brands Brand assets relate to brands owned by the Group that have arisen on historical acquisitions. These assets were initially measured at fair value. Brands are considered as to whether they have a finite or indefinite useful life at their acquisition and are amortized if considered to have a finite life. Brands are considered to have indefinite lives in circumstances when there is no foreseeable limit to the period over which the asset is expected to generate net cash flows for the entity they are not amortised. Brands with indefinite useful lives have been in existence for many years, are well established and show no signs of deteriorating. These indefinite life brands are assessed for impairment annually or more frequently if impairment indicators are noted. Amortisation Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and indefinite life brands, from the date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Goodwill and indefinite life brands are not amortised but are tested for impairment annually or more frequently if impairment indicators exist. Goodwill is allocated to the Group’s cash generating units or groups of cash generating units, which represent the lowest level at which goodwill is monitored but where such level is not larger than an operating segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. (q) Employee benefits (i) Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. (ii) Other long-ter |
Changes in Accounting Policies
Changes in Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
Changes In Accounting Policies | |
Changes in Accounting Policies | 4 Changes in accounting policies Effective 1 June 2020, IFRS 16 was amended to provide a practical expedient for lessees accounting for rent concessions that arise as a direct consequence of the COVID-19 pandemic and satisfy the following criteria: (a) The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; (b) The reduction is lease payments affects only payments originally due on or before 30 June 2021; and (c) There are is no substantive change to other terms and conditions of the lease. The Group has elected to utilise the practical expedient for all rent concessions that meet the criteria. This means the Group does not need to assess whether the rent concession meets the definition of a lease modification. Lessees apply other requirements in IFRS 16 in accounting for the concession. The effect of applying the practical expedient is disclosed in note 24. |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgments | 12 Months Ended |
Jan. 31, 2021 | |
Critical Accounting Estimates And Judgments | |
Critical Accounting Estimates and Judgments | 5 Critical Accounting Estimates and Judgments The directors make estimates and judgements during the preparation of these financial statements regarding assumptions about current and future events affecting transactions and balances. These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information is known then the actual results may differ from the estimates. The significant estimates and judgements made have been described below. Key estimates - inventory Each item on inventory is reviewed on an annual basis to determine whether it is being carried at higher than its net realisable value. During the period, management have written down inventory based on best estimate of the net realisable value, although until the time that inventory is sold this is an estimate. Key estimates - fair value of financial instruments The Group has certain financial assets and liabilities which are measured at fair value. Where fair value has not been able to be determined based on quoted price, a valuation model has been used. The inputs to these models are observable, where possible, however these techniques involve significant estimates and therefore fair value of the instruments could be affected by changes in these assumptions and inputs. Key estimates - impairment of non-financial assets In accordance with IAS 36 Impairment of Assets, the Group is required to estimate the recoverable amount of non-financial assets at each reporting period. Impairment testing is an area involving management judgement, requiring assessment as to whether the carrying value of assets can be supported by their value in use or fair value less cost to sell. In calculating the fair value less costs to sell, certain assumptions are required to be made in respect of highly uncertain matters including management’s expectations of: ● growth in brand revenues ● market royalty rate ● the selection of discount rates to reflect the risks involved, and ● long-term growth rates ● cash flows from cash generating units Changing the assumptions selected by management, in particular the growth rate, discount rate and market royalty rate assumption used, could significantly affect the Group’s impairment evaluation and hence results. The Group’s review includes the key assumptions related to sensitivity in the model. Further details are provided in notes 18 to 20 to the consolidated financial statements Key judgments - taxes Deferred tax assets Determining income tax provisions and the recognition of deferred tax assets including carried forward income tax involves judgment on the tax treatment of certain transactions. Deferred tax is recognised on tax losses not yet used and on temporary differences where it is probable that there will be taxable revenue against which these can be offset. Management has made judgments as to the probability of future taxable income being generated against which tax losses will be available for offset based on budgets, current and future expected economic conditions. Key judgments – determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised within the next 12 months. As per the Company policy, the options are not exercised when the lease terms are beyond 12 months as of the assessment date. When the Group has the option to lease the assets for additional terms, it applies judgement in evaluating whether it is reasonably certain to exercise the option to renew, considering all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. Key judgments – rent concessions Lease agreements have been reviewed and judgments have been made on whether rent concessions satisfy the criteria to be accounted for using the practical expedient introduced by the amendments to IFRS 16. Lease concessions have been determined by the difference between the cost per the lease contract and actual amounts paid. Key judgments – convertible notes The component of the convertible notes that exhibits characteristics of a liability is recognised as a liability at amortised cost in the statement of financial position, net of transaction costs. On the issue of the convertible notes any fair value of the liability component is identified as a derivative and determined using a market rate for an equivalent non-convertible bond and this amount is carried as a non-current liability on a fair value basis until extinguished on conversion or redemption. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date or as a result of contract covenant failure. The accounting for subsequent changes in fair value is recognised in the profit or loss. The increase in the liability due to the passage of time is recognised as a finance cost. Any corresponding interest on convertible notes is expensed to profit or loss. |
Revenue
Revenue | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenue | 6 Revenue Revenue from continuing operations For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Gross revenue 81,155 93,302 120,278 Rebates (1,116 ) (3,237 ) (8,358 ) 80,039 90,065 111,920 Sale of goods by channel - Retail 40,492 42,576 50,443 - Wholesale 7,496 15,553 29,394 - Online 32,051 31,936 32,083 80,039 90,065 111,920 Sales of goods by geography - New Zealand 34,131 33,786 40,703 - Australia 21,011 24,365 32,065 - United States 24,432 30,863 34,156 - Europe 465 1,051 4,996 80,039 90,065 111,920 Disaggregation of revenue The Group derives its revenue from the transfer of goods at a point in time. The table above provides a breakdown of revenue by major business line. The categories above depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic data. As disclosed in Note 13, the Group has three operating segments. |
Loss for the Period
Loss for the Period | 12 Months Ended |
Jan. 31, 2021 | |
Loss For Period | |
Loss for the Period | 7 Loss for the Period The loss for the period was derived after charging/(crediting): For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Staff costs (see note 10) 1 30,175 28,009 31,380 Depreciation of property, plant and equipment (see note 18) 1,098 1,338 2,151 Depreciation of right-of-use assets (see note 19) 7,144 8,676 - Amortisation of acquired intangibles (see note 20) 2 458 589 231 Impairment of Plant and equipment (see note 18) 341 491 281 Impairment of right-of-use assets (see note 19) 1,221 - - Impairment of intangible assets (see note 20) 3,333 8,413 7,892 Loss on disposal of property, plant and equipment 134 322 232 Other income - Proceeds from Government wage subsidies (2,878 ) - - - Rent concessions received (1,345 ) - - Brand transition, restructure and transaction expense - Transaction expenses 3,009 9,597 9,267 - Agreed settlement of debt 5,701 - - - Contract termination costs 2,175 4,696 - Operating lease rentals - Land and buildings - - 9,236 - Other - - 524 Gain on sale of intangible assets - (906 ) - Auditor’s remuneration (note 11) 743 679 1,050 1 2 |
Finance Expense
Finance Expense | 12 Months Ended |
Jan. 31, 2021 | |
Finance Expense | |
Finance Expense | 8 Finance expense For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s - Interest expense on external borrowings 1,256 1,608 2,338 - Interest expense on convertible loan notes 5,681 1,425 - - Interest expense on leases (see note 19) 1,405 1,674 - - Interest (income)/expense on shareholder loans* - (165 ) 1,062 - Amortisation of loan set up costs (128 ) 671 641 8,214 5,213 4,041 * In the prior year, the shareholder loan payable was derecognised resulting in a reversal of interest expense. |
Other Foreign Currency (Gains)_
Other Foreign Currency (Gains)/Losses | 12 Months Ended |
Jan. 31, 2021 | |
Other Foreign Currency Gainslosses | |
Other Foreign Currency (Gains)/Losses | 9 Other foreign currency (gains)/losses For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s - Fair value (gain)/loss on foreign exchange contracts - (729 ) 1,065 - Net foreign exchange loss/(gain) (3,642 ) 114 (3,027 ) (3,642 ) (615 ) (1,963 ) |
Staff Costs
Staff Costs | 12 Months Ended |
Jan. 31, 2021 | |
Staff Costs | |
Staff Costs | 10 Staff costs For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Employee benefits expense: - Salaries and wages* 29,443 26,920 30,872 - Defined contribution expenses 732 1,089 508 30,175 28,009 31,380 *Included in the current year’s $29.4m is an accrual for phantom warrants of $11.6m which has been recognised as a brand transition, restructure and transaction expense in the consolidated statement of profit or loss and other comprehensive income. The Group uses the Black Scholes option pricing model to determine the fair value of the phantom warrants which have an exercise price of US$0.37 which vests in three tranches being 21 January 2021, 21 July 2021 and 21 January 2022 equal to 1.50% of the outstanding shares of the Company on the vesting date. There are no conditions or restrictions to receiving the benefit of all the phantom warrants for the full bonus calculation period. Each tranche of phantom warrants may be exercised for cash at any time in the three year period following vesting date and as such is recognised as a liability. |
Auditor's Remuneration
Auditor's Remuneration | 12 Months Ended |
Jan. 31, 2021 | |
Auditors Remuneration | |
Auditor Remuneration | 11 Auditor’s Remuneration For the Year For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Pricewaterhouse Coopers Australia - Audit fees - - 477 - Taxation fees - - 33 - Other - 10 403 Total remuneration to Pricewaterhouse Coopers Australia - 10 913 Network firms of Pricewaterhouse Coopers Australia - Taxation services - - 137 BDO Audit Pty Ltd - Audit fees 593 403 - - Other 150 266 - Total remuneration to BDO Audit Pty Ltd 743 669 - Total Auditor Remuneration 743 679 1,050 |
Fair Value Loss on Convertible
Fair Value Loss on Convertible Notes Derivative and Warrants | 12 Months Ended |
Jan. 31, 2021 | |
Fair Value Loss On Convertible Notes Derivative And Warrants | |
Fair Value Loss on Convertible Notes Derivative and Warrants | 12 Fair value loss on Convertible Notes derivative and warrants For the Year Ended 31 For the Year For the Year Ended 31 Fair value loss on Convertible Notes and warrants 26,552 - 775 During the year ended 31 January 2021, the Group issued 3 convertible notes in February, April and July 2020 which contained embedded derivatives and warrants. IAS 32 requires the Group to measure the fair value of derivatives as at the inception date of the transaction and at each reporting period end until settled. The fair value of the embedded derivatives and warrants were determined using the Black-Scholes option pricing model. The charge in the year as a result of fair valuing the embedded derivatives was $26.6m. |
Income Tax Expense_ (Benefit)
Income Tax Expense/ (Benefit) | 12 Months Ended |
Jan. 31, 2021 | |
Income taxes [Abstract] | |
Income Tax Expense/(Benefit) | 13 Income Tax Expense/(benefit) (a) The major components of tax expense/(benefit) comprise: For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Current tax Current tax on profits for the period 27 28 (667 ) Adjustments for current tax of prior periods 107 53 (607 ) Total current tax expense/(benefit) 134 81 (1,274 ) Deferred tax expense Decrease in deferred tax assets (note 31) - 701 - Income tax expense/(benefit) for continuing operations 134 782 (1,274 ) (b) Reconciliation of income tax to accounting profit: Loss before income tax (68,212 ) (53,523 ) (50,494 ) Tax at New Zealand tax rate of 28% (19,099 ) (14,986 ) (14,138 ) Tax effect of: - permanent differences (including impairment expense) 16,299 5,108 753 - adjustments in respect of current income tax of previous years 107 32 (522 ) - effects of different tax rates of subsidiaries operating in other jurisdictions (1 ) (301 ) 493 - deferred tax assets relating to the current year not brought to account 2,910 10,163 12,077 - deferred tax assets relating to prior periods no longer recognised (note 31) - 701 - - other (12 ) 65 63 Income tax expense/(benefit) 134 782 (1,274 ) (c) Tax losses not recognised For the Year For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Unused tax losses for which no deferred tax asset has been recognised 177,275 166,882 130,587 Potential tax benefit at 28% 49,637 46,727 36,564 The Group has assessed future forecast profits and concluded that not enough criteria have been satisfied to recognise any deferred tax assets at the period ended 31 January 2020. Unused tax losses do not have an expiry date. During the period, the Group de-recognised all deferred tax assets on timing differences carried forward from prior years, amounting to $701,000 after accounting for exchange rate differences. (d) Temporary differences not recognised For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Temporary differences for which no deferred tax asset has been recognised 10,115 9,825 14,504 Potential tax benefit at 28% 2,832 2,751 4,061 |
Operating Segments
Operating Segments | 12 Months Ended |
Jan. 31, 2021 | |
Operating Segments | |
Operating Segments | 14 Operating Segments Segment information Identification of reportable operating segments The consolidated entities’ Director examined the group’s performance from both sales channel and geographical perspective and identified three reportable segments being Retail, Wholesale and e-commerce. Retail This segment covers retail and outlet stores located in Australia and New Zealand. Wholesale This segment covers wholesale intimates apparel to customers in New Zealand, Australia, Europe and USA. E-commerce This segment covers the group’s online retail activities. E-commerce revenue includes revenue from a US brand called Fredericks of Hollywood (FOH) for which the Group currently has a licence agreement. These operating segments are based on the internal reports that are reviewed and used by the Chief Executive Officer (who is identified as the Chief Operating Decision Maker (‘CODM’)) in assessing performance and in determining the allocation of resources. The CODM reviews segment EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements. EBITDA is a financial measure which is not prescribed by IFRS and represents the profit adjusted for specific non-cash and significant items. The directors consider EBITDA to reflect the core earnings of the consolidated entity. The information reported to the CODM is on a monthly basis. Other Costs and Business Activities Certain costs are not allocated to our reporting segment results, such as costs associated with the following: - Corporate overheads, which is responsible for centralized functions such as information technology, facilities, legal, finance, human resources, business development, and procurement. These costs also include compensation costs and other miscellaneous operating expenses not charged to our operating segments, as well as interest and tax income and expense. These costs are included with in “unallocated” segment in our segment performance. Other assets and liabilities Assets and liabilities are managed on a Group basis, not by segment. CODM does not regularly review any asset or liability information by segment and its preparation is impracticable. Accordingly, we do not report asset and liability information by segment. (a) Reconciliations Reconciliation of segment revenue to consolidated statements of profit or loss and other comprehensive income: For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Total segment revenue 89,590 104,153 136,842 Intersegment eliminations (9,551 ) (14,088 ) (24,922 ) Total revenue 80,039 90,065 111,920 Reconciliation of segment EBITDA to the consolidated statements of profit or loss and other comprehensive income: The Board meets on a monthly basis to assess the performance of each segment, net operating profit does not include non-operating revenue and expenses such as dividends, fair value gains and losses. For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Segment EBITDA 690 (16,167 ) (25,602 ) Any other reconciling items (68,902 ) (37,356 ) (24,892 ) Income tax (expense)/benefit (134 ) (782 ) 1,274 Total net loss after tax (68,346 ) (54,305 ) (49,220 ) Any other reconciling items includes brand transition, finance expenses, impairment expense, depreciation and amortisation, fair value gain/loss on foreign exchange contracts, and unrealised foreign exchange gain/loss that cannot be allocated to segments. (b) Geographical information In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers whereas segment assets are based on the location of the assets. For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s New Zealand 34,131 33,786 40,703 Australia 21,011 24,365 32,065 United States 24,432 30,863 34,156 Europe 465 1,051 4,996 80,039 90,065 111,920 The revenues resulting from the Naked business combination in the June 2018 are included in the United States segment shown above. (c) Segment performance Retail Wholesale e-commerce Unallocated Total For the year ended 31 January 2021 Revenue 40,492 7,496 32,051 - 80,039 40,492 7,496 32,051 - 80,039 Cost of goods sold (19,188 ) (4,636 ) (21,604 ) (719 ) (46,147 ) Gross profit 21,304 2,860 10,447 (719 ) 33,892 Other segment expenses* (17,359 ) (1,425 ) (10,096 ) - (28,880 ) Unallocated expenses Administrative expenses - - - (856 ) (856 ) Corporate expenses - - - (9,350 ) (9,350 ) Other income - - - 4,223 4,223 Other foreign exchange gain - - - 1,661 1,661 EBITDA 3,945 1,435 351 (5,041 ) 690 Brand transition, restructure and transaction expenses - - - (22,527 ) (22,527 ) Finance expense - - - (8,214 ) (8,214 ) Interest income - - - 5 5 Impairment expense - - - (4,895 ) (4,895 ) Depreciation and amortisation - - - (8,700 ) (8,700 ) Fair value gain on foreign exchange contracts - - - - - Unrealised foreign exchange gain - - - 1,981 1,981 Fair value loss on Convertible Notes derivative - - - (26,552 ) (26,552 ) Income/(loss) before income tax expense 3,945 1,435 351 (73,943 ) (68,212 ) Income tax expense - - - (134 ) (134 ) Income/(loss) after income tax expense 3,945 1,435 351 (74,077 ) (68,346 ) * Other segment expenses relate to brand management expenses. Retail NZ$000’s Wholesale NZ$000’s e-commerce NZ$000’s Unallocated NZ$000’s Total NZ$000’s For the year ended 31 January 2020 Revenue 42,576 15,554 31,935 - 90,065 42,576 15,554 31,935 - 90,065 Cost of goods sold (19,582 ) (11,342 ) (20,916 ) (4,407 ) (56,247 ) Gross profit 22,994 4,211 11,020 (4,407 ) 33,818 Other segment expenses* (18,784 ) (3,112 ) (13,659 ) - (35,555 ) Unallocated expenses Administrative expenses - - - (1,234 ) (1,234 ) Corporate expenses - - - (12,772 ) (12,772 ) Other foreign exchange loss - - - (424 ) (424 ) EBITDA 4,210 1,099 (2,639 ) (18,837 ) (16,167 ) Brand transition, restructure and transaction expenses** - - - (13,687 ) (13,687 ) Finance expense - - - (5,213 ) (5,213 ) Interest income - - - 12 12 Impairment expense - - - (8,904 ) (8,904 ) Depreciation and amortisation - - - (10,603 ) (10,603 ) Fair value gain on foreign exchange contracts - - - 729 729 Unrealised foreign exchange gain - - - 310 310 Fair value gain/(loss) on Convertible Notes derivative - - - - - Income/(loss) before income tax expense 4,210 1,099 (2,639 ) (56,193 ) (53,523 ) Income tax expense - - - (782 ) (782 ) Income/(loss) after income tax expense 4,210 1,099 (2,639 ) (56,975 ) (54,305 ) * Other segment expenses relate to brand management expenses. ** Brand transition, restructure and transaction expenses are shown net of proceeds from the sale of Naked brand and trademarks. Retail NZ$000’s Wholesale NZ$000’s e-commerce NZ$000’s Unallocated NZ$000’s Total NZ$000’s For the year ended 31 January 2019 Revenue 50,348 29,439 32,133 - 111,920 50,348 29,439 32,133 - 111,920 Cost of goods sold (24,616 ) (24,582 ) (21,248 ) (4,034 ) (74,480 ) Gross profit 25,732 4,857 10,885 (4,034 ) 37,440 Other segment expenses* (24,540 ) (9,667 ) (11,247 ) — (45,454 ) Unallocated expenses Administrative expenses - - - (1,050 ) (1,050 ) Corporate expenses - - - (17,947 ) (17,947 ) Other foreign exchange gain - - - 1,409 1,409 EBITDA 1,192 (4,810 ) (362 ) (21,622 ) (25,602 ) Brand transition, restructure and transaction expenses - - - (10,075 ) (10,075 ) Finance expense - - - (4,041 ) (4,041 ) Impairment expense - - - (8,173 ) (8,173 ) Depreciation and amortisation - - - (2,382 ) (2,382 ) Fair value loss on foreign exchange contracts - - - (1,704 ) (1,704 ) Unrealised foreign exchange gain - - - 2,258 2,258 Fair value loss on Convertible Notes derivative - - - (775 ) (775 ) Income/(loss) before income tax expense 1,192 (4,810 ) (362 ) (46,514 ) (50,494 ) Income tax benefit - - - 1,274 1,274 Income/(loss) after income tax expense 1,192 (4,810 ) (362 ) (45,240 ) (49,220 ) * Other segment expenses relate to brand management expenses and some corporate expenses. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Jan. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | 15 Cash and Cash Equivalents 31 January 2021 31 January 2020 NZ$000’s Cash on hand 38 44 Cash at bank 90,887 3,747 90,925 3,791 |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Jan. 31, 2021 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables | 16 Trade and Other Receivables 31 January 2021 31 January 2020 NZ$000’s Trade receivables 1,645 2,358 Provision for impairment (a) (183 ) (22 ) 1,462 2,336 Prepayments 6,304 2,959 Other receivables 368 762 Total current trade and other receivables 8,134 6,057 Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. Prepayments consist of advance payments made to suppliers in order to begin production, remaining annual insurance premiums and deposits on certain property leases. (a) Impairment of receivables The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The loss allowance provision as at 31 January 2021 is determined as follows, the expected credit losses incorporate forward looking information. 31 January 2021 0 - 30 days 31 - 60 days 61 - 90 days > 91 days overdue Total Expected loss rate (%) 2 % 50 % 46 % 60 % Gross carrying amount ($) 1,370 6 39 230 1,645 ECL provision 26 3 17 137 183 Reconciliation of changes in the provision for impairment of receivables is as follows: For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s Opening impairment allowance calculated under IFRS 9 (22 ) (609 ) Movement through provision (247 ) (4 ) Unused amounts reversed 85 616 Foreign exchange movement 1 (25 ) Balance at end of the period (183 ) (22 ) The Group measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (ECL). The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The Group has recognised a loss allowance of 60% (2020: 100%) against identifiable receivables at risk in excess of 90 days because historical experience has indicated that these receivables are generally not recoverable. The Group revised its estimation techniques and assumptions during the current reporting period based on prior experience and relevant forward-looking factors. The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, whichever occurs first. |
Inventories
Inventories | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of inventories [Abstract] | |
Inventories | 17 Inventories 31 January 2021 31 January 2020 NZ$000’s Finished goods 17,708 24,034 Provision for impairment (1,112 ) (495 ) 16,596 23,539 Write downs of inventories to net realisable value during the period were NZ$617k (2020: NZ$51k) of which $425k is related to Heidi Klum products which the Group no longer has a licence to sell. The sell through period for Heidi Klum products ended on 31 January 2021 following licence termination on 31 January 2020. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | 18 Property, plant and equipment 31 January 2021 31 January 2020 NZ$000’s Leasehold Improvements At cost 8,598 11,456 Accumulated depreciation and impairment (7,898 ) (9,690 ) 700 1,766 Plant, furniture, fittings and motor vehicles At cost 25,610 24,850 Accumulated depreciation (23,333 ) (23,579 ) 2,277 1,271 Total property, plant and equipment 2,977 3,037 (a) Movements in carrying amounts of property, plant and equipment Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial period: Leasehold improvements Plant, furniture, fittings and motor vehicles Total Year ended 31 January 2021 Balance at the beginning of year 1,766 1,271 3,037 Additions 23 1,475 1,498 Disposals (131 ) (6 ) (137 ) Depreciation expense (640 ) (458 ) (1,098 ) Reclassification - - - Impairment loss (341 ) - (341 ) Adjustment to make good asset - - - Foreign exchange movements 23 (5 ) 18 Balance at the end of the year 700 2,277 2,977 Year ended 31 January 2020 Balance at the beginning of year 3,264 499 3,763 Additions 191 1,103 1,294 Disposals (28 ) (324 ) (352 ) Depreciation expense (461 ) (877 ) (1,338 ) Reclassification (1,070 ) 1,120 50 Impairment loss (213 ) (278 ) (491 ) Adjustment to make good asset 14 - 14 Foreign exchange movements 69 28 97 Balance at the end of the year 1,766 1,271 3,037 |
Right-of-Use Assets
Right-of-Use Assets | 12 Months Ended |
Jan. 31, 2021 | |
Right-of-use Assets | |
Right-of-Use Assets | 19 Right-of-use assets The Group leases warehouse, retail and office facilities. The leases typically run for a period of 5 years with an option to renew the lease after that date. Lease payments are renegotiated every resigning period to reflect market rentals. Some leases provide for additional rent payments that are based on changes in local price indices. For certain leases, the Group is restricted from entering into any sub-leasing arrangements. The Group also leases information technology and other point of sale equipment. Information about leases for which the Group is a lessee is presented below: Right-of-use assets Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment (see note 16). Land & Buildings Plant, furniture, fittings and motor vehicles Total NZ $000’s NZ $000’s NZ $000’s Balance as at 1 February 23,392 417 23,809 Additions to right-of-use-assets 2,700 100 2,800 Depreciation charge for the year (6,982 ) (162 ) (7,144 ) Impairment of right-of-use assets (1,221 ) - (1,221 ) Foreign exchange movements 157 - 157 Balance at 31 January 2021 18,046 355 18,401 Land & Buildings Plant, furniture, fittings and motor vehicles Total NZ $000’s NZ $000’s NZ $000’s Balance as at 1 February 25,616 542 26,158 Additions to right-of-use-assets 6,255 72 6,327 Depreciation charge for the year (8,479 ) (197 ) (8,676 ) Balance at 31 January 2020 23,392 417 23,809 Amounts recognised in profit or loss 2021 2020 NZ $000’s NZ $000’s Interest expense on lease liabilities 1,405 1,674 Extension options Some property leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets | 20 Intangible Assets 31 January 2021 31 January 2020 NZ$000’s Goodwill Cost 5,516 6,091 Accumulated impairment (5,516 ) (6,091 ) - - Patents and licences Cost 22,863 25,151 Accumulated amortisation and impairment (3,649 ) (3,489 ) 19,214 21,662 Brands Cost 12,253 12,032 Accumulated amortisation and impairment (8,810 ) (5,401 ) 3,443 6,631 Software and Website Cost 15,749 15,548 Accumulated amortisation and impairment (15,557 ) (15,548 ) 192 - Total Intangible assets 22,849 28,293 (a) Movements in carrying amounts of intangible assets Goodwill Patents and licences Brands Software and Website Total Year ended 31 January 2021 Balance at the beginning of the year - 21,662 6,631 - 28,293 Additions - - - 211 211 Amortisation - (442 ) - (16 ) (458 ) Impairment (note 7) - - (3,333 ) - (3,333 ) Foreign exchange movements - (2,006 ) 145 (3 ) (1,864 ) Closing value at 31 January 2021 - 19,214 3,443 192 22,849 Goodwill NZ$000 ’ Patents and licences NZ$000 ’ Brands NZ$000 ’ Software and Website NZ$000 ’ Total NZ$000 ’ Year ended 31 January 2020 Balance at the beginning of the year 2,320 25,075 10,205 263 37,863 Adjustments* - (2,310 ) - - (2,310 ) Amortisation - (589 ) - - (589 ) Impairment (note 7) (2,480 ) (2,037 ) (3,694 ) (202 ) (8,413 ) Reclassification - - - (50 ) (50 ) Foreign exchange movements 160 1,523 120 (11 ) 1,792 Closing value at 31 January 2020 - 21,662 6,631 - 28,293 * During the prior year, a financial liability relating to a shareholder loan on the balance sheet of Frederick’s of Hollywood (FOH) on the acquisition of FOH Online Corp Inc. was derecognised as the stock purchase agreement stipulated the transaction was debt free. This has resulted in a reduction to the carrying value of the acquired intangible asset with a write back to the profit and loss account for the accrued and capitalised interest. (b) Impairment testing for goodwill For the purpose of impairment testing, goodwill is allocated to cash-generating units as below: Description of the cash-generating unit (CGU) For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ $000’s United States - 2,480 Impairment of goodwill - 2,480 Impairment assumptions Goodwill on the merger of Naked Inc. was allocated to the Group’s operation in United States which is the cash generating unit (CGU) for the purpose of impairment testing. In the prior year, goodwill was fully impaired resulting in a carrying value of $nil. (c) Impairment of patents & licences In the prior year, the Group fully impaired the carrying value of patents and licence acquired as part of the Naked merger and partially impaired the Fredericks of Hollywood (FOH) licence which was acquired on 8 December 2018 as part of the Stock Purchase Agreement with the shareholders of FOH Online Corp Inc. For the Year Ended 31 January 2021 NZ $000’s For the Year FOH licence - 1,914 Naked patents & licence - 123 Impairment of patents & licences - 2,037 Impairment assumptions Management has determined the recoverable amount of the FOH licence asset by assessing the value in use (VIU) of the underlying assets. These calculations use cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated growth rates shown below. These growth rates do not exceed the long-term average growth rates for the industry. The result of the impairment assessment is that the value in use exceeded the carrying value of the FOH licence resulting in no impairment charge during the year. Management’s approach and the key assumptions used to determine the VIU were as follows: Sales growth: 12.0% in FY22, 7.5% in FY23, 5% in FY24 and 4% in FY25 and FY26 (31 January 2020: 5.0% to 9.0%) Net margin: 31% to 35% between FY22 and FY26 EBITDA margin: 3% to 10% between FY22 and FY26 Cash flow - revenue forecast period: 5 years (31 January 2020: 5 years) Post-tax discount rate (%): 10.5% (31 January 2020: 10.5%) Long term sales growth rate (%): 2.0% (31 January 2020: 2.0%) (d) Impairment testing for indefinite-lived brand intangibles Brand intangible assets represent brands owned by the Group, that arose on historical acquisitions including Pleasure State, Davenport and Lovable. For the Year Ended 31 January 2021 NZ $000’s For the Year Ended 31 January 2020 NZ $000’s Pleasure State 2,002 125 Davenport and Lovable 1,331 1,439 Naked - 2,130 Impairment of indefinite-lived brand intangibles 3,333 3,694 The brand intangible assets of $3,443,000 (2020: $6,631,000) are tested for impairment annually. Impairment assumptions Management has determined the recoverable amount of the indefinite-lived brand assets by assessing the fair value less cost of disposal (FVLCOD) of the underlying assets. The relief from royalty method adopted to complete the valuation determines, in lieu of ownership, the cost that would be required to obtain comparable rights to use the asset via a third-party licence arrangement. These calculations use cash flow projections based on financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using the estimated growth rates shown below. These growth rates do not exceed the long-term average growth rates for the industry. The result of the impairment assessment is that the carrying value has exceeded the fair value less costs to sell by $3.3m. As such, the indefinite-lived brand assets has been partially impaired for the year ended 31 January 2021. Management’s approach and the key assumptions used to determine the FVLCOD were as follows: Sales growth: 0% (31 January 2020: 5-9%) Royalty rate: 5.0% (31 January 2020: 5.0%) Cash flow - revenue forecast period: 5 years (31 January 2020: 5 years) Post-tax discount rate (%) for US brands*: 10.50% (31 January 2020: 10.50%) Post-tax discount rate (%) for NZ brands: 15.50% (31 January 2020: 11.75%) Long term sales growth rate (%): 2% (31 January 2020: 2%) Impact of possible changes in key assumptions The directors have made judgements and estimates to assess indefinite-lived assets for impairment. Should these judgements and estimates not occur the resulting carrying amount may decrease. (d) Impairment testing for indefinite-lived brand intangibles The sensitivities that have been separately modelled are as follows: (a) a 0.8% increase in the post-tax discount rate (b) 1.7% decrease in the terminal growth (c) 5.0% decrease in sales forecast The carrying amounts of the indefinite-lived brand intangible assets are sensitive to assumptions used in the impairment test calculations including the post-tax discount rate and sales growth rate. A 0.8% increase in the post-tax discount rate would result in an additional impairment of $0.141 million (31 January 2020: an increase of 2.1% would result an impairment of $1.047 million) against the carrying amount of the indefinite-lived brand intangibles. A 1.7% reduction in terminal growth would result in an additional impairment of $0.816 million against the carrying amount of the indefinite-lived brand intangibles. A 5% decrease in sales forecast would result in an additional impairment of $0.581 million (31 January 2020: a reduction in sales growth to 0% would result an impairment of $1.749 million) against the carrying amount of the indefinite-lived brand intangibles. *On 28 January 2020, Naked Brand Group Limited agreed to sell all of its rights, title and interest in the trademarks related to the “Naked” and “NKD” brands to Gogogo SRL for a consideration of US $0.6m. The Group therefore does not own a US brand. (e) Software impairment In the prior year, software was fully impaired ($0.202m) and in the current year, the Group capitalised website development costs of $0.2m and will be subject to future impairment review. (f) Sale of intangible asset In the prior year, Naked Brand Group Limited agreed to sell all of its rights, title and interest in the trademarks related to the “Naked” and “NKD” brands to Gogogo SRL for a consideration of US $0.6m (NZ $0.906m). At the date of sale, the intangible assets sold had a book value of nil as they had been fully impaired, resulting in a gain on sale of intangible assets of US$0.6m (NZ $0.906m) which was recognised in the profit and loss account. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Jan. 31, 2021 | |
Trade and other payables [abstract] | |
Trade and Other Payables | 21 Trade and Other Payables 31 January 2021 31 January 2020 NZ$000’s Current: Trade payables 6,250 10,407 Accruals 7,250 8,593 Employee benefit liabilities 15,228 3,430 28,728 22,430 Trade and other payables are unsecured and are normally settled within terms of trade however some the trade creditors are out of term as at 31 January 2021. The Group is actively working to bring all of the creditors in term. The carrying amounts are considered to be a reasonable approximation of fair value. Employee benefits liabilities includes an accrual of $11.6m relating to phantom warrants. The Group uses the Black Scholes option pricing model to determine the fair value of the phantom warrants which have an exercise price of US$0.37 which vests in three tranches being 21 January 2021, 21 July 2021 and 21 January 2022 equal to 1.50% of the outstanding shares of the Company on the vesting date. There are no conditions or restrictions to receiving the benefit of all the phantom warrants for the full bonus calculation period. Each tranche of phantom warrants may be exercised for cash at any time in the three year period following vesting date and as such is recognised as a liability |
Borrowings
Borrowings | 12 Months Ended |
Jan. 31, 2021 | |
Schedule Of Fair Value Measurement Of Assets And Liabilities [Text Block] | |
Borrowings | 22 Borrowings 31 January 2021 31 January 2020 NZ$000’s Amounts due in less than one year: Secured liabilities: Bank loans 14,500 17,900 Debt issuance costs in relation to bank loan (7 ) - Other loan - 1,315 14,493 19,215 Amounts due after more than one year: Unsecured liabilities: Convertible loan notes 3,002 19,698 3,002 19,698 17,495 38,913 The fair value of borrowings is not considered to be materially different to their carrying amounts. (a) Assets pledged as collateral: Borrowings are collateralized by a fixed and floating charge over the assets of the Group. The lease liabilities are effectively secured as the rights to the leased assets, recognised in the balance sheet, revert to the lessor in the event of default. (b) Bank overdrafts, bank loans and bank loan covenants On 12 March 2020, the Group entered into a Deed of Amendment with the Bank of New Zealand to extend its loan facility of NZD$16,700,000 (31 January 2020: NZD$17,900,000) until March 2022. Interest rate charges ranged between 4.25% and 5.26%. The facility includes guarantees and financial instruments totalling NZD$1,345,000. Bank of New Zealand has the first ranking charge over all assets of the Group. Under the terms of the facility, the Group must meet specific covenant obligations namely sales and gross margin adverse variances to budget to be no greater than 15% and inventory to cover bank debt 1.35 times (which increased to 1.65 times from and including 31 July 2020). Throughout the majority of the current financial year, the Group was in breach of all covenant measures. The extended borrowing has therefore been classified as a current liability as at the year end. Sales, gross margin and inventory were all negatively impacted by COVID-19 due to store closures and delayed inventory shipments from suppliers. (c) Convertible notes The component of the convertible notes that exhibits characteristics of a liability is recognised as a liability at amortised cost in the statement of financial position, net of transaction costs. On the issue of the convertible notes any fair value of the liability component is identified as a derivative and determined using a market rate for an equivalent non-convertible bond and this amount is carried as a non-current liability on a fair value basis until extinguished on conversion or redemption. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date or as a result of contract covenant failure. The accounting for subsequent changes in fair value is recognised in the profit or loss. The increase in the liability due to the passage of time is recognised as a finance cost. Any corresponding interest on convertible notes is expensed to profit or loss. In February and April 2020, the Group completed 2 separate private placements of secured convertible notes to 1 private investor for a cash consideration of $7.2m (US$4.5m) with discounts and fees totalling $0.5m (US$0.3m) and a daily compounding interest rate of 20%. During the year, the note holder elected to exchange their warrant in return for a one-time 5% increase on the Note balance on the date of election. Total warrants exchanged for an increase in Note balance during the year was $0.3m (US$0.2m). In addition to warrant exchanges, the Note holder is also entitled to a one-time 10% increase in Note value if the Group fails to meet its financial and/or filing obligations contained under the Note agreement. The total increase in principal Note balance relating to financing and/or filing penalties during the year was $1.4m (US$0.9m). By the year end the convertible note issued in February had been fully converted to equity while the convertible note issued in April remained outstanding. In July 2020, the Group completed a private placement of a convertible promissory note (the “July Note”) and a warrant to purchase ordinary shares (the “July Purchase Warrant”) to one of the Affiliated Holders, Iliad Research Trading L.P., pursuant to a Securities Purchase Agreement, for an aggregate purchase price of $12.1m (US$8.0m). The July Note was issued with an original issue discount of 5%, and certain expenses of the Affiliated Holder were added to the balance of the July Note, for an original principal balance of $12.8m (US$8.4m). The Group also granted a financing rebate to the Affiliated Holder, resulting in net proceeds to the Group of approximately $10.9m (US$7.2m) from the sale of the July Note. The July Note provided for interest at the following rates: (i) for a period of 90 days starting on its issuance date, 2.0% per annum, (ii) for the next 90 days, 10.0% per annum and (iii) thereafter, 15.0% per annum, and provided for maturity on the second anniversary of its issuance. The July Note was convertible, at our election (subject to certain limitations) or at the election of the Affiliated Holder, into ordinary shares at a conversion price equal to US$0.2424. The July Purchase Warrant entitled the Affiliated Holder to purchase ordinary shares at an exercise price of US$0.6707 per share. In addition, if the exercise price of the July Purchase Warrant was higher than the last closing bid price of the ordinary shares, the July Purchase Warrant could be exercised on a cashless basis for a number of shares equal to the Black-Scholes value per share underlying the July Purchase Warrant, multiplied by the number of shares as to which the July Purchase Warrant was being exercised, divided by the closing bid price as of two business days prior to the exercise date, but in any event not less than the floor price specified in the July Purchase Warrant. For this purpose, the Black-Scholes value per share underlying the July Purchase Warrant was a fixed value as set forth in the July Purchase Warrant. The July Note has been converted in full into an aggregate of 35,081,733 Ordinary Shares and the July Purchase Warrant had been exercised in full, pursuant to the Black-Scholes cashless exercise provision, for an aggregate of 47,817,633 Ordinary Shares. As at 31 January 2021, the Group had a principal amount of $2.8m (US$2.0m) and accrued interest of $0.2m (US$0.1m) with the total owing of $3.0m (US$2.1m) on the balance sheet and interest charged to the Profit or Loss account. When a conversion option is exercised the amount of conversion is taken to share capital, reducing the loan note balance. (d) Other loans On 3 July 2020, the balance (principle and interest) that existed at 31 January 2020 (US$1.1m, NZ$1.6m) was fully converted into Naked ordinary shares at a price of US$0.66 by mutual consent. |
Provisions
Provisions | 12 Months Ended |
Jan. 31, 2021 | |
Provisions [abstract] | |
Provisions | 23 Provisions 31 January 2021 NZ$000’s 31 January 2020 Current: Other provisions 92 5,205 Make good 778 639 870 5,844 31 January 2021 NZ$000’s 31 January 2020 Non-current: Make good 1,212 1,796 1,212 1,796 Lease contributions Other provisions Make good Total Opening balance at 1 February 2020 - 5,205 2,435 7,640 Additional provisions recognised - - 26 26 Amounts used during the period - (5,113 ) (506 ) (5,619 ) Exchange differences - - 35 35 Balance at 31 January 2021 - 92 1,990 2,082 Lease contributions NZ$000’s Other provisions NZ$000’s Make good NZ$000’s Total NZ$000’s Opening balance at 1 February 2019 1,085 - 2,208 3,293 Impact of IFRS 16* (1,102 ) - - (1,102 ) Additional provisions recognised - 5,205 307 5,512 Amounts used during the period - - (64 ) (80 ) Exchange differences 17 - (16 ) 1 Balance at 31 January 2020 - 5,205 2,435 7,640 Other provisions On 31 January 2020, the Group entered into an agreement terminating the license agreement with Heidi Klum. The termination agreement provides that we may continue selling existing Heidi Klum branded products, as well as Heidi Klum branded products manufactured on or prior to June 30, 2020 under existing contracts. The right to continue selling such products will continue until six months after the date of the termination agreement in the Northern Hemisphere and until 12 months after the date of the termination agreement in the Southern Hemisphere. A termination fee to Heidi Klum in lieu of further royalties is payable in instalments through to 30 December 2020. At 31 January 2020 the termination costs of the contract are greater than the economic benefit and hence the contract has been identified as onerous. A provision is recognised for an amount the termination costs exceed the economic benefits. At 31 January 2021, this provision has been fully utilised. Make good In accordance with certain lease agreements, the Group must refurbish and restore the lease premises to a condition agreed with the landlord at the end of the lease term or as prescribed. The provision has been calculated using a pre-tax discount rate of 2% (2019: 2%), and other market assumptions and re-assessed annually. During the 2021 financial year an additional $26,000 (2020: $307,000) was recognised in relation to new retail leases in New Zealand and Australia. |
Lease Liabilities
Lease Liabilities | 12 Months Ended |
Jan. 31, 2021 | |
Lease liabilities [abstract] | |
Lease Liabilities | 24 Lease Liabilities The following elections for IFRS 16 were taken on transition date: ● the Group did not reassess whether existing contracts are, or contain, a lease and applied IFRS 16 only to existing contracts that were previously identified as lease under IAS 17; ● the Group applied a single discount rate to a portfolio of leases with reasonably similar characteristics; and ● leases with a remaining term of less than 12 months from the transition date and low value lease are expensed on a straight-line basis to the Consolidated Profit or Loss account. Undiscounted contractual maturity of lease liabilities 31 January 2021 31 January 2020 Amounts payable: Within one year 6,955 8,112 2 to 5 years inclusive 13,661 17,553 After 5 years 936 166 24,059 25,831 |
Share Capital
Share Capital | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Share Capital | 25 Share Capital 31 January 2021 31 January 2020 NZ$000’s 446,582,604 (2020: 4,697,204) Ordinary shares 338,498 170,193 (a) Ordinary shares For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s At the beginning of the reporting period 170,193 134,183 Issuance of new shares - Cash collected from sale of new share issuances and cash exercise of warrants 93,693 12,586 - Shares issued in lieu of agreed settlement 5,503 - - Conversion of debt 1,689 - - Shares issued in lieu of inventory payment - 15, 525 - Shares issued in lieu of related party loan - 1,546 - Convertible notes converted to equity 67,420 5,979 Warrants issued - 374 At the end of the reporting period 338,498 170,193 The holders of ordinary shares are entitled to participate in dividends and the proceeds on winding up of the Group. On a show of hands at meetings of the Group, each holder of ordinary shares has one vote in person or by proxy, and upon a poll each share is entitled to one vote. On 20 December 2019 the company executed a 1-100 reverse share split reducing the number of shares. The Group does not have authorised capital or par value in respect of its shares. (b) Capital Management The key objectives of the Group when managing capital is to safeguard its ability to continue as a going concern and maintain optimal benefits to stakeholders. Management also aims to maintain a capital structure that ensures the lowest cost of capital available to the entity. The Group defines capital as its equity and net debt. There has been no change to capital risk management policies during the year. Management are constantly adjusting the capital structure to take advantage of favourable costs of capital or high return on assets. As the market is constantly changing, management may change the amount of dividends to be paid to shareholders, return capital to shareholders or sell assets to reduce debt. The Group is not subject to any externally imposed capital requirements. The gearing ratio for the years ended 31 January 2021 and 31 January 2020 are as follows: Note 31 January 2021 31 January 2020 NZ$000’s Total borrowings 22 17,495 38,913 Less Cash and cash equivalents 15 (90,925 ) (3,791 ) Net cash)/ net debt (73,430 ) 35,122 Equity 89,191 (6,284 ) Total capital 15,788 28,838 Gearing ratio 20 % (619 )% (b) Warrants The following warrants were outstanding as at 31 January 2021 (31 January 2020: 610,122). Average Exercise Price (USD) Issue Date Expiry Date No. of warrants Mar-19 Mar-21 42,285 Mar-19 Mar-23 14,000 $0.01 - $0.50 Apr-19 Apr-22 500 May-19 May-21 10,000 Jul-19 May-25 170,100 Aug-19 Feb-25 285,714 Aug-19 Aug-24 22,857 $1.51 - $2.00 Nov-17 Nov-21 2,000 Oct-18 Oct-21 20,000 $2.01 - $4.00 Jun-18 Jun-23 8,000 Mar-19 Mar-21 3,922 $4.01+ May-18 May-21 2,816 Total number of outstanding warrants as at 31 January 2021 582,194 |
Reserves
Reserves | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Reserves | 26 Reserves 31 January 2021 31 January 2020 NZ$000’s Foreign currency translation reserve Opening balance 118 (2,013 ) Transfers in (4,484 ) 2,131 Balance at the end of the year (4,366 ) 118 Foreign currency translation reserve Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive income - foreign currency translation reserve. The cumulative amount is reclassified to profit or loss when the net investment is disposed of. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Jan. 31, 2021 | |
Loss per share for profit from continuing operations attributable to the ordinary equity holders of the Group: | |
Loss Per Share | 27 Loss per Share (a) Basic and diluted loss per share For the Year For the Year Ended NZ$ From continuing operations attributable to the ordinary equity holders of the Group (0.62 ) (34.74 ) Total basic and diluted loss per share attributable to the ordinary equity holders of the Group (0.62 ) (34.74 ) (b) Reconciliation of loss used in calculating loss per share For the Year For the Year Ended NZ$000’s Basic and diluted loss per share Loss attributable to the ordinary equity holders of the Group used in calculating basic earnings per share: (68,346 ) (54,305 ) (c) Weighted average number of shares used as the denominator 31 January 2021 31 January 2020 Number Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share 109,370,410 1,563,056 (d) Information concerning the classification of securities Convertible Notes At 31 January 2021, the Group had 1 outstanding convertible note principal of $2.8m and accrued interest and fair value adjustments of $0.8m. Please refer to note 22(c). |
Accumulated Losses
Accumulated Losses | 12 Months Ended |
Jan. 31, 2021 | |
Fair value gain loss on convertible notes derivative | |
Accumulated Losses | 28 Accumulated Losses Year Ended Year Ended NZ$000’s Accumulated losses at the beginning of the financial year (176,595 ) (121,651 ) Adoption of IFRS 16 - (639 ) Loss for the year (68,346 ) (54,305 ) Accumulated losses at end of the financial year (244,941 ) (176,595 ) |
Other Financial Commitments
Other Financial Commitments | 12 Months Ended |
Jan. 31, 2021 | |
Other Financial Commitments | |
Other Financial Commitments | 29 Other Financial Commitments (a) Contracted Commitments 31 January 2021 31 January 2020 NZ$000’s Licence contract - not later than one year - 5,392 - between one year and five years - - - 5,392 On 31 January 2020 the Group, through mutual consent, terminated the licence agreement with Heidi Klum and Heidi Klum Company LLC of a fee of US$3.5m which was paid in full during the year. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of Financial Risk Management [Abstract] | |
Financial Risk Management | 30 Financial Risk Management The Group is exposed to a variety of financial risks through its use of financial instruments. The Group’s overall risk management plan seeks to minimise potential adverse effects due to the unpredictability of financial markets. The most significant financial risks to which the Group is exposed to are described below: Specific risks ● Liquidity risk ● Credit risk ● Market risk - currency risk, interest rate risk and price risk Financial instruments used The principal categories of financial instruments used by the Group are: ● Trade receivables ● Cash at bank ● Bank overdraft ● Trade and other payables ● Floating rate bank loans ● Forward currency contracts ● Shareholders loan Objectives, policies and processes The Board of Directors have overall responsibility for the establishment of the Group’s financial risk management framework. This includes the development of policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk and the use of derivatives. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The day-to-day risk management is carried out by the Group’s finance function under policies and objectives which have been approved by the Board of Directors. The financial assets of the Group were as follows: 31 January 2021 31 January 2020 NZ$000’s - Cash and cash equivalents 90,925 3,791 - Trade receivables 1,462 2,336 92,387 6,127 The Directors consider that the carrying amount for all financial assets approximates to their fair value. Objectives, policies and processes Mitigation strategies for specific risks faced are described below: Liquidity risk Liquidity risk arises from the Group’s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities as and when they fall due. The Group manages its liquidity needs by carefully monitoring scheduled debt servicing payments for long-term financial liabilities as well as cash-outflows due in day-to-day business. The timing of cash flows presented in the table to settle financial liabilities reflects the earliest contractual settlement dates and does not reflect management’s expectations that banking facilities will be rolled forward. The amounts disclosed in the table are the undiscounted contracted cash flows and therefore the balances in the table may not equal the balances in the consolidated balance sheets due to the effect of discounting. Due to the recent developments of COVID-19, the company has been further tasked to preserve cash due to the recent lockdown procedures that have occurred in the company’s main markets meaning retail stores are closed and the company is heavily reliant on its e-commerce segment. In addition, the company has applied for government subsidies where appropriate to help alleviate the impact of reduced cash inflow from store closures. At the date of this report, the Group had received $2.0m in subsidies from the New Zealand Government and $0.8m from the Australian Government. The Group’s liabilities have contractual maturities which are summarised below, it should be noted these amounts are undiscounted contractual cash flows as required by IFRS 7: Non-derivatives Borrowings Non-derivatives Trade payables Non-derivatives Total Derivatives Gross future cash settlement on forward currency contracts - inflow Derivatives Gross future cash settlement on forward currency contracts - (outflow) Derivatives Total Not later than 1 month 31 January 2021 48 6,250 6,289 - - - 31 January 2020 2,052 10,407 12,459 - - - 1 to 3 months 31 January 2021 14,596 - 14,596 - - - 31 January 2020 18,044 - 18,044 - - - 3 months to 1 year 31 January 2021 - - - - - - 31 January 2020 - - - - - - 1 to 5 years 31 January 2021 4,256 - 4,256 - - - 31 January 2020 28,764 - 28,764 - - - Total 31 January 2021 18,900 6,250 25,150 - - - 31 January 2020 48,860 10,407 59,267 - - - Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposure to wholesale and retail customers, including outstanding receivables and committed transactions. The Group operates out of 59 stores across Australasia while having offices in New Zealand which all have committed leasing obligations. COVID-19 has caused the Group to negotiate payments terms across its supplier ledger until such time that normal trading resumes. Trade receivables and contract assets Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The utilisation of credit limits by customers is regularly monitored by line management. Customers who subsequently fail to meet their credit terms are required to make purchases on a prepayment basis until creditworthiness can be re-established. Management considers that all the financial assets that are not impaired for each of the reporting dates under review are of good credit quality, including those that are past due. The Group has no significant concentration of credit risk with respect to any single counterparty or group of counterparties. The credit risk for liquid funds and other short-term financial assets is considered negligible, since the counterparties are reputable banks with high quality external credit ratings. On a geographical basis, the Group has significant credit risk exposures in New Zealand and Australia, given the substantial operations in those regions. The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings if available or historical information about counterparty default rate. 31 January 2021 31 January 2020 NZ$000’s 31 January 2019 NZ$000’s Trade receivables Counterparty without external credit ratings New customer less than 6 months - - 42 Existing customers (more than 6 months with default in past) 1,645 2,358 7,747 Total 1,645 2,358 7,789 Cash at bank 31 January 2021 NZ$000’s 31 January 2020 NZ$000’s 31 January 2019 NZ$000’s Credit ratings AA- 90,887 3,747 1,915 A+ - - - Total 90,887 3,747 1,915 The Group has no significant concentration of credit risk with respect to any single counterparty or group of counterparties. On a geographical basis, the Group has significant credit risk exposures in New Zealand and Australia, United States and United Kingdom given the substantial operations in those regions. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. A significant amount of inventory is purchased in US dollars with sales primarily being generated in Australian and New Zealand dollars. COVID-19 will put additional uncertainty as exchange rates become more volatile. (i) Foreign exchange risk Exposure to foreign exchange risk may result in the fair value or future cash flows of a financial instrument fluctuating due to movement in foreign exchange rates of currencies in which the Group holds financial instruments which are other than the functional currency of the Group. Exposures to currency exchange rates arise from the Group’s overseas sales and purchases, which are primarily denominated in currencies other than the functional currency, in particular USD. Foreign currency denominated financial assets and liabilities, translated into New Zealand Dollars at the closing rate, are as follows: AUD USD GBP EUR HKD Total 31 January 2021 Nominal amounts Trade receivables - (2 ) 13 90 - 101 Trade payables 20 741 - - - 761 Cash and cash equivalents 9,943 78,506 89 12 2 88,552 31 January 2020 Nominal amounts Trade receivables - 19 20 441 - 480 Trade payables 12 4,068 85 1 2 4,168 Cash and cash equivalents 1,500 747 85 5 4 2,341 31 January 2019 Nominal amounts Trade receivables 51 42 - 285 - 378 Trade payables 1 9,035 8 61 7 9,112 Cash and cash equivalents 623 149 38 8 11 829 The table on the next page illustrates the sensitivity of the net result for the year and equity in regards to the Group’s financial assets and financial liabilities and the US dollar - New Zealand Dollar, Australian Dollar - New Zealand Dollar, GB Pound - New Zealand Dollar, Euro - New Zealand Dollar, and Hong Kong Dollar - New Zealand Dollar exchange rates. There have been no changes in the assumptions calculating this sensitivity from prior years. It assumes a 10% change of the New Zealand Dollar / Australian Dollar exchange rate for the year ended 31 January 2021 (31 January 2020: 10%, 31 January 2019: 10%). A 10% change is considered for the New Zealand Dollar / US Dollar exchange rate (31 January 2020: 10%, 31 January 2019: 10%). A 10% change is considered for the New Zealand Dollar / GB Pound exchange rate (31 January 2020: 10%, 31 January 2019: 10%). A 10% change is considered for the New Zealand Dollar / Euro exchange rate (31 January 2020: 10%, 31 January 2019: 10%). All of these percentages have been determined based on the average market volatility in exchange rates in the previous 12 months. The year-end rates are 0.9348 AUD, 0.7168 USD, 0.5228 GBP, 0.5921 EUR and 5.5574 HKD. The sensitivity analysis is based on the foreign currency financial instruments held at the reporting date. If the New Zealand Dollar had strengthened and weakened against the Australian Dollar, US Dollar, GB Pound, Euro and HK Dollar by 10% (31 January 2020: 10%, 31 January 2019: 10%) and 10% (31 January 2020: 10%, 31 January 2020: 10%) respectively then this would have had the following impact: NZ$000’s +10% -10% USD Net results/Equity (31 January 2021) (460 ) 460 Net results/Equity (31 January 2020) (594 ) 594 Net results/Equity (31 January 2019) (954 ) 954 AUD Net results/Equity (31 January 2021) (2 ) 2 Net results/Equity (31 January 2020) (1 ) 1 Net results/Equity (31 January 2019) (5 ) 5 GBP Net results/Equity (31 January 2021) (9 ) 9 Net results/Equity (31 January 2020) (16 ) 16 Net results/Equity (31 January 2019) (1 ) 1 EUR Net results/Equity (31 January 2021) (10 ) 10 Net results/Equity (31 January 2020) (42 ) 42 Net results/Equity (31 January 2019) (32 ) 32 HKD Net results/Equity (31 January 2021) - - Net results/Equity (31 January 2020) - - Net results/Equity (31 January 2019) (1 ) 1 Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions. Nonetheless, the analysis above is considered to be representative of the Group’s exposure to foreign currency risk. Forward exchange contracts The Group has no open forward exchange contracts at the end of the reporting period. The following table summarises the notional amount of the Group’s commitments in relation to forward exchange contracts. Notional Amounts Average Exchange Rate 31 January 2021 31 January 2020 NZ$000’s 31 January 2019 NZ$000’s 31 January 2021 31 January 2020 $ 31 January 2019 $ Buy USD / sell NZD Settlement Less than 6 months - - 34,395 - - 0.6620 NZ$000’s NZ$000’s NZ$000’s $ $ $ Buy AUD / sell NZD Settlement Less than 6 months - - - - - - (ii) Interest rate risk The Group is exposed to interest rate risk as funds are borrowed at floating and fixed rates. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group’s policy is to minimise interest rate cash flow risk exposures on long-term financing. Longer-term borrowings are therefore usually at fixed rates. At the reporting date, the Group is exposed to changes in market interest rates through its bank borrowings, which are subject to variable interest rates. 31 January 2021 31 January 2020 NZ$000’s Floating rate instruments Bank overdrafts - - Working capital financing bank facility - - Convertible notes - - Borrowings 14,500 17,900 14,500 17,900 The following table illustrates the sensitivity of the net result for the year and equity to a reasonably possible change in interest rates of +1.00%/-1.00% (2020: +1.00%/-1.00%, 2019: +1.00%/-1.00%), with effect from the beginning of the year. These changes are considered to be reasonably possible based on observation of current market conditions and economist reports. The calculations are based on the financial instruments held at each reporting date. All other variables are held constant. NZ$000’s 1.00% -1.00% Net results/Equity (31 January 2021) 145 (145 ) Net results/Equity (31 January 2020) 179 (179 ) |
Tax Assets and Liabilities
Tax Assets and Liabilities | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |
Tax Assets and Liabilities | 31 Tax assets and liabilities Opening Balance NZ$000’s Charged to Income NZ$000’s Charged directly to Equity NZ$000’s Changes in Tax Rate NZ$000’s Exchange Differences NZ$000’s Closing Balance NZ$000’s Deferred tax assets/(liabilities) Carried forward tax losses 630 - - - - 630 Intangible assets (630 ) - - - - (630 ) Balance at 31 January 2021 - - - - - - Carried forward tax losses 1,322 (701 ) - - 9 630 Intangible assets (630 ) - - - - (630 ) Balance at 31 January 2020 692 (701 ) - - 9 - |
Dividends
Dividends | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of dividends [Abstract] | |
Dividends | 32 Dividends No final dividend will be paid in respect of the year ended 31 January 2021 (31 January 2020: nil, 31 January 2019: nil). Franking account 31 January 2021 31 January 2020 NZ$000’s Australian franking credits available for subsequent financial years at a tax rate of 30% 3,995 3,995 New Zealand imputation credits available for subsequent financial years at a tax rate of 28% 236 236 The above amounts are based on the dividend franking account at period-end adjusted for: (a) Franking credits that will arise from the payment of the current tax liabilities; (b) Franking debits that will arise from the payment of dividends recognised as a liability at the period end; (c) Franking credits that will arise from the receipt of dividends recognised as receivables at the end of the period. |
Key Management Personnel Remune
Key Management Personnel Remuneration | 12 Months Ended |
Jan. 31, 2021 | |
Key Management Personnel Remuneration | |
Key Management Personnel Remuneration | 33 Key Management Personnel Remuneration Key management personnel remuneration included within employee expenses for the period is shown below: For the Year Ended For the Year Ended NZ$000’s For the Year Ended NZ$000’s Short-term employee benefits* 13,865 3,182 2,056 13,865 3,182 2,056 *Included in the current year’s $13.9m is an accrual for phantom warrants of $11.6m which has been recognised as a brand transition, restructure and transaction expense in the consolidated statement of profit or loss and other comprehensive income. The Group uses the Black Scholes option pricing model to determine the fair value of the phantom warrants which have an exercise price of US$0.37 which vests in three tranches being 21 January 2021, 21 July 2021 and 21 January 2022. There are no conditions or restrictions to receiving the benefit of all the phantom warrants for the full bonus calculation period. Each tranche of phantom warrants may be exercised for cash at any time in the three year period following vesting date and as such is recognised as a liability. |
Interests in Subsidiaries
Interests in Subsidiaries | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Interests in Subsidiaries | 34 Interests in Subsidiaries Composition of the Group Principal place of business / Country of Incorporation Percentage Owned (%)* Percentage Owned (%)* 31 January 2020 Percentage Owned (%)* 31 January 2019 Subsidiaries: Bendon Retail Limited New Zealand 100 100 100 Bendon Holdings Limited New Zealand 100 100 100 Bendon Holdings Pty Limited Australia 100 100 100 Bendon Pty Limited Australia 100 100 100 Bendon Intimates Pty Limited Australia 100 100 100 PS Holdings No. 1 Pty Limited Australia 100 100 100 Pleasure State Pty Limited Australia 100 100 100 Pleasure State (HK) Limited Hong Kong 100 100 100 Bendon UK Limited United Kingdom 100 100 100 Bendon USA Inc United States of America 100 100 100 Bendon Limited New Zealand 100 100 100 Naked Brand Inc. United States of America 100 100 100 FOH Online Corp Inc. United States of America 100 100 100 *The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of detailed information about profit loss from operating activities in connection with specific expenses [Text Block] | |
Fair Value Measurement | 35 Fair Value Measurement The Group measures the following assets and liabilities at fair value on a recurring basis: ● Financial assets - derivative financial instruments ● Financial liabilities - derivative financial instruments ● Financial liabilities – convertible notes with embedded derivatives ● Financial liabilities – Phantom Warrants Fair value hierarchy IFRS 13 Fair Value Measurement Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 Unobservable inputs for the asset or liability. The table below shows the assigned level for each asset and liability held at fair value by the Group: 31 January 2021 Level 1 Level 2 Level 3 Total Recurring fair value measurements Financial assets Foreign exchange contracts - - - - Financial liabilities Foreign exchange contracts - - - - Financial derivative liabilities - 629 - - Phantom warrant liabilities 11,642 - 31 January 2020 Level 1 NZ$000’s Level 2 NZ$000’s Level 3 NZ$000’s Total NZ$000’s Recurring fair value measurements Financial assets Foreign exchange contracts - - - - Financial liabilities Foreign exchange contracts - - - - Financial derivative liabilities - - - - There were no transfers between levels during the financial periods. The carrying amount of trade and other receivables and trade and other payables are assumed to approximate their fair values due to their short-term nature. Bank loans approximate fair value of the carrying amount on the basis of the variable nature of the interest rates associated with the loans. Valuation techniques for fair value measurements categorised within level 2 The fair value of the derivative on convertible notes and the fair value accrual for phantom warrants has been determined using a Black-Scholes model. Measurement inputs include share price on measurement date, expected term of the instrument, risk free rate, expected volatility and expected dividend rate. The Group used valuations specialists to perform these valuations. Fair value measurements using significant unobservable movements (level 3) For the years ended 31 January 2021 and 31 January 2020, there were no financial instruments that were level 3. |
Contingencies
Contingencies | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of contingent liabilities [abstract] | |
Contingencies | 36 Contingencies Contingent Liabilities The Group has entered into a number of trade guarantee arrangements in the normal course of business totalling $0.8m (2020: $0.7m) In February 2020, a group of investors, who had invested in Bendon Limited prior to its merger with the Company, claimed misrepresentations had been made and they had been misled into investing in Bendon. No litigation has been commenced to date. On February 9, 2021, the Group was requested by the Securities and Exchange Commission (the “SEC”) to provide certain documents and information for its investigation. On March 24, 2020, Timothy Connell filed a complaint against us, a subsidiary of ours, and Mr. Davis-Rice, alleging, among other things, that certain shares issued to him in satisfaction of a debt were not registered for resale as promised. Mr. Connell sought rescission of the transaction. During the year, the Group has settled through the issuance of shares. |
Related Parties
Related Parties | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Related Parties | 37 Related Parties (a) Loans (to)/from related parties Opening balance NZ$000s Closing balance NZ$000s Loans to related parties Whitespace Atelier Limited - 31 January 2021 - - Whitespace Atelier Limited - 31 January 2020 282 - Loans from related parties SBL Holdings - 31 January 2021 - - SBL Holdings - 31 January 2020 (1449 ) - EJ Watson – 31 January 2021 - - EJ Watson – 31 January 2020 (2,289 ) - (b) Transactions with related parties In the prior year, a financial liability relating to a shareholder loan created on the acquisition of FOH Online Corp Inc. was derecognised as the current acquisition accounting results in a debt free balance with the shareholder. This adjustment is reflected in the 31 January 2020 accounts in a reduction to the carrying value of the acquired intangible asset with a write back to the profit and loss account for the accrued and capitalised interest. This has resulted in a reduction to the carrying value of the acquired intangible asset with a write back to the profit and loss account for accrued and capitalised interest. Further information can be found in note 19. In the prior year, the loan payable to SBL Holdings Limited was extinguished through the issuance of shares in the Company. In the prior year, the Group received tax services from Rothsay Chartered Accountants, an accountancy firm, in which a director of the company held a senior position. The Group received services to the value of $32,503. During the current year, the Group procured goods for resale from The Way Store Pty Ltd, a company registered in Australia, which is related through common directorship. The Group purchased $0.5m worth of inventory. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Jan. 31, 2021 | |
Cash Flow Information | |
Cash Flow Information | 38 Cash Flow Information (a) Reconciliation of result for the year to cashflows from operating activities Reconciliation of net income to net cash provided by operating activities: For the Year For the Year For the Year Loss for the year (68,346 ) (54,305 ) (49,220 ) Cash flows excluded from profit attributable to operating activities - interest paid on borrowings 1,256 2,868 3,400 - gain on sale of intangible assets - (906 ) - Non-cash flows in profit: - Interest on convertible note borrowings 5,681 - - - depreciation and amortisation expense 8,700 10,603 2,382 - impairment expense 4,895 8,904 8,173 - shares issued in lieu of inventory payment - 5,942 - - shares issued for agreed settlement 5,701 - - - fair value on warrants issued - 371 - - fair value loss/(gain) on convertible notes derivative 26,552 - 775 Changes in assets and liabilities: - (increase)/decrease in trade and other receivables (2,082 ) 2,901 14,267 - (increase)/decrease in current tax receivables 2 368 (355 ) - (increase)/decrease in inventories 6,604 (1,912 ) 13,350 - (increase)/decrease in deferred tax asset/(liability) - 711 (692 ) - (increase)/decrease in related party receivables - 282 6,531 - increase/(decrease) in trade and other payables 6,037 402 (5,681 ) - increase/(decrease) in income taxes payable 205 (140 ) 226 - increase/(decrease) in provisions (5,622 ) 5,534 (522 ) - increase/(decrease) in foreign currency derivative liability - (1,484 ) (1,712 ) - net exchange differences (601 ) (33 ) (355 ) Cashflows from operations (11,018 ) (19,894 ) (9,434 ) (b) Non-cash investing and financing activities Investing and financing transactions that do not require the use of cash or cash equivalents (i.e. non-cash) are excluded from the statement of cash flows. Such transactions are disclosed below that provides all the relevant information about the non-cash investing and financing activities specific to the Group: For the Year For the Year Ended NZ$000’s For the Year Ended NZ$000’s Shares issued in lieu of inventory payment - 15,525 - Shares issued in lieu of agreed debt 5,701 - - Shares issued on conversion of debt 1,689 - - Warrants issued - 371 - 7,192 15,896 - |
Events Occurring After the Repo
Events Occurring After the Reporting Date | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events Occurring After the Reporting Date | 39 Events occurring after the reporting date On February 1, 2021, Naked Brand Group Ltd (“The Company”) received an instruction to issue 29,415,000 ordinary shares at a price of US$1.70 for net proceeds of US$46,920,170, based on a Placement Agent Agreement with Maxim Group LLC date January 27, 2021. On February 9, 2021, the Company repaid its loan facility held with the Bank of New Zealand. The total settlement amount was NZ$14,779,607 and included interest of NZ$17,436 and fees of NZ$262,171. On February 23, 2021, the Company announced that it had received notification from the Nasdaq that the Company had regained compliance with Nasdaq’s minimum bid price requirement. On February 24, 2021 the Company entered into a Securities Purchase Agreement (the “SPA”) with certain accredited investors, pursuant to which the Company will sell to the investors in a private placement an aggregate of US$100,000,000 of units (“Units”), each unit consisting of one ordinary share, no par value, and one warrant, each warrant entitling the holder to purchase one ordinary share (the “Warrant Shares”) at an initial exercise price of US$1.13. The units will be sold at a price per Unit of US$0.93, resulting in the issuance of an aggregate of 107,526,882 Units (representing an aggregate of 107,526,882 ordinary shares and 107,526,882 warrants. On March 11, 2021 the SPA was amended which reduced the price per unit from US$0.93 to US$0.85 resulting in aggregate ordinary shares of 117,647,059 and 117,647,059 warrants. The exercise price of the warrants was also reduced from US$1.13 to US$0.935 and expire five years from the date of the closing. They can be exercised on a net share exercise basis at any time. The Company plans to use the proceeds to pay down certain liabilities and fund working capital. On February 25, 2021, we exchanged the Prior Note issued in April 2020 for 4,002,789 Ordinary Shares. Prior to the exchange, through a board resolution, the conversion price of the Note issued in April was reduced from US$4.00 per share to US$0.60 per share resulting in an additional 3,403,703 shares compared to the previously announced estimate of 599,086 in the October Prospectus. On March 11, 2021 the Company consummated the offer and sale of an aggregate of 117,647,059 units (“Units”), each unit consisting of one ordinary share, no par value and one warrant to certain accredited investors pursuant to the previously disclosed Securities Purchase Agreement between the Company and Investors, dated as of February 24, 2021 (as amended, the “SPA”). The Company received net proceeds of US$95,000,000 from the sale of the units, after offering expenses. The units, ordinary shares, and warrants issued pursuant to the SPA were offered and sold, and the ordinary shares issuable upon the exercise of the Warrants were offered, in private placements to accredited investors. No underwriting discounts or commissions were paid with respect to such sales. In April, 2021, Esousa Holdings LLC, Streeterville Capital LLC and Aquitas collectively acquired 99,787,027 ordinary shares, which were issued upon exercise of the warrants and accounted for no more than 9.9% of this class of share at the time of issuance. On April 19, 2021 Mark Ziirsen was appointed as Chief Financial Officer, replacing Cheryl Durose. On April 26, 2021, the Group received a notice from Nasdaq’s Listing Qualifications Department stating that, for the 30 consecutive business days ending April 23, 2021, the closing bid price for the Ordinary Shares had been below the minimum of $1.00 per share required for continued inclusion on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The notification letter stated that we would be afforded 180 calendar days (until October 25, 2021) to regain compliance with the minimum bid price requirement. In order to regain compliance, the closing bid price for the Ordinary Shares must be at least $1.00 per share for a minimum of ten consecutive business days. The notification letter also stated that in the event we do not regain compliance within the 180-day period, we may be eligible for additional time. The Nasdaq notification did not have any immediate effect on the listing of the Ordinary Shares, and the Ordinary Shares continue to trade uninterrupted under the symbol “NAKD”. Naked management intends to actively monitor the bid price for the Ordinary Shares and will consider all available options to regain compliance with the Nasdaq minimum bid price requirement. On January 21, 2021, the Company announced plans to undertake a transformative restructure in which it would dispose of its bricks-and-mortar operations in order to focus exclusively on its e-commerce business. To that end, the Company signed a non-binding and non-exclusive term sheet to divest its Bendon Limited (“Bendon”) subsidiary, to a group composed of existing management of the Company, including Justin Davis-Rice, the Executive Chairman and Chief Executive Officer of the Company, and Anna Johnson, the Chief Executive Officer of Bendon (the “Bendon Sale”). On April 23, 2021, the Company held an Extraordinary General Meeting of Shareholders, at which shareholders approved the Bendon Sale. On April 30, 2021, the Company signed a conditional share sale agreement for the Bendon Sale (the “Bendon Share Sale Agreement”) and simultaneously consummated the transactions contemplated thereby. Following the Bendon Sale, the Group’s sole operating entity will be FOH Online Corp. (“FOH”). Through FOH, we are the exclusive licensee of the Frederick’s of Hollywood global online license, under which we sell Frederick’s of Hollywood intimates products, sleepwear and loungewear products, swimwear and swimwear accessories products, and costume products. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2021 | |
Summary Of Significant Accounting Policies | |
Going Concern | (a) Going concern The financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. For the financial year ended 31 January 2021 the Group experienced a loss after income tax from continuing operations of NZ$68.3 million and operating cash outflows of NZ$11.0 million. It also is in a net current asset position of NZ$63.8 million and a net asset position of NZ$89.2 million. The losses in the year ended 31 January 2021 of NZ$68.3 million (2020: NZ$54.3 million) are NZ$14.0 million greater than in the prior year. Gross profit was maintained at NZ$33.9 million with the negative impact of lower sales as a result of COVID being offset by lower royalty costs following termination of the Heidi Klum license agreement in the prior year. All other costs were NZ$14.8 million higher with a foreign currency benefit of NZ$3.0 million and receipt of government subsidies and rent concessions of NZ$4.2 million being more than offset by a NZ$26.6 million fair value adjustment on convertible notes. The Group maintained its loan facility with the Bank of New Zealand, for the majority of the financial year ended 31 January 2021 the Group could not meet the compliance covenants. The business raised NZ$113.0 million of funds in the form of issued capital and convertible notes during the financial year to assist with the operating cash outflows and used this to repay $3.4m of the bank debt. The Group also received NZ$2.0 million in subsidies from the New Zealand Government and $0.9m in subsidies from the Australian Government as well as receiving rent concessions of NZ$1.3 million as a goodwill gesture from landlords due to COVID. Since 1 February 2021 and to the date of signing this report, the Group has raised NZ$298.3 million, in the form of issued shares and repaid the bank debt of NZ$14.5 million in full on 9 February 2021. As such, with over NZ$300 million of cash in the business and a substantially strengthened Balance Sheet the directors have no reasonable doubt that the Company has adequate resources to continue to use the going concern basis of accounting in preparing the financial statements. Furthermore, whilst global macro-economic conditions remain uncertain with continued potential impacts from the COVID-19 pandemic and divestment of the Bendon business puts the Company in a confident position to safeguard the Group’s ability to continue as a going concern. |
Basis for Consolidation | (b) Basis for consolidation Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively. When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. |
Business Combinations | (c) Business combinations Business combinations are accounted for by applying the acquisition method which requires an acquiring entity to be identified in all cases. The acquisition date under this method is the date that the acquiring entity obtains control over the acquired entity. The fair value of identifiable assets and liabilities acquired are recognised in the consolidated financial statements at the acquisition date. Goodwill or a gain on bargain purchase may arise on the acquisition date, this is calculated by comparing the consideration transferred and the amount of non-controlling interest in the acquiree with the fair value of the net identifiable assets acquired. Where consideration is greater than the net assets acquired, the excess is recorded as goodwill. Where the net assets acquired are greater than the consideration, the measurement basis of the net assets are reassessed before a gain from bargain purchase recognised in profit or loss. All acquisition-related costs are recognised as expenses in the periods in which the costs are incurred except for costs to issue debt or equity securities. Any contingent consideration which forms part of the combination is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured, and the settlement is accounted for within equity. Otherwise subsequent changes in the value of the contingent consideration liability are measured through profit or loss. |
Income Tax | (d) Income Tax The tax expense/(benefit) recognised in the consolidated statements of profit or loss and other comprehensive income comprises of current income tax expense plus deferred tax expense/(benefit). Current tax is the amount of income taxes payable/(recoverable) in respect of the taxable profit/(loss) for the period and is measured at the amount expected to be paid to/(recovered from) the taxation authorities, using the tax rates and laws that have been enacted or substantively enacted by each jurisdiction by the end of the reporting period. Current tax liabilities/(assets) are measured at the amounts expected to be paid to/(recovered from) the relevant taxation authority. Deferred tax is provided on temporary differences which are determined by comparing the carrying amounts of tax bases of assets and liabilities to the carrying amounts in the consolidated financial statements. Deferred tax is not provided for the following: ● The initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit/(tax loss). ● Taxable temporary differences arising on the initial recognition of goodwill. ● Temporary differences related to investment in subsidiaries, associates and jointly controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by each jurisdiction by the end of the reporting period. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and losses can be utilised. Current and deferred tax is recognised as income or an expense and included in profit or loss for the period except where the tax arises from a transaction which is recognised in other comprehensive income or equity, in which case the tax is recognised in other comprehensive income or equity respectively. In determining the amount of current and deferred income tax, the Group takes into account the impact of uncertain income tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Group to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact the income tax expense in the period that such a determination is made. |
Revenue and Other Income | (e) Revenue and other income Sale of goods Sales of goods through retail stores, e-commerce and wholesale channels are recognised when control of the products have been transferred to the customer which is a point in time. For wholesale and e-commerce sales, risks and rewards are transferred when goods are delivered to customers, and therefore reflects an estimate of shipments that have not been received at year end based on shipping terms and historical delivery times. The Group also provides a reserve for projected merchandise returns based on prior experience. The Group sells gift cards to customers. The Group recognises revenue from gift cards when they are redeemed by the customers. In addition, the Group recognises revenue on all of its unredeemed gift cards when the gift cards have expired. (i) Sale of goods - wholesale The Group sells a range of lingerie products in the wholesale market. Sales are recognised when control of the products has transferred, being when the products are delivered to the wholesaler, the wholesaler has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the wholesaler’s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the wholesaler, and either the wholesaler has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the group has objective evidence that all criteria for acceptance have been satisfied. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. The estimates of discount is based on the trading terms in the contracts, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in trade and other payables) is recognised for expected volume payable to customers in relation to sales made until the end of the reporting period. The Group’s obligation to provide a refund for faulty products under the standard trading terms is recognised as a provision. (ii) Sale of goods - retail/e-commerce The group operates a chain of retail stores and e-commerce websites selling lingerie products. Revenue from the sale of goods is recognised when a group entity sells a product to the customer. Payment of the transaction price is due immediately when the customer purchases the product. It is the group’s policy to sell its products to the end customer with a right of return within 30 days. Therefore, a refund liability (included in trade and other payables) and a right to the returned goods (included in inventory if deemed saleable) are recognised for the products expected to be returned. Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date. Interest revenue Interest is recognised using the effective interest method. Other income Other income is recognised on an accruals basis when the Group is entitled to it. - Government grants Government grants are recognised in the income statement so as to match them with the expenditure towards which they are intended to contribute, to the extent that the conditions for receipt have been met and there is reasonable assurance that the grant will be received. - Rent concessions Rent concessions are recognised in the income statement and relate to changes to lease expenditure as a result of COVID. The Group has elected to utilise the practical expedient for all rent concessions that meet the criteria and credited the consolidated statement of profit or loss and other comprehensive income. |
Brand Management, Administrative, Corporate and Brand Transition, Restructure and Transaction Expenses | (f) Brand management, administrative, corporate and brand transition, restructure and transaction expenses Corporate expenses include head office costs such as human resources, finance team and rental costs. Administrative expenses include depreciation and amortisation, as well as professional accounting fees. Brand management expenses includes other costs incurred in selling products, including advertising, design and retail store occupancy and payroll. Brand transition, restructure and transaction expenses includes costs are extraordinary costs not normally associate with trading. |
Borrowing Costs | (g) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowing pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised as an expense in the period in which they are incurred. |
Inventories | (h) Inventories Inventories are measured at the lower of cost and net realisable value. Cost of inventory is determined using the weighted average costs basis and is net of any rebates and discounts received. Net realisable value represents the estimated selling price for inventories less costs necessary to make the sale. Net realisable value is estimated using the most reliable evidence available at the reporting date and inventory is written down through an obsolescence provision if necessary. |
Property, Plant and Equipment | (i) Property, plant and equipment Plant and equipment Plant and equipment are measured using the cost model. Under the cost model the asset is carried at its cost less any accumulated depreciation and any impairment losses. Costs include purchase price and other directly attributable costs associated with locating the asset to the installation site, where applicable. Depreciation Property, plant and equipment, is depreciated on a straight-line basis over the asset’s useful life to the Group, commencing when the asset is ready for use. The estimated useful lives used for each class f depreciable asset are shown below: Fixed asset class Useful life Leasehold improvements 1 - 10 years Plant, furniture, fittings and motor vehicles 3 - 7 years At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in accounting estimate. |
Leases | (j) Leases The Group adopted IFRS 16 on 1 February 2019. The standard replaces IAS 17 ‘Leases’ and IFRIC 4 ‘Determining whether an Arrangement Contains a Lease’ and for lessees eliminates the classifications of operating leases and finance leases. Straight-line operating lease expense recognition is replaced with a depreciation charge for the right-of-use assets (included in operating costs) and an interest expense on the recognised lease liabilities (included in finance costs). In the earlier periods of the lease, the expenses associated with the lease under IFRS 16 will be higher when compared to lease expenses under IAS 17. However, EBITDA (Earnings Before Interest, Tax, Depletion, Depreciation and Amortisation) results improve as the operating expense is now replaced by interest expense and depreciation in profit or loss. For classification within the statement of cash flows, the interest portion is disclosed in operating activities and the principal portion of the lease payments are separately disclosed in financing activities. For lessor accounting, the standard does not substantially change how a lessor accounts for leases. During the period, the Group received rent concessions of NZ$1.3m, due to COVID-19. The Group has elected to utilise the practical expedient for all rent concessions that meet the criteria. The practical expedient has been applied retrospectively, meaning it has been applied to all rent concessions that satisfy the criteria, which in the case of the Group, occurred from March 2020 to June 2020. Rather than revaluating each lease, the Group opted to credit the consolidated statement of profit or loss and other comprehensive income as it is entitled to do under IFRS-16. Accounting for the rent concessions as lease modifications would have resulted in the Group remeasuring the lease liability to reflect the revised consideration using a revised discount rate, with the effect of the change in the lease liability recorded against the right-of-use asset. By applying the practical expedient, the Group is not required to determine a revised discount rate and the effect of the change in the lease liability is reflected in profit or loss in the period in which the event or condition that triggers the rent concession occurs. The effect of applying the practical expedient is disclosed in note 24. Right-of-use assets A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying asset, and restoring the site or asset. Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the Group expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of-use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. Lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity’s incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. |
Financial Instruments | (k) Financial instruments Financial instruments are recognised initially using trade date accounting, i.e. on the date that the Group becomes party to the contractual provisions of the instrument. On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred). Financial Assets (i) Classification From 1 February 2018, the group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value (either through OCI or through profit or loss), and ● those to be measured at amortised cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The group reclassifies debt investments when and only when its business model for managing those assets changes. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Debt instruments Subsequent measurement of debt instruments depends on the group’s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the group classifies its debt instruments: ● Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the consolidated statement of profit or loss. ● FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in the consolidated statement of profit or loss. ● FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises. Equity instruments The group subsequently measures all equity investments at fair value. Where the group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the group’s right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the consolidated statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. (iv) Impairment From 1 February 2018, the group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. (v) Subsequent measurement If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the financial assets original effective interest rate. Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss. Financial liabilities Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities depending on the purpose for which the liability was acquired. Although the Group uses derivative financial instruments in economic hedges of currency and interest rate risk, it does not hedge account for these transactions and does not have any hedged contracts in place. The Group’s financial liabilities include borrowings, trade and other payables (including finance lease liabilities), which are measured at amortised cost using the effective interest rate method. All of the Group’s derivative financial instruments that are not designated as hedging instruments are accounted for at fair value through profit or loss. |
Impairment of Non-financial Assets | (l) Impairment of non-financial assets At the end of each reporting period the Group determines whether there is an evidence of an impairment indicator for non-financial assets. Where an indicator exists and regardless for goodwill, indefinite life intangible assets and intangible assets not yet available for use, the recoverable amount of the asset is estimated. Where assets do not operate independently of other assets, the recoverable amount of the relevant cash-generating unit (CGU) is estimated. The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and the value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit or loss. Reversal indicators are considered in subsequent periods for all assets which have suffered an impairment loss, except for goodwill. |
Cash and Cash Equivalents | (m) Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. |
Trade and Other Receivables | (n) Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. |
Trade and Other Payables | (o) Trade and other payables These amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. |
Intangibles | (p) Intangibles Goodwill Goodwill is carried at cost less accumulated impairment losses. Goodwill is calculated as the excess of the sum of: i) the consideration transferred; ii) any non-controlling interest; and iii) the acquisition date fair value of any previously held equity interest; over the acquisition date fair value of net identifiable assets acquired in a business combination. Patents and Licences Separately acquired patents and licences are shown at historical cost. Licences and customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Licence fees have an estimated useful life of 5 – 50 years. Software Software has a finite life and is carried at cost less any accumulated amortisation and impairment losses. It has an estimated useful life of between one and three years. Brands Brand assets relate to brands owned by the Group that have arisen on historical acquisitions. These assets were initially measured at fair value. Brands are considered as to whether they have a finite or indefinite useful life at their acquisition and are amortized if considered to have a finite life. Brands are considered to have indefinite lives in circumstances when there is no foreseeable limit to the period over which the asset is expected to generate net cash flows for the entity they are not amortised. Brands with indefinite useful lives have been in existence for many years, are well established and show no signs of deteriorating. These indefinite life brands are assessed for impairment annually or more frequently if impairment indicators are noted. Amortisation Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and indefinite life brands, from the date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Goodwill and indefinite life brands are not amortised but are tested for impairment annually or more frequently if impairment indicators exist. Goodwill is allocated to the Group’s cash generating units or groups of cash generating units, which represent the lowest level at which goodwill is monitored but where such level is not larger than an operating segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. |
Employee Benefits | (q) Employee benefits (i) Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. (ii) Other long-term employee benefit obligations The liabilities for long service leave and annual leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. (iii) Share based payments for cash settled phantom warrants The Group also operates a phantom warrant share option scheme (a cash settled share based-payment) that vest in three tranches being 21 January 2021, 21 July 2021 and 21 January 2022. There are no conditions or restrictions to receiving the benefit of all the phantom warrants for the full bonus calculation period. An option pricing model is used to measure the Group’s liability at each reporting date, taking into account the terms and conditions on which the bonus is awarded. Each tranche of phantom warrants may be exercised for cash at any time in the three year period following vesting date and as such is recognised as a liability. Movements in the liability (other than cash payments are recognised in the consolidated statement of profit or loss and other comprehensive income. |
Provisions | (r) Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured at the present value of management’s best estimate of the outflow required to settle the obligation at the end of the reporting period. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the unwinding of the discount is taken to finance costs in the consolidated statements of profit or loss and other comprehensive income. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. (i) Onerous contract provision The Group provides for future losses on long-term contracts where it is considered probable that the contract costs are likely to exceed revenues in future years. A provision is required for the present value of future losses. Estimating these future losses involves a number of assumptions about the achievement of contract performance targets and the likely levels of future cost escalation over time. (ii) Make good provision The Group is required to restore the lease premises of various retail stores to their original condition at the end of the respective lease terms. Provisions for make good obligations are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. A provision is recognised for the present value of the estimated expenditure required to remove any leasehold improvements. These costs have been capitalised as part of the cost of leasehold improvements and are amortised over the lease term. |
Earnings/(Loss) Per Share | (s) Earnings/(loss) per share (i) Basic earnings/(loss) per share Basic earnings/(loss) per share is calculated by dividing: ● the profit/(loss) attributable to owners of the Group, excluding any costs of servicing equity other than ordinary shares ● by the weighted average number of ordinary shares outstanding during the financial year. (ii) Diluted earnings/(loss) per share Diluted earnings/(loss) per share adjusts the figures used in the determination of basic earnings per share to take into account: ● the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and ● the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. For periods in which the Group has reported net losses, diluted net loss per share attributable to common shareholders is the same as basic net loss per share attributable to common stockholders, since their impact would be anti-dilutive to the calculation of net loss per share. |
Borrowings | (t) Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in profit or loss, which is measured as the difference between the carrying amount of the financial liability and the fair value of the equity instruments issued. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months or more after the reporting period. |
Convertible Notes | (u) Convertible Notes On issuance of the convertible notes, an assessment is made to determine whether the convertible notes contain an equity instrument or whether the whole instrument should be classified as a financial liability. When it is determined that the whole instrument is a financial liability and no equity instrument is identified (for example for foreign-currency-denominated convertibles notes), the conversion option is separated from the host debt and classified as a derivative liability. The carrying value of the host contract (a contract denominated in a foreign currency) at initial recognition is determined as the difference between the consideration received and the fair value of the embedded derivative. The host contract is subsequently measured at amortised cost using the effective interest rate method. The embedded derivative is subsequently measured at fair value at the end of each reporting period through the profit and loss. The convertible note and the derivative are presented separately on the balance sheet to interest-bearing loans and borrowings. When it is determined that the instrument contains an equity component based on the terms of the contract, on issuance of the convertible notes, the fair value of the liability component is determined using a market rate for an equivalent non-convertible bond. This amount is classified as a financial liability measured at amortised cost (net of transaction costs) until it is extinguished on conversion or redemption. The remainder of the proceeds is allocated to the conversion option that is recognised and included in equity. Transaction costs are deducted from equity, net of associated income tax. The carrying amount of the conversion option is not re-measured in subsequent years. |
Share Capital | (v) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. |
Foreign Currency Transactions and Balances | (w) Foreign currency transactions and balances Each of the entities within the Group prepare their financial statements based on the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in New Zealand dollars which is the parent entity’s presentation currency. Transaction and balances Foreign currency transactions are recorded at the spot rate on the date of the transaction. At the end of the reporting period: ● Foreign currency monetary items are translated using the closing foreign currency rate; ● Non-monetary items that are measured at historical cost are translated using the exchange rate at the date of the transaction; and ● Non-monetary items that are measured at fair value are translated using the rate at the date when fair value was determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition or in prior reporting periods are recognised through profit or loss, except where they relate to an item of other comprehensive income or whether they are deferred in equity as qualifying hedges. Group companies The financial results and position of foreign operations whose functional currency is different from the Group’s presentation currency are translated as follows: ● assets and liabilities are translated at period-end exchange rates prevailing at that reporting date; ● income and expenses are translated at average exchange rates for the period where the average rate approximates the rate at the date of the transaction; and ● retained earnings are translated at the exchange rates prevailing at the date of the transaction. Exchange differences arising on translation of foreign operations are transferred directly to the Group’s foreign currency translation reserve in the consolidated balance sheets. These differences are recognised in the consolidated statements of profit or loss and other comprehensive income in the period in which the operation is disposed. |
Operating Segments | (x) Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The executive directors are the chief operating decision maker, responsible for allocating resources and assessing performance of the operating segments. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Summary Of Significant Accounting Policies | |
Disclosure of Detailed Information About Estimated Useful Lives of Property, Plant and Equipment | The estimated useful lives used for each class f depreciable asset are shown below: Fixed asset class Useful life Leasehold improvements 1 - 10 years Plant, furniture, fittings and motor vehicles 3 - 7 years |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disclosure of Detailed Information About Revenue from Continuing Operations | Revenue from continuing operations For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Gross revenue 81,155 93,302 120,278 Rebates (1,116 ) (3,237 ) (8,358 ) 80,039 90,065 111,920 Sale of goods by channel - Retail 40,492 42,576 50,443 - Wholesale 7,496 15,553 29,394 - Online 32,051 31,936 32,083 80,039 90,065 111,920 Sales of goods by geography - New Zealand 34,131 33,786 40,703 - Australia 21,011 24,365 32,065 - United States 24,432 30,863 34,156 - Europe 465 1,051 4,996 80,039 90,065 111,920 |
Loss for the Period (Tables)
Loss for the Period (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Loss For Period | |
Disclosure of Detailed Information About Profit Loss from Operating Activities | The loss for the period was derived after charging/(crediting): For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Staff costs (see note 10) 1 30,175 28,009 31,380 Depreciation of property, plant and equipment (see note 18) 1,098 1,338 2,151 Depreciation of right-of-use assets (see note 19) 7,144 8,676 - Amortisation of acquired intangibles (see note 20) 2 458 589 231 Impairment of Plant and equipment (see note 18) 341 491 281 Impairment of right-of-use assets (see note 19) 1,221 - - Impairment of intangible assets (see note 20) 3,333 8,413 7,892 Loss on disposal of property, plant and equipment 134 322 232 Other income - Proceeds from Government wage subsidies (2,878 ) - - - Rent concessions received (1,345 ) - - Brand transition, restructure and transaction expense - Transaction expenses 3,009 9,597 9,267 - Agreed settlement of debt 5,701 - - - Contract termination costs 2,175 4,696 - Operating lease rentals - Land and buildings - - 9,236 - Other - - 524 Gain on sale of intangible assets - (906 ) - Auditor’s remuneration (note 11) 743 679 1,050 |
Finance Expense (Tables)
Finance Expense (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Finance Expense | |
Disclosure of Detailed Information About Finance Expense | For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s - Interest expense on external borrowings 1,256 1,608 2,338 - Interest expense on convertible loan notes 5,681 1,425 - - Interest expense on leases (see note 19) 1,405 1,674 - - Interest (income)/expense on shareholder loans* - (165 ) 1,062 - Amortisation of loan set up costs (128 ) 671 641 8,214 5,213 4,041 * In the prior year, the shareholder loan payable was derecognised resulting in a reversal of interest expense. |
Other Foreign Currency (Gains_2
Other Foreign Currency (Gains)/Losses (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Other Foreign Currency Gainslosses | |
Disclosure of Detailed Information About Foreign Currency (Gains)/Losses | For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s - Fair value (gain)/loss on foreign exchange contracts - (729 ) 1,065 - Net foreign exchange loss/(gain) (3,642 ) 114 (3,027 ) (3,642 ) (615 ) (1,963 |
Staff Costs (Tables)
Staff Costs (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Staff Costs | |
Disclosure of Detailed Information About Employee Benefits Expense | For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Employee benefits expense: - Salaries and wages* 29,443 26,920 30,872 - Defined contribution expenses 732 1,089 508 30,175 28,009 31,380 *Included in the current year’s $29.4m is an accrual for phantom warrants of $11.6m which has been recognised as a brand transition, restructure and transaction expense in the consolidated statement of profit or loss and other comprehensive income. The Group uses the Black Scholes option pricing model to determine the fair value of the phantom warrants which have an exercise price of US$0.37 which vests in three tranches being 21 January 2021, 21 July 2021 and 21 January 2022 equal to 1.50% of the outstanding shares of the Company on the vesting date. There are no conditions or restrictions to receiving the benefit of all the phantom warrants for the full bonus calculation period. Each tranche of phantom warrants may be exercised for cash at any time in the three year period following vesting date and as such is recognised as a liability. |
Auditor's Remuneration (Tables)
Auditor's Remuneration (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Auditors Remuneration | |
Schedule of Auditor Remuneration | For the Year For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Pricewaterhouse Coopers Australia - Audit fees - - 477 - Taxation fees - - 33 - Other - 10 403 Total remuneration to Pricewaterhouse Coopers Australia - 10 913 Network firms of Pricewaterhouse Coopers Australia - Taxation services - - 137 BDO Audit Pty Ltd - Audit fees 593 403 - - Other 150 266 - Total remuneration to BDO Audit Pty Ltd 743 669 - Total Auditor Remuneration 743 679 1,050 |
Fair Value Loss on Convertibl_2
Fair Value Loss on Convertible Notes Derivative and Warrants (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Fair Value Loss On Convertible Notes Derivative And Warrants | |
Disclosure of Detailed Information About Fair Value Loss on Convertible Notes Derivative and Warrants | For the Year Ended 31 For the Year For the Year Ended 31 Fair value loss on Convertible Notes and warrants 26,552 - 775 |
Income Tax Expense_(Benefit) (T
Income Tax Expense/(Benefit) (Tables) - Bendon Limited [Member] | 12 Months Ended |
Jan. 31, 2021 | |
Income taxes [Line Items] | |
Disclosure of Detailed Information About Major Components of Tax Expense Income | (a) The major components of tax expense/(benefit) comprise: For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Current tax Current tax on profits for the period 27 28 (667 ) Adjustments for current tax of prior periods 107 53 (607 ) Total current tax expense/(benefit) 134 81 (1,274 ) Deferred tax expense Decrease in deferred tax assets (note 31) - 701 - Income tax expense/(benefit) for continuing operations 134 782 (1,274 ) |
Disclosure of Detailed Information About Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates | (b) Reconciliation of income tax to accounting profit: Loss before income tax (68,212 ) (53,523 ) (50,494 ) Tax at New Zealand tax rate of 28% (19,099 ) (14,986 ) (14,138 ) Tax effect of: - permanent differences (including impairment expense) 16,299 5,108 753 - adjustments in respect of current income tax of previous years 107 32 (522 ) - effects of different tax rates of subsidiaries operating in other jurisdictions (1 ) (301 ) 493 - deferred tax assets relating to the current year not brought to account 2,910 10,163 12,077 - deferred tax assets relating to prior periods no longer recognised (note 31) - 701 - - other (12 ) 65 63 Income tax expense/(benefit) 134 782 (1,274 ) |
Disclosure of Detailed Information About Tax Losses Not Recognised | (c) Tax losses not recognised For the Year For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Unused tax losses for which no deferred tax asset has been recognised 177,275 166,882 130,587 Potential tax benefit at 28% 49,637 46,727 36,564 |
Disclosure of Detailed Information About Temporary Differences Not Recognised | (d) Temporary differences not recognised For the Year Ended 31 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Temporary differences for which no deferred tax asset has been recognised 10,115 9,825 14,504 Potential tax benefit at 28% 2,832 2,751 4,061 |
Operating Segment (Tables)
Operating Segment (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Operating Segments | |
Disclosure of Reconciliation of Segment Revenue to Profit or Loss and Other Comprehensive Income | (a) Reconciliations Reconciliation of segment revenue to consolidated statements of profit or loss and other comprehensive income: For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Total segment revenue 89,590 104,153 136,842 Intersegment eliminations (9,551 ) (14,088 ) (24,922 ) Total revenue 80,039 90,065 111,920 |
Disclosure of Reconciliation of Segment EBITDA to Profit or Loss and Other Comprehensive Income | The Board meets on a monthly basis to assess the performance of each segment, net operating profit does not include non-operating revenue and expenses such as dividends, fair value gains and losses. For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s Segment EBITDA 690 (16,167 ) (25,602 ) Any other reconciling items (68,902 ) (37,356 ) (24,892 ) Income tax (expense)/benefit (134 ) (782 ) 1,274 Total net loss after tax (68,346 ) (54,305 ) (49,220 ) |
Disclosure of Detailed Information About Geographical Information | (b) Geographical information In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers whereas segment assets are based on the location of the assets. For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s For the Year Ended 31 January 2019 NZ$000’s New Zealand 34,131 33,786 40,703 Australia 21,011 24,365 32,065 United States 24,432 30,863 34,156 Europe 465 1,051 4,996 80,039 90,065 111,920 |
Disclosure of Detailed Information About Segment Performance | (c) Segment performance Retail Wholesale e-commerce Unallocated Total For the year ended 31 January 2021 Revenue 40,492 7,496 32,051 - 80,039 40,492 7,496 32,051 - 80,039 Cost of goods sold (19,188 ) (4,636 ) (21,604 ) (719 ) (46,147 ) Gross profit 21,304 2,860 10,447 (719 ) 33,892 Other segment expenses* (17,359 ) (1,425 ) (10,096 ) - (28,880 ) Unallocated expenses Administrative expenses - - - (856 ) (856 ) Corporate expenses - - - (9,350 ) (9,350 ) Other income - - - 4,223 4,223 Other foreign exchange gain - - - 1,661 1,661 EBITDA 3,945 1,435 351 (5,041 ) 690 Brand transition, restructure and transaction expenses - - - (22,527 ) (22,527 ) Finance expense - - - (8,214 ) (8,214 ) Interest income - - - 5 5 Impairment expense - - - (4,895 ) (4,895 ) Depreciation and amortisation - - - (8,700 ) (8,700 ) Fair value gain on foreign exchange contracts - - - - - Unrealised foreign exchange gain - - - 1,981 1,981 Fair value loss on Convertible Notes derivative - - - (26,552 ) (26,552 ) Income/(loss) before income tax expense 3,945 1,435 351 (73,943 ) (68,212 ) Income tax expense - - - (134 ) (134 ) Income/(loss) after income tax expense 3,945 1,435 351 (74,077 ) (68,346 ) * Other segment expenses relate to brand management expenses. Retail NZ$000’s Wholesale NZ$000’s e-commerce NZ$000’s Unallocated NZ$000’s Total NZ$000’s For the year ended 31 January 2020 Revenue 42,576 15,554 31,935 - 90,065 42,576 15,554 31,935 - 90,065 Cost of goods sold (19,582 ) (11,342 ) (20,916 ) (4,407 ) (56,247 ) Gross profit 22,994 4,211 11,020 (4,407 ) 33,818 Other segment expenses* (18,784 ) (3,112 ) (13,659 ) - (35,555 ) Unallocated expenses Administrative expenses - - - (1,234 ) (1,234 ) Corporate expenses - - - (12,772 ) (12,772 ) Other foreign exchange loss - - - (424 ) (424 ) EBITDA 4,210 1,099 (2,639 ) (18,837 ) (16,167 ) Brand transition, restructure and transaction expenses** - - - (13,687 ) (13,687 ) Finance expense - - - (5,213 ) (5,213 ) Interest income - - - 12 12 Impairment expense - - - (8,904 ) (8,904 ) Depreciation and amortisation - - - (10,603 ) (10,603 ) Fair value gain on foreign exchange contracts - - - 729 729 Unrealised foreign exchange gain - - - 310 310 Fair value gain/(loss) on Convertible Notes derivative - - - - - Income/(loss) before income tax expense 4,210 1,099 (2,639 ) (56,193 ) (53,523 ) Income tax expense - - - (782 ) (782 ) Income/(loss) after income tax expense 4,210 1,099 (2,639 ) (56,975 ) (54,305 ) * Other segment expenses relate to brand management expenses. ** Brand transition, restructure and transaction expenses are shown net of proceeds from the sale of Naked brand and trademarks. Retail NZ$000’s Wholesale NZ$000’s e-commerce NZ$000’s Unallocated NZ$000’s Total NZ$000’s For the year ended 31 January 2019 Revenue 50,348 29,439 32,133 - 111,920 50,348 29,439 32,133 - 111,920 Cost of goods sold (24,616 ) (24,582 ) (21,248 ) (4,034 ) (74,480 ) Gross profit 25,732 4,857 10,885 (4,034 ) 37,440 Other segment expenses* (24,540 ) (9,667 ) (11,247 ) — (45,454 ) Unallocated expenses Administrative expenses - - - (1,050 ) (1,050 ) Corporate expenses - - - (17,947 ) (17,947 ) Other foreign exchange gain - - - 1,409 1,409 EBITDA 1,192 (4,810 ) (362 ) (21,622 ) (25,602 ) Brand transition, restructure and transaction expenses - - - (10,075 ) (10,075 ) Finance expense - - - (4,041 ) (4,041 ) Impairment expense - - - (8,173 ) (8,173 ) Depreciation and amortisation - - - (2,382 ) (2,382 ) Fair value loss on foreign exchange contracts - - - (1,704 ) (1,704 ) Unrealised foreign exchange gain - - - 2,258 2,258 Fair value loss on Convertible Notes derivative - - - (775 ) (775 ) Income/(loss) before income tax expense 1,192 (4,810 ) (362 ) (46,514 ) (50,494 ) Income tax benefit - - - 1,274 1,274 Income/(loss) after income tax expense 1,192 (4,810 ) (362 ) (45,240 ) (49,220 ) * Other segment expenses relate to brand management expenses and some corporate expenses. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | 31 January 2021 31 January 2020 NZ$000’s Cash on hand 38 44 Cash at bank 90,887 3,747 90,925 3,791 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Trade and other receivables [abstract] | |
Schedule of Trade and Other Receivables | 31 January 2021 31 January 2020 NZ$000’s Trade receivables 1,645 2,358 Provision for impairment (a) (183 ) (22 ) 1,462 2,336 Prepayments 6,304 2,959 Other receivables 368 762 Total current trade and other receivables 8,134 6,057 |
Disclosure of Impairment of Receivable | The loss allowance provision as at 31 January 2021 is determined as follows, the expected credit losses incorporate forward looking information. 31 January 2021 0 - 30 days 31 - 60 days 61 - 90 days > 91 days overdue Total Expected loss rate (%) 2 % 50 % 46 % 60 % Gross carrying amount ($) 1,370 6 39 230 1,645 ECL provision 26 3 17 137 183 |
Disclosure of Impairment Loss and Reversal of Impairment Loss | Reconciliation of changes in the provision for impairment of receivables is as follows: For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s Opening impairment allowance calculated under IFRS 9 (22 ) (609 ) Movement through provision (247 ) (4 ) Unused amounts reversed 85 616 Foreign exchange movement 1 (25 ) Balance at end of the period (183 ) (22 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of inventories [Abstract] | |
Disclosure of Detailed Information About Inventories | 31 January 2021 31 January 2020 NZ$000’s Finished goods 17,708 24,034 Provision for impairment (1,112 ) (495 ) 16,596 23,539 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of Detailed Information About Property, Plant and Equipment | 31 January 2021 31 January 2020 NZ$000’s Leasehold Improvements At cost 8,598 11,456 Accumulated depreciation and impairment (7,898 ) (9,690 ) 700 1,766 Plant, furniture, fittings and motor vehicles At cost 25,610 24,850 Accumulated depreciation (23,333 ) (23,579 ) 2,277 1,271 Total property, plant and equipment 2,977 3,037 |
Disclosure of Detailed Information About Movements in Carrying Amounts of Property, Plant and Equipment | Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial period: Leasehold improvements Plant, furniture, fittings and motor vehicles Total Year ended 31 January 2021 Balance at the beginning of year 1,766 1,271 3,037 Additions 23 1,475 1,498 Disposals (131 ) (6 ) (137 ) Depreciation expense (640 ) (458 ) (1,098 ) Reclassification - - - Impairment loss (341 ) - (341 ) Adjustment to make good asset - - - Foreign exchange movements 23 (5 ) 18 Balance at the end of the year 700 2,277 2,977 Year ended 31 January 2020 Balance at the beginning of year 3,264 499 3,763 Additions 191 1,103 1,294 Disposals (28 ) (324 ) (352 ) Depreciation expense (461 ) (877 ) (1,338 ) Reclassification (1,070 ) 1,120 50 Impairment loss (213 ) (278 ) (491 ) Adjustment to make good asset 14 - 14 Foreign exchange movements 69 28 97 Balance at the end of the year 1,766 1,271 3,037 |
Right-of-Use Assets (Tables)
Right-of-Use Assets (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Right-of-use Assets | |
Disclosure of Right-of-Use Assets | Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment (see note 16). Land & Buildings Plant, furniture, fittings and motor vehicles Total NZ $000’s NZ $000’s NZ $000’s Balance as at 1 February 23,392 417 23,809 Additions to right-of-use-assets 2,700 100 2,800 Depreciation charge for the year (6,982 ) (162 ) (7,144 ) Impairment of right-of-use assets (1,221 ) - (1,221 ) Foreign exchange movements 157 - 157 Balance at 31 January 2021 18,046 355 18,401 Land & Buildings Plant, furniture, fittings and motor vehicles Total NZ $000’s NZ $000’s NZ $000’s Balance as at 1 February 25,616 542 26,158 Additions to right-of-use-assets 6,255 72 6,327 Depreciation charge for the year (8,479 ) (197 ) (8,676 ) Balance at 31 January 2020 23,392 417 23,809 |
Disclosure of Amounts Recognised in Profit or Loss | Amounts recognised in profit or loss 2021 2020 NZ $000’s NZ $000’s Interest expense on lease liabilities 1,405 1,674 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of Detailed Information About Intangible Assets | 31 January 2021 31 January 2020 NZ$000’s Goodwill Cost 5,516 6,091 Accumulated impairment (5,516 ) (6,091 ) - - Patents and licences Cost 22,863 25,151 Accumulated amortisation and impairment (3,649 ) (3,489 ) 19,214 21,662 Brands Cost 12,253 12,032 Accumulated amortisation and impairment (8,810 ) (5,401 ) 3,443 6,631 Software and Website Cost 15,749 15,548 Accumulated amortisation and impairment (15,557 ) (15,548 ) 192 - Total Intangible assets 22,849 28,293 |
Disclosure of Detailed Information About Movements in Carrying Amounts of Intangible Assets | (a) Movements in carrying amounts of intangible assets Goodwill Patents and licences Brands Software and Website Total Year ended 31 January 2021 Balance at the beginning of the year - 21,662 6,631 - 28,293 Additions - - - 211 211 Amortisation - (442 ) - (16 ) (458 ) Impairment (note 7) - - (3,333 ) - (3,333 ) Foreign exchange movements - (2,006 ) 145 (3 ) (1,864 ) Closing value at 31 January 2021 - 19,214 3,443 192 22,849 Goodwill NZ$000 ’ Patents and licences NZ$000 ’ Brands NZ$000 ’ Software and Website NZ$000 ’ Total NZ$000 ’ Year ended 31 January 2020 Balance at the beginning of the year 2,320 25,075 10,205 263 37,863 Adjustments* - (2,310 ) - - (2,310 ) Amortisation - (589 ) - - (589 ) Impairment (note 7) (2,480 ) (2,037 ) (3,694 ) (202 ) (8,413 ) Reclassification - - - (50 ) (50 ) Foreign exchange movements 160 1,523 120 (11 ) 1,792 Closing value at 31 January 2020 - 21,662 6,631 - 28,293 * During the prior year, a financial liability relating to a shareholder loan on the balance sheet of Frederick’s of Hollywood (FOH) on the acquisition of FOH Online Corp Inc. was derecognised as the stock purchase agreement stipulated the transaction was debt free. This has resulted in a reduction to the carrying value of the acquired intangible asset with a write back to the profit and loss account for the accrued and capitalised interest. |
Disclosure of Information for Cash-generating Units | For the purpose of impairment testing, goodwill is allocated to cash-generating units as below: Description of the cash-generating unit (CGU) For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ $000’s United States - 2,480 Impairment of goodwill - 2,480 |
Disclosure of Impairment of Intangible Assets | For the Year Ended 31 January 2021 NZ $000’s For the Year FOH licence - 1,914 Naked patents & licence - 123 Impairment of patents & licences - 2,037 |
Disclosure of Detailed Information About Impairment of Indefinite-lived Brand Intangibles | Brand intangible assets represent brands owned by the Group, that arose on historical acquisitions including Pleasure State, Davenport and Lovable. For the Year Ended 31 January 2021 NZ $000’s For the Year Ended 31 January 2020 NZ $000’s Pleasure State 2,002 125 Davenport and Lovable 1,331 1,439 Naked - 2,130 Impairment of indefinite-lived brand intangibles 3,333 3,694 |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Trade And Other Payables | |
Disclosure of Detailed Information About Trade and Other Current Payables | 31 January 2021 31 January 2020 NZ$000’s Current: Trade payables 6,250 10,407 Accruals 7,250 8,593 Employee benefit liabilities 15,228 3,430 28,728 22,430 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Schedule Of Fair Value Measurement Of Assets And Liabilities [Text Block] | |
Disclosure of Detailed Information About Borrowings | 31 January 2021 31 January 2020 NZ$000’s Amounts due in less than one year: Secured liabilities: Bank loans 14,500 17,900 Debt issuance costs in relation to bank loan (7 ) - Other loan - 1,315 14,493 19,215 Amounts due after more than one year: Unsecured liabilities: Convertible loan notes 3,002 19,698 3,002 19,698 17,495 38,913 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Provisions [abstract] | |
Disclosure of Detailed Information About Provisions | 31 January 2021 NZ$000’s 31 January 2020 Current: Other provisions 92 5,205 Make good 778 639 870 5,844 31 January 2021 NZ$000’s 31 January 2020 Non-current: Make good 1,212 1,796 1,212 1,796 |
Disclosure of Detailed Information About Reconciliation of Changes in Other Provisions | Lease contributions Other provisions Make good Total Opening balance at 1 February 2020 - 5,205 2,435 7,640 Additional provisions recognised - - 26 26 Amounts used during the period - (5,113 ) (506 ) (5,619 ) Exchange differences - - 35 35 Balance at 31 January 2021 - 92 1,990 2,082 Lease contributions NZ$000’s Other provisions NZ$000’s Make good NZ$000’s Total NZ$000’s Opening balance at 1 February 2019 1,085 - 2,208 3,293 Impact of IFRS 16* (1,102 ) - - (1,102 ) Additional provisions recognised - 5,205 307 5,512 Amounts used during the period - - (64 ) (80 ) Exchange differences 17 - (16 ) 1 Balance at 31 January 2020 - 5,205 2,435 7,640 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Lease liabilities [abstract] | |
Disclosure of Detailed Information About Undiscounted Contractual Maturity of Lease Liabilities | Undiscounted contractual maturity of lease liabilities 31 January 2021 31 January 2020 Amounts payable: Within one year 6,955 8,112 2 to 5 years inclusive 13,661 17,553 After 5 years 936 166 24,059 25,831 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of Detailed Information About Share Capital | 31 January 2021 31 January 2020 NZ$000’s 446,582,604 (2020: 4,697,204) Ordinary shares 338,498 170,193 |
Disclosure of Detailed Information About Ordinary Shares Explanatory | For the Year Ended 31 January 2021 For the Year Ended 31 January 2020 NZ$000’s At the beginning of the reporting period 170,193 134,183 Issuance of new shares - Cash collected from sale of new share issuances and cash exercise of warrants 93,693 12,586 - Shares issued in lieu of agreed settlement 5,503 - - Conversion of debt 1,689 - - Shares issued in lieu of inventory payment - 15, 525 - Shares issued in lieu of related party loan - 1,546 - Convertible notes converted to equity 67,420 5,979 Warrants issued - 374 At the end of the reporting period 338,498 170,193 |
Disclosure of Detailed Information About Gearing Ratio | The gearing ratio for the years ended 31 January 2021 and 31 January 2020 are as follows: Note 31 January 2021 31 January 2020 NZ$000’s Total borrowings 22 17,495 38,913 Less Cash and cash equivalents 15 (90,925 ) (3,791 ) Net cash)/ net debt (73,430 ) 35,122 Equity 89,191 (6,284 ) Total capital 15,788 28,838 Gearing ratio 20 % (619 )% |
Disclosure of Detailed Information About Warrants Outstanding | The following warrants were outstanding as at 31 January 2021 (31 January 2020: 610,122). Average Exercise Price (USD) Issue Date Expiry Date No. of warrants Mar-19 Mar-21 42,285 Mar-19 Mar-23 14,000 $0.01 - $0.50 Apr-19 Apr-22 500 May-19 May-21 10,000 Jul-19 May-25 170,100 Aug-19 Feb-25 285,714 Aug-19 Aug-24 22,857 $1.51 - $2.00 Nov-17 Nov-21 2,000 Oct-18 Oct-21 20,000 $2.01 - $4.00 Jun-18 Jun-23 8,000 Mar-19 Mar-21 3,922 $4.01+ May-18 May-21 2,816 Total number of outstanding warrants as at 31 January 2021 582,194 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Disclosure of Detailed Information About Reserves Within Equity | 31 January 2021 31 January 2020 NZ$000’s Foreign currency translation reserve Opening balance 118 (2,013 ) Transfers in (4,484 ) 2,131 Balance at the end of the year (4,366 ) 118 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Loss per share for profit from continuing operations attributable to the ordinary equity holders of the Group: | |
Disclosure of Detailed Information About Earning Loss Per Share | (a) Basic and diluted loss per share For the Year For the Year Ended NZ$ From continuing operations attributable to the ordinary equity holders of the Group (0.62 ) (34.74 ) Total basic and diluted loss per share attributable to the ordinary equity holders of the Group (0.62 ) (34.74 ) (b) Reconciliation of loss used in calculating loss per share For the Year For the Year Ended NZ$000’s Basic and diluted loss per share Loss attributable to the ordinary equity holders of the Group used in calculating basic earnings per share: (68,346 ) (54,305 ) (c) Weighted average number of shares used as the denominator 31 January 2021 31 January 2020 Number Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share 109,370,410 1,563,056 |
Accumulated Losses (Tables)
Accumulated Losses (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Fair value gain loss on convertible notes derivative | |
Disclosure of Detailed Information About Retained Earnings Accumulated Losses | Year Ended Year Ended NZ$000’s Accumulated losses at the beginning of the financial year (176,595 ) (121,651 ) Adoption of IFRS 16 - (639 ) Loss for the year (68,346 ) (54,305 ) Accumulated losses at end of the financial year (244,941 ) (176,595 ) |
Other Financial Commitments (Ta
Other Financial Commitments (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Other Financial Commitments | |
Disclosure of Detailed Information About Contracted Commitments Explanatory | 31 January 2021 31 January 2020 NZ$000’s Licence contract - not later than one year - 5,392 - between one year and five years - - - 5,392 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Statement Line Items [Line Items] | |
Disclosure of Financial Assets | The financial assets of the Group were as follows: 31 January 2021 31 January 2020 NZ$000’s - Cash and cash equivalents 90,925 3,791 - Trade receivables 1,462 2,336 92,387 6,127 |
Disclosure of Financial Risk Management | The Group’s liabilities have contractual maturities which are summarised below, it should be noted these amounts are undiscounted contractual cash flows as required by IFRS 7: Non-derivatives Borrowings Non-derivatives Trade payables Non-derivatives Total Derivatives Gross future cash settlement on forward currency contracts - inflow Derivatives Gross future cash settlement on forward currency contracts - (outflow) Derivatives Total Not later than 1 month 31 January 2021 48 6,250 6,289 - - - 31 January 2020 2,052 10,407 12,459 - - - 1 to 3 months 31 January 2021 14,596 - 14,596 - - - 31 January 2020 18,044 - 18,044 - - - 3 months to 1 year 31 January 2021 - - - - - - 31 January 2020 - - - - - - 1 to 5 years 31 January 2021 4,256 - 4,256 - - - 31 January 2020 28,764 - 28,764 - - - Total 31 January 2021 18,900 6,250 25,150 - - - 31 January 2020 48,860 10,407 59,267 - - - |
Disclosure of Credit Risk Exposure | The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings if available or historical information about counterparty default rate. 31 January 2021 31 January 2020 NZ$000’s 31 January 2019 NZ$000’s Trade receivables Counterparty without external credit ratings New customer less than 6 months - - 42 Existing customers (more than 6 months with default in past) 1,645 2,358 7,747 Total 1,645 2,358 7,789 Cash at bank 31 January 2021 NZ$000’s 31 January 2020 NZ$000’s 31 January 2019 NZ$000’s Credit ratings AA- 90,887 3,747 1,915 A+ - - - Total 90,887 3,747 1,915 |
Disclosure of Market Risk | Foreign currency denominated financial assets and liabilities, translated into New Zealand Dollars at the closing rate, are as follows: AUD USD GBP EUR HKD Total 31 January 2021 Nominal amounts Trade receivables - (2 ) 13 90 - 101 Trade payables 20 741 - - - 761 Cash and cash equivalents 9,943 78,506 89 12 2 88,552 31 January 2020 Nominal amounts Trade receivables - 19 20 441 - 480 Trade payables 12 4,068 85 1 2 4,168 Cash and cash equivalents 1,500 747 85 5 4 2,341 31 January 2019 Nominal amounts Trade receivables 51 42 - 285 - 378 Trade payables 1 9,035 8 61 7 9,112 Cash and cash equivalents 623 149 38 8 11 829 |
Disclosure of Detailed Information About Hedging Instruments | The following table summarises the notional amount of the Group’s commitments in relation to forward exchange contracts. Notional Amounts Average Exchange Rate 31 January 2021 31 January 2020 NZ$000’s 31 January 2019 NZ$000’s 31 January 2021 31 January 2020 $ 31 January 2019 $ Buy USD / sell NZD Settlement Less than 6 months - - 34,395 - - 0.6620 NZ$000’s NZ$000’s NZ$000’s $ $ $ Buy AUD / sell NZD Settlement Less than 6 months - - - - - - |
Disclosure of Financial Instruments by Type of Interest Rate | 31 January 2021 31 January 2020 NZ$000’s Floating rate instruments Bank overdrafts - - Working capital financing bank facility - - Convertible notes - - Borrowings 14,500 17,900 14,500 17,900 |
Currency risk [member] | |
Statement Line Items [Line Items] | |
Sensitivity Analysis for Types of Market Risk | NZ$000’s +10% -10% USD Net results/Equity (31 January 2021) (460 ) 460 Net results/Equity (31 January 2020) (594 ) 594 Net results/Equity (31 January 2019) (954 ) 954 AUD Net results/Equity (31 January 2021) (2 ) 2 Net results/Equity (31 January 2020) (1 ) 1 Net results/Equity (31 January 2019) (5 ) 5 GBP Net results/Equity (31 January 2021) (9 ) 9 Net results/Equity (31 January 2020) (16 ) 16 Net results/Equity (31 January 2019) (1 ) 1 EUR Net results/Equity (31 January 2021) (10 ) 10 Net results/Equity (31 January 2020) (42 ) 42 Net results/Equity (31 January 2019) (32 ) 32 HKD Net results/Equity (31 January 2021) - - Net results/Equity (31 January 2020) - - Net results/Equity (31 January 2019) (1 ) 1 |
Interest Rate Risk [Member] | |
Statement Line Items [Line Items] | |
Sensitivity Analysis for Types of Market Risk | NZ$000’s 1.00% -1.00% Net results/Equity (31 January 2021) 145 (145 ) Net results/Equity (31 January 2020) 179 (179 ) |
Tax Assets and Liabilities (Tab
Tax Assets and Liabilities (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |
Reconciliation of Changes in Deferred Tax Liability Asset | Opening Balance NZ$000’s Charged to Income NZ$000’s Charged directly to Equity NZ$000’s Changes in Tax Rate NZ$000’s Exchange Differences NZ$000’s Closing Balance NZ$000’s Deferred tax assets/(liabilities) Carried forward tax losses 630 - - - - 630 Intangible assets (630 ) - - - - (630 ) Balance at 31 January 2021 - - - - - - Carried forward tax losses 1,322 (701 ) - - 9 630 Intangible assets (630 ) - - - - (630 ) Balance at 31 January 2020 692 (701 ) - - 9 - |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of dividends [Abstract] | |
Disclosure of Detailed Information About Dividends Explanatory | 31 January 2021 31 January 2020 NZ$000’s Australian franking credits available for subsequent financial years at a tax rate of 30% 3,995 3,995 New Zealand imputation credits available for subsequent financial years at a tax rate of 28% 236 236 |
Key Management Personnel Remu_2
Key Management Personnel Remuneration (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Key Management Personnel Remuneration | |
Disclosure of Detailed Information About Key Management Personnel | Key management personnel remuneration included within employee expenses for the period is shown below: For the Year Ended For the Year Ended NZ$000’s For the Year Ended NZ$000’s Short-term employee benefits* 13,865 3,182 2,056 13,865 3,182 2,056 *Included in the current year’s $13.9m is an accrual for phantom warrants of $11.6m which has been recognised as a brand transition, restructure and transaction expense in the consolidated statement of profit or loss and other comprehensive income. The Group uses the Black Scholes option pricing model to determine the fair value of the phantom warrants which have an exercise price of US$0.37 which vests in three tranches being 21 January 2021, 21 July 2021 and 21 January 2022. There are no conditions or restrictions to receiving the benefit of all the phantom warrants for the full bonus calculation period. Each tranche of phantom warrants may be exercised for cash at any time in the three year period following vesting date and as such is recognised as a liability. |
Interests in Subsidiaries (Tabl
Interests in Subsidiaries (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of Composition of Group | Composition of the Group Principal place of business / Country of Incorporation Percentage Owned (%)* Percentage Owned (%)* 31 January 2020 Percentage Owned (%)* 31 January 2019 Subsidiaries: Bendon Retail Limited New Zealand 100 100 100 Bendon Holdings Limited New Zealand 100 100 100 Bendon Holdings Pty Limited Australia 100 100 100 Bendon Pty Limited Australia 100 100 100 Bendon Intimates Pty Limited Australia 100 100 100 PS Holdings No. 1 Pty Limited Australia 100 100 100 Pleasure State Pty Limited Australia 100 100 100 Pleasure State (HK) Limited Hong Kong 100 100 100 Bendon UK Limited United Kingdom 100 100 100 Bendon USA Inc United States of America 100 100 100 Bendon Limited New Zealand 100 100 100 Naked Brand Inc. United States of America 100 100 100 FOH Online Corp Inc. United States of America 100 100 100 *The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of detailed information about profit loss from operating activities in connection with specific expenses [Text Block] | |
Schedule of Fair Value Measurement of Assets and Liabilities | The table below shows the assigned level for each asset and liability held at fair value by the Group: 31 January 2021 Level 1 Level 2 Level 3 Total Recurring fair value measurements Financial assets Foreign exchange contracts - - - - Financial liabilities Foreign exchange contracts - - - - Financial derivative liabilities - 629 - - Phantom warrant liabilities 11,642 - 31 January 2020 Level 1 NZ$000’s Level 2 NZ$000’s Level 3 NZ$000’s Total NZ$000’s Recurring fair value measurements Financial assets Foreign exchange contracts - - - - Financial liabilities Foreign exchange contracts - - - - Financial derivative liabilities - - - - |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of Transactions Between Related Parties | Opening balance NZ$000s Closing balance NZ$000s Loans to related parties Whitespace Atelier Limited - 31 January 2021 - - Whitespace Atelier Limited - 31 January 2020 282 - Loans from related parties SBL Holdings - 31 January 2021 - - SBL Holdings - 31 January 2020 (1449 ) - EJ Watson – 31 January 2021 - - EJ Watson – 31 January 2020 (2,289 ) - |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Cash Flow Information | |
Schedule of Cash Flow Information | Reconciliation of net income to net cash provided by operating activities: For the Year For the Year For the Year Loss for the year (68,346 ) (54,305 ) (49,220 ) Cash flows excluded from profit attributable to operating activities - interest paid on borrowings 1,256 2,868 3,400 - gain on sale of intangible assets - (906 ) - Non-cash flows in profit: - Interest on convertible note borrowings 5,681 - - - depreciation and amortisation expense 8,700 10,603 2,382 - impairment expense 4,895 8,904 8,173 - shares issued in lieu of inventory payment - 5,942 - - shares issued for agreed settlement 5,701 - - - fair value on warrants issued - 371 - - fair value loss/(gain) on convertible notes derivative 26,552 - 775 Changes in assets and liabilities: - (increase)/decrease in trade and other receivables (2,082 ) 2,901 14,267 - (increase)/decrease in current tax receivables 2 368 (355 ) - (increase)/decrease in inventories 6,604 (1,912 ) 13,350 - (increase)/decrease in deferred tax asset/(liability) - 711 (692 ) - (increase)/decrease in related party receivables - 282 6,531 - increase/(decrease) in trade and other payables 6,037 402 (5,681 ) - increase/(decrease) in income taxes payable 205 (140 ) 226 - increase/(decrease) in provisions (5,622 ) 5,534 (522 ) - increase/(decrease) in foreign currency derivative liability - (1,484 ) (1,712 ) - net exchange differences (601 ) (33 ) (355 ) Cashflows from operations (11,018 ) (19,894 ) (9,434 ) |
Schedule of Non-cash Investing and Financing Activities | Investing and financing transactions that do not require the use of cash or cash equivalents (i.e. non-cash) are excluded from the statement of cash flows. Such transactions are disclosed below that provides all the relevant information about the non-cash investing and financing activities specific to the Group: For the Year For the Year Ended NZ$000’s For the Year Ended NZ$000’s Shares issued in lieu of inventory payment - 15,525 - Shares issued in lieu of agreed debt 5,701 - - Shares issued on conversion of debt 1,689 - - Warrants issued - 371 - 7,192 15,896 - |
Description of Business (Detail
Description of Business (Details Narrative) - NZD ($) $ in Thousands | Jan. 31, 2020 | Jan. 28, 2020 | Jan. 31, 2021 |
Statement Line Items [Line Items] | |||
Inventory | $ 23,539 | $ 16,596 | |
Licence Agreement [Member] | Heidi Klum [Member] | |||
Statement Line Items [Line Items] | |||
Inventory | 400 | ||
US [Member] | Licence Agreement [Member] | Heidi Klum [Member] | |||
Statement Line Items [Line Items] | |||
Termination fees | $ 3,500 | ||
Gogogo SRL [Member] | US [Member] | |||
Statement Line Items [Line Items] | |||
Sale of rights, title and interest | $ 600 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - NZD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
May 16, 2021 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Statement Line Items [Line Items] | ||||
Profit/(loss) after income tax | $ (68,346) | $ (54,305) | $ (49,220) | |
Cash flows from (used in) operating activities | (11,018) | (19,894) | (9,434) | |
Net current liability | 63,800 | 54,300 | ||
Assets (liabilities) | 89,191 | (6,284) | ||
Gross profit | 33,892 | 33,818 | 37,440 | |
Other costs | 14,800 | |||
Other foreign currency gains | 3,642 | 615 | 1,963 | |
Government subsidies | 4,200 | |||
Fair value adjustment of convertible notes | 26,600 | |||
Increase in capital | 113,000 | |||
Repayment of bank debt | 3,400 | $ 2,100 | $ 18,489 | |
Rent concessions | 1,300 | |||
Cash | 300 | |||
Maximum [Member] | ||||
Statement Line Items [Line Items] | ||||
Net current liability | $ 14,000 | |||
Licences [member] | Maximum [Member] | ||||
Statement Line Items [Line Items] | ||||
Intangibles estimated useful life | 50 years | |||
Licences [member] | Minimum [Member] | ||||
Statement Line Items [Line Items] | ||||
Intangibles estimated useful life | 5 years | |||
Events occurring after reporting date [Member] | ||||
Statement Line Items [Line Items] | ||||
Increase in capital | $ 298,300 | |||
Repayment of bank debt | $ 14,500 | |||
New Zealand [Member] | ||||
Statement Line Items [Line Items] | ||||
Profit/(loss) after income tax | $ 2,000 | |||
Proceeds from government grants | 2,000 | |||
Australia [Member] | ||||
Statement Line Items [Line Items] | ||||
Profit/(loss) after income tax | 500 | |||
Proceeds from government grants | $ 900 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Disclosure of Detailed Information About Estimated Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Jan. 31, 2021 | |
Leasehold Improvements [Member] | Minimum [Member] | |
Statement Line Items [Line Items] | |
Estimated useful lives | 1 year |
Leasehold Improvements [Member] | Maximum [Member] | |
Statement Line Items [Line Items] | |
Estimated useful lives | 10 years |
Plant, Furniture, Fittings and Motor Vehicles [Member] | Minimum [Member] | |
Statement Line Items [Line Items] | |
Estimated useful lives | 3 years |
Plant, Furniture, Fittings and Motor Vehicles [Member] | Maximum [Member] | |
Statement Line Items [Line Items] | |
Estimated useful lives | 7 years |
Revenue - Disclosure of Detaile
Revenue - Disclosure of Detailed Information About Revenue from Continuing Operations (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Statement Line Items [Line Items] | |||
Gross revenue | $ 81,155 | $ 93,302 | $ 120,278 |
Rebates | (1,116) | (3,237) | (8,358) |
Revenue | 80,039 | 90,065 | 111,920 |
Sale of goods | 80,039 | 90,065 | 111,920 |
New Zealand [Member] | |||
Statement Line Items [Line Items] | |||
Revenue | 34,131 | 33,786 | 40,703 |
Australia [Member] | |||
Statement Line Items [Line Items] | |||
Revenue | 21,011 | 24,365 | 32,065 |
United States [Member] | |||
Statement Line Items [Line Items] | |||
Revenue | 24,432 | 30,863 | 34,156 |
Europe [Member] | |||
Statement Line Items [Line Items] | |||
Revenue | 465 | 1,051 | 4,996 |
Retail [Member] | |||
Statement Line Items [Line Items] | |||
Sale of goods | 40,492 | 42,576 | 50,443 |
Wholesale [Member] | |||
Statement Line Items [Line Items] | |||
Sale of goods | 7,496 | 15,553 | 29,394 |
Online [Member] | |||
Statement Line Items [Line Items] | |||
Sale of goods | $ 32,051 | $ 31,936 | $ 32,083 |
Loss for the Period - Disclosur
Loss for the Period - Disclosure of Detailed Information About Profit Loss from Operating Activities (Details) - NZD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | ||
Loss For Period | ||||
Staff costs (see note 10) | [1] | $ 30,175 | $ 28,009 | $ 31,380 |
Depreciation of property, plant and equipment (see note 18) | 1,098 | 1,338 | 2,151 | |
Depreciation of right-of-use assets (see note 19) | 7,144 | 8,676 | ||
Amortisation of acquired intangibles (see note 20) | [2] | 458 | 589 | 231 |
Impairment of Plant and equipment (see note 18) | 341 | 491 | 281 | |
Impairment of right-of-use assets (see note 19) | 1,221 | |||
Impairment of intangible assets (see note 20) | 3,333 | 8,413 | 7,892 | |
Loss on disposal of property, plant and equipment | 134 | 322 | 232 | |
Other income - Proceeds from Government wage subsidies | 4,223 | |||
Other income - Rent concessions received | (1,345) | |||
Brand transition, restructure and transaction expense - Transaction expenses | 3,009 | 9,597 | 9,267 | |
Brand transition, restructure and transaction expense - Agreed settlement of debt | 5,701 | |||
Brand transition, restructure and transaction expense - Contract termination costs | 2,175 | 4,696 | ||
Operating lease rentals - Land and buildings | 9,236 | |||
Operating lease rentals - Other | 524 | |||
Gain on sale of intangible assets | (906) | |||
Auditor's remuneration (note 11) | $ 743 | $ 679 | $ 1,050 | |
[1] | Staff costs include an accrual of $11.6m for phantom warrants which has been recognised in the brand transition, restructure and transaction expense line in the consolidated statement of profit or loss and other comprehensive income | |||
[2] | Amortisation charges on the Group's intangible assets are recognised in the administrative expenses line of the consolidated statement of profit or loss and other comprehensive income. |
Loss for the Period - Disclos_2
Loss for the Period - Disclosure of Detailed Information About Profit Loss from Operating Activities (Details) (Parenthetical) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Loss For Period | |||
Staff costs for warrants | $ 11,600 | $ 11,600 | $ 11,600 |
Finance Expense - Disclosure of
Finance Expense - Disclosure of Detailed Information About Finance Expense (Details) - NZD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | ||
Finance Expense | ||||
Interest expense on external borrowings | $ 1,256 | $ 1,608 | $ 2,338 | |
Interest expense on convertible loan notes | 5,681 | 1,425 | ||
Interest expense on leases (see note 19) | 1,405 | 1,674 | ||
Interest (income)/expense on shareholder loans | [1] | (165) | 1,062 | |
Amortisation of loan set up costs | (128) | 671 | 641 | |
Finance expense | $ 8,214 | $ 5,213 | $ 4,041 | |
[1] | In the prior year, the shareholder loan payable was derecognised resulting in a reversal of interest expense. |
Other Foreign Currency (Gains_3
Other Foreign Currency (Gains)/Losses - Disclosure of Detailed Information About Foreign Currency (Gains)/Losses (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Other Foreign Currency Gainslosses | |||
Fair value (gain)/loss on foreign exchange contracts | $ (729) | $ 1,065 | |
Net foreign exchange loss/(gain) | (3,642) | 114 | (3,027) |
Other foreign currency (gains)/losses | $ (3,642) | $ (615) | $ (1,963) |
Staff Costs - Disclosure of Det
Staff Costs - Disclosure of Detailed Information About Employee Benefits Expense (Details) - NZD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | ||
Staff Costs | ||||
Salaries and wages | [1] | $ 29,443 | $ 26,920 | $ 30,872 |
Defined contribution expenses | 732 | 1,089 | 508 | |
Employee benefits expense | [2] | $ 30,175 | $ 28,009 | $ 31,380 |
[1] | Included in the current year's $29.4m is an accrual for phantom warrants of $11.6m which has been recognised as a brand transition, restructure and transaction expense in the consolidated statement of profit or loss and other comprehensive income. The Group uses the Black Scholes option pricing model to determine the fair value of the phantom warrants which have an exercise price of US$0.37 which vests in three tranches being 21 January 2021, 21 July 2021 and 21 January 2022 equal to 1.50% of the outstanding shares of the Company on the vesting date. There are no conditions or restrictions to receiving the benefit of all the phantom warrants for the full bonus calculation period. Each tranche of phantom warrants may be exercised for cash at any time in the three year period following vesting date and as such is recognised as a liability. | |||
[2] | Staff costs include an accrual of $11.6m for phantom warrants which has been recognised in the brand transition, restructure and transaction expense line in the consolidated statement of profit or loss and other comprehensive income |
Staff Costs - Disclosure of D_2
Staff Costs - Disclosure of Detailed Information About Employee Benefits Expense (Details) (Parenthetical) - NZD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Staff Costs | |||
Restructure and transaction expenses | $ 29,400 | $ 29,400 | $ 29,400 |
Accural of warrant | $ 11,600 | $ 11,600 | $ 11,600 |
Exercise price of warrant | $ 0.37 | $ 0.37 | $ 0.37 |
Vesting percentage of outstanding shares | 1.05% | 1.05% | 1.05% |
Auditor's Remuneration - Schedu
Auditor's Remuneration - Schedule of Auditor Remuneration (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Statement Line Items [Line Items] | |||
Total remuneration | $ 743 | $ 679 | $ 1,050 |
Pricewaterhouse Coopers Australia [Member] | |||
Statement Line Items [Line Items] | |||
Audit fees | 477 | ||
Taxation fees | 33 | ||
Other | 10 | 403 | |
Total remuneration | 10 | 913 | |
Network firms of Pricewaterhouse Coopers Australia [Member] | |||
Statement Line Items [Line Items] | |||
Taxation fees | 137 | ||
BDO Audit Pty Ltd Australia [Member] | |||
Statement Line Items [Line Items] | |||
Audit fees | 593 | 403 | |
Other | 150 | 266 | |
Total remuneration | $ 743 | $ 669 | $ 1,050 |
Fair Value Loss on Convertibl_3
Fair Value Loss on Convertible Notes Derivative and Warrants (Details Narrative) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Fair Value Loss On Convertible Notes Derivative And Warrants | |||
Fair value loss on convertible notes derivative and warrants | $ 26,552 | $ 775 |
Fair Value Loss on Convertibl_4
Fair Value Loss on Convertible Notes Derivative and Warrants - Disclosure of Detailed Information About Fair Value Loss on Convertible Notes Derivative and Warrants (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Fair Value Loss On Convertible Notes Derivative And Warrants | |||
Fair value loss on convertible notes derivative and warrants | $ 26,552 | $ 775 |
Income Tax Expense_(Benefit) (D
Income Tax Expense/(Benefit) (Details Narrative) $ in Thousands | Jan. 31, 2021NZD ($) |
Income taxes [Abstract] | |
Deferred tax assets | $ 701 |
Income Tax Expense_(Benefit) -
Income Tax Expense/(Benefit) - Disclosure of Detailed Information About Major Components of Tax Expense Income (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income taxes [Abstract] | |||
Current tax on profits for the period | $ 27 | $ 28 | $ (667) |
Adjustments for current tax of prior periods | 107 | 53 | (607) |
Total current tax expense/(benefit) | 134 | 81 | (1,274) |
Decrease in deferred tax assets (note 31) | 701 | ||
Income tax expense/(benefit) for continuing operations | $ 134 | $ 782 | $ (1,274) |
Income Tax Expense_(Benefit) _2
Income Tax Expense/(Benefit) - Disclosure of Detailed Information About Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income taxes [Abstract] | |||
Loss before income tax | $ (68,212) | $ (53,523) | $ (50,494) |
Tax at New Zealand tax rate of 28% | (19,099) | (14,986) | (14,138) |
Tax effect of: permanent differences (including impairment expense) | 16,299 | 5,108 | 753 |
Tax effect of: adjustments in respect of current income tax of previous years | 107 | 32 | (522) |
Tax effect of: effects of different tax rates of subsidiaries operating in other jurisdictions | (1) | (301) | 493 |
Tax effect of: deferred tax assets relating to the current year not brought to account | 2,910 | 10,163 | 12,077 |
Tax effect of: deferred tax assets relating to prior periods no longer recognised (note 31) | 701 | ||
Tax effect of: other | (12) | 65 | 63 |
Income tax expense/(benefit) | $ 134 | $ 782 | $ (1,274) |
Income Tax Expense_(Benefit) _3
Income Tax Expense/(Benefit) - Disclosure of Detailed Information About Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates (Details) (Parenthetical) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income taxes [Abstract] | |||
Applicable tax rate | 28.00% | 28.00% | 28.00% |
Income Tax Expense_(Benefit) _4
Income Tax Expense/(Benefit) - Disclosure of Detailed Information About Tax Losses Not Recognised (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income taxes [Abstract] | |||
Unused tax losses for which no deferred tax asset has been recognised | $ 177,275 | $ 166,882 | $ 130,587 |
Potential tax benefit at 28% | $ 49,637 | $ 46,727 | $ 36,564 |
Income Tax Expense_(Benefit) _5
Income Tax Expense/(Benefit) - Disclosure of Detailed Information About Temporary Differences Not Recognised (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Income taxes [Abstract] | |||
Temporary differences for which no deferred tax asset has been recognised | $ 10,115 | $ 9,825 | $ 14,504 |
Potential tax benefit at 28% | $ 2,832 | $ 2,751 | $ 4,061 |
Operating Segment (Details Narr
Operating Segment (Details Narrative) | 12 Months Ended |
Jan. 31, 2021Integer | |
Operating Segments | |
Number of reportable segments | 3 |
Operating Segment - Disclosure
Operating Segment - Disclosure of Reconciliation of Segment Revenue to Profit or Loss and Other Comprehensive Income (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Operating Segments | |||
Total segment revenue | $ 89,590 | $ 104,153 | $ 136,842 |
Intersegment eliminations | (9,551) | (14,088) | (24,922) |
Total external revenue | $ 80,039 | $ 90,065 | $ 111,920 |
Operating Segment - Disclosur_2
Operating Segment - Disclosure of Reconciliation of Segment EBITDA to Profit or Loss and Other Comprehensive Income (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Operating Segments | |||
Segment EBITDA | $ 690 | $ (16,167) | $ (25,602) |
Any other reconciling items | (68,902) | (37,356) | (24,892) |
Income tax (expense)/benefit | (134) | (782) | 1,274 |
Profit/(loss) after income tax | $ (68,346) | $ (54,305) | $ (49,220) |
Operating Segments - Disclosure
Operating Segments - Disclosure of Detailed Information About Geographical Information (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Statement Line Items [Line Items] | |||
Revenue | $ 80,039 | $ 90,065 | $ 111,920 |
New Zealand [Member] | |||
Statement Line Items [Line Items] | |||
Revenue | 34,131 | 33,786 | 40,703 |
Australia [Member] | |||
Statement Line Items [Line Items] | |||
Revenue | 21,011 | 24,365 | 32,065 |
United States [Member] | |||
Statement Line Items [Line Items] | |||
Revenue | 24,432 | 30,863 | 34,156 |
Europe [Member] | |||
Statement Line Items [Line Items] | |||
Revenue | $ 465 | $ 1,051 | $ 4,996 |
Operating Segment - Disclosur_3
Operating Segment - Disclosure of Detailed Information About Segment Performance (Details) - NZD ($) $ in Thousands | 12 Months Ended | |||||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | ||||
Statement Line Items [Line Items] | ||||||
Revenue | $ 80,039 | $ 90,065 | $ 111,920 | |||
Cost of goods sold | (46,147) | (56,247) | (74,480) | |||
Gross profit | 33,892 | 33,818 | 37,440 | |||
Administrative expenses | (9,556) | (11,837) | (3,432) | |||
Corporate expenses | (9,350) | (12,772) | (14,145) | |||
Other income | 4,223 | |||||
Other foreign exchange gain (loss) | (3,642) | (615) | (1,963) | |||
EBITDA | 690 | (16,167) | (25,602) | |||
Brand transition, restructure and transaction expenses | (22,527) | (14,593) | (10,075) | |||
Finance expense | (8,214) | (5,213) | (4,041) | |||
Interest income | 5 | 12 | ||||
Income/(loss) before income tax expense | (68,212) | (53,523) | (50,494) | |||
Income tax expense | (134) | (782) | 1,274 | |||
Profit/(loss) after income tax | (68,346) | (54,305) | (49,220) | |||
Operating segments [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Revenue from external customers | 80,039 | 90,065 | 111,920 | |||
Revenue | 80,039 | 90,065 | 111,920 | |||
Cost of goods sold | (46,147) | (56,247) | (74,480) | |||
Gross profit | 33,892 | 33,818 | 37,440 | |||
Other segment expenses | (28,880) | [1] | (35,555) | [1] | (45,454) | [2] |
Administrative expenses | (856) | (1,234) | (1,050) | |||
Corporate expenses | (9,350) | (12,772) | (17,947) | |||
Other income | 4,223 | |||||
Other foreign exchange gain (loss) | 1,661 | (424) | 1,409 | |||
EBITDA | 690 | (16,167) | (25,602) | |||
Brand transition, restructure and transaction expenses | (22,527) | (13,687) | [3] | (10,075) | ||
Finance expense | (8,214) | (5,213) | (4,041) | |||
Interest income | 5 | 12 | ||||
Impairment expense | (4,895) | (8,904) | (8,173) | |||
Depreciation and amortisation | (8,700) | (10,603) | (2,382) | |||
Fair value gain on foreign exchange contracts | 729 | (1,704) | ||||
Unrealised foreign exchange gain/(loss) | 1,981 | 310 | 2,258 | |||
Fair value loss on Convertible Notes derivative | (26,552) | (775) | ||||
Income/(loss) before income tax expense | (68,212) | (53,523) | (50,494) | |||
Income tax expense | (134) | (782) | 1,274 | |||
Profit/(loss) after income tax | (68,346) | (54,305) | (49,220) | |||
Operating segments [Member] | New Zealand Retail [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Revenue from external customers | 40,492 | 42,576 | 50,348 | |||
Revenue | 40,492 | 42,576 | 50,348 | |||
Cost of goods sold | (19,188) | (19,582) | (24,616) | |||
Gross profit | 21,304 | 22,994 | 25,732 | |||
Other segment expenses | (17,359) | [1] | (18,784) | [1] | (24,540) | [2] |
Administrative expenses | ||||||
Corporate expenses | ||||||
Other income | ||||||
Other foreign exchange gain (loss) | ||||||
EBITDA | 3,945 | 4,210 | 1,192 | |||
Brand transition, restructure and transaction expenses | [3] | |||||
Finance expense | ||||||
Interest income | ||||||
Impairment expense | ||||||
Depreciation and amortisation | ||||||
Fair value gain on foreign exchange contracts | ||||||
Unrealised foreign exchange gain/(loss) | ||||||
Fair value loss on Convertible Notes derivative | ||||||
Income/(loss) before income tax expense | 3,945 | 4,210 | 1,192 | |||
Income tax expense | ||||||
Profit/(loss) after income tax | 3,945 | 4,210 | 1,192 | |||
Operating segments [Member] | New Zealand Wholesale [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Revenue from external customers | 7,496 | 15,554 | 29,439 | |||
Revenue | 7,496 | 15,554 | 29,439 | |||
Cost of goods sold | (4,636) | (11,342) | (24,582) | |||
Gross profit | 2,860 | 4,211 | 4,857 | |||
Other segment expenses | (1,425) | [1] | (3,112) | [1] | (9,667) | [2] |
Administrative expenses | ||||||
Corporate expenses | ||||||
Other income | ||||||
Other foreign exchange gain (loss) | ||||||
EBITDA | 1,435 | 1,099 | (4,810) | |||
Brand transition, restructure and transaction expenses | [3] | |||||
Finance expense | ||||||
Interest income | ||||||
Impairment expense | ||||||
Depreciation and amortisation | ||||||
Fair value gain on foreign exchange contracts | ||||||
Unrealised foreign exchange gain/(loss) | ||||||
Fair value loss on Convertible Notes derivative | ||||||
Income/(loss) before income tax expense | 1,435 | 1,099 | (4,810) | |||
Income tax expense | ||||||
Profit/(loss) after income tax | 1,435 | 1,099 | (4,810) | |||
Operating segments [Member] | E-Commerce [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Revenue from external customers | 32,051 | 31,935 | 32,133 | |||
Revenue | 32,051 | 31,935 | 32,133 | |||
Cost of goods sold | (21,604) | (20,916) | (21,248) | |||
Gross profit | 10,447 | 11,020 | 10,885 | |||
Other segment expenses | (10,096) | [1] | (13,659) | [1] | (11,247) | [2] |
Administrative expenses | ||||||
Corporate expenses | ||||||
Other income | ||||||
Other foreign exchange gain (loss) | ||||||
EBITDA | 351 | (2,639) | (362) | |||
Brand transition, restructure and transaction expenses | [3] | |||||
Finance expense | ||||||
Interest income | ||||||
Impairment expense | ||||||
Depreciation and amortisation | ||||||
Fair value gain on foreign exchange contracts | ||||||
Unrealised foreign exchange gain/(loss) | ||||||
Fair value loss on Convertible Notes derivative | ||||||
Income/(loss) before income tax expense | 351 | (2,639) | (362) | |||
Income tax expense | ||||||
Profit/(loss) after income tax | 351 | (2,639) | (362) | |||
Operating segments [Member] | Unallocated [member] | ||||||
Statement Line Items [Line Items] | ||||||
Revenue from external customers | ||||||
Revenue | ||||||
Cost of goods sold | (719) | (4,407) | (4,034) | |||
Gross profit | (719) | (4,407) | (4,034) | |||
Other segment expenses | [1] | [1] | [2] | |||
Administrative expenses | (856) | (1,234) | (1,050) | |||
Corporate expenses | (9,350) | (12,772) | (17,947) | |||
Other income | 4,223 | |||||
Other foreign exchange gain (loss) | 1,661 | (424) | 1,409 | |||
EBITDA | (5,041) | (18,837) | (21,622) | |||
Brand transition, restructure and transaction expenses | (22,527) | (13,687) | [3] | (10,075) | ||
Finance expense | (8,214) | (5,213) | (4,041) | |||
Interest income | 5 | 12 | ||||
Impairment expense | (4,895) | (8,904) | (8,173) | |||
Depreciation and amortisation | (8,700) | (10,603) | (2,382) | |||
Fair value gain on foreign exchange contracts | 729 | (1,704) | ||||
Unrealised foreign exchange gain/(loss) | 1,981 | 310 | 2,258 | |||
Fair value loss on Convertible Notes derivative | (26,552) | (775) | ||||
Income/(loss) before income tax expense | (73,943) | (56,193) | (46,514) | |||
Income tax expense | (134) | (782) | 1,274 | |||
Profit/(loss) after income tax | $ (74,077) | $ (56,975) | $ (45,240) | |||
[1] | Other segment expenses relate to brand management expenses. | |||||
[2] | Other segment expenses relate to brand management expenses and some corporate expenses. | |||||
[3] | Brand transition, restructure and transaction expenses are shown net of proceeds from the sale of Naked brand and trademarks. |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 |
Cash and cash equivalents [abstract] | ||||
Cash on hand | $ 38 | $ 44 | ||
Cash at bank | 90,887 | 3,747 | ||
Cash and cash equivalents | $ 90,925 | $ 3,791 | $ 1,962 | $ 10,739 |
Trade and Other Receivables (De
Trade and Other Receivables (Details Narrative) | Jan. 31, 2021 | Jan. 31, 2020 |
Trade and other receivables [abstract] | ||
Percentage of recognised loss allowance against identifiable receivables | 60.00% | 100.00% |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Trade and other receivables [abstract] | ||
Trade receivables | $ 1,645 | $ 2,358 |
Provision for impairment | (183) | (22) |
Trade Receivables Net | 1,462 | 2,336 |
Prepayments | 6,304 | 2,959 |
Other receivables | 368 | 762 |
Total current trade and other receivables | $ 8,134 | $ 6,057 |
Trade and Other Receivables - D
Trade and Other Receivables - Disclosure of Impairment of Receivable (Details) - NZD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Statement Line Items [Line Items] | ||
Gross carrying amount ($) | $ 1,462 | $ 2,336 |
ECL provision | $ 183 | |
0 - 30 Days [Member] | ||
Statement Line Items [Line Items] | ||
Expected loss rate (%) | 2.00% | |
Gross carrying amount ($) | $ 1,370 | |
ECL provision | $ 26 | |
31 - 60 Days [Member] | ||
Statement Line Items [Line Items] | ||
Expected loss rate (%) | 50.00% | |
Gross carrying amount ($) | $ 6 | |
ECL provision | $ 3 | |
61 - 90 Days [Member] | ||
Statement Line Items [Line Items] | ||
Expected loss rate (%) | 46.00% | |
Gross carrying amount ($) | $ 39 | |
ECL provision | $ 17 | |
> 90 Days [Member] | ||
Statement Line Items [Line Items] | ||
Expected loss rate (%) | 60.00% | |
Gross carrying amount ($) | $ 230 | |
ECL provision | $ 137 |
Trade and Other Receivables -_2
Trade and Other Receivables - Disclosure of Impairment Loss and Reversal of Impairment Loss (Details) - NZD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Trade and other receivables [abstract] | ||
Balance at beginning of the period (calculated in accordance with IAS 139) | $ (22) | $ (609) |
Opening impairment allowance calculated under IFRS 9 | (22) | (609) |
Movement through provision | (247) | (4) |
Unused amounts reversed | 85 | 616 |
Foreign exchange movement | 1 | (25) |
Balance at end of the period | $ (183) | $ (22) |
Inventories (Details Narrative)
Inventories (Details Narrative) - NZD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Disclosure of inventories [Abstract] | ||
Inventory write-down | $ 617 | $ 51 |
Inventories - Disclosure of Det
Inventories - Disclosure of Detailed Information About Inventories (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Disclosure of inventories [Abstract] | ||
Finished goods | $ 17,708 | $ 24,034 |
Provision for impairment | (1,112) | (495) |
Current inventories | $ 16,596 | $ 23,539 |
Property, Plant and Equipment -
Property, Plant and Equipment - Disclosure of Detailed Information About Property, Plant and Equipment (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Statement Line Items [Line Items] | |||
Property, plant and equipment | $ 2,977 | $ 3,037 | $ 3,763 |
Leasehold Improvements [Member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment | 700 | 1,766 | 3,264 |
Leasehold Improvements [Member] | At Cost [Member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment | 8,598 | 11,456 | |
Leasehold Improvements [Member] | Accumulated Depreciation and Impairment [Member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment | (7,898) | (9,690) | |
Plant, Furniture, Fittings and Motor Vehicles [Member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment | 2,277 | 1,271 | $ 499 |
Plant, Furniture, Fittings and Motor Vehicles [Member] | At Cost [Member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment | 25,610 | 24,850 | |
Plant, Furniture, Fittings and Motor Vehicles [Member] | Accumulated Depreciation and Impairment [Member] | |||
Statement Line Items [Line Items] | |||
Property, plant and equipment | $ (23,333) | $ (23,579) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Disclosure of Detailed Information About Movements in Carrying Amounts of Property, Plant and Equipment (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Statement Line Items [Line Items] | |||
Balance at the beginning of the period | $ 3,037 | $ 3,763 | |
Additions | 1,498 | 1,294 | |
Disposals | (137) | (352) | |
Depreciation expense | (1,098) | (1,338) | |
Reclassification | 50 | ||
Impairment loss | (341) | (491) | $ (281) |
Adjustment to make good asset | 14 | ||
Foreign exchange movements | 18 | 97 | |
Balance at the end of the period | 2,977 | 3,037 | 3,763 |
Leasehold Improvements [Member] | |||
Statement Line Items [Line Items] | |||
Balance at the beginning of the period | 1,766 | 3,264 | |
Additions | 23 | 191 | |
Disposals | (131) | (28) | |
Depreciation expense | (640) | (461) | |
Reclassification | (1,070) | ||
Impairment loss | (341) | (213) | |
Adjustment to make good asset | 14 | ||
Foreign exchange movements | 23 | 69 | |
Balance at the end of the period | 700 | 1,766 | 3,264 |
Plant, Furniture, Fittings and Motor Vehicles [Member] | |||
Statement Line Items [Line Items] | |||
Balance at the beginning of the period | 1,271 | 499 | |
Additions | 1,475 | 1,103 | |
Disposals | (6) | (324) | |
Depreciation expense | (458) | (877) | |
Reclassification | 1,120 | ||
Impairment loss | (278) | ||
Adjustment to make good asset | |||
Foreign exchange movements | (5) | 28 | |
Balance at the end of the period | $ 2,277 | $ 1,271 | $ 499 |
Right-of-Use Assets (Details Na
Right-of-Use Assets (Details Narrative) | 12 Months Ended |
Jan. 31, 2021 | |
Right-of-use Assets | |
Lease term | 5 years |
Right-of-Use Assets - Disclosur
Right-of-Use Assets - Disclosure of Right-of-Use Assets (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Statement Line Items [Line Items] | |||
Balance as at 1 February | $ 23,809 | $ 26,158 | |
Additions to right-of-use-assets | 2,800 | 6,327 | |
Depreciation charge for the period | (7,144) | (8,676) | |
Impairment of right-of-use assets | (1,221) | ||
Foreign exchange movements | 157 | ||
Balance at 31 July 2020 | 18,401 | 23,809 | 26,158 |
Land and Buildings [Member] | |||
Statement Line Items [Line Items] | |||
Balance as at 1 February | 23,392 | 25,616 | |
Additions to right-of-use-assets | 2,700 | 6,255 | |
Depreciation charge for the period | (6,982) | (8,479) | |
Impairment of right-of-use assets | (1,221) | ||
Foreign exchange movements | 157 | ||
Balance at 31 July 2020 | 18,046 | 23,392 | 25,616 |
Plant, Furniture, Fittings and Motor Vehicles [Member] | |||
Statement Line Items [Line Items] | |||
Balance as at 1 February | 417 | 542 | |
Additions to right-of-use-assets | 100 | 72 | |
Depreciation charge for the period | (162) | (197) | |
Impairment of right-of-use assets | |||
Foreign exchange movements | |||
Balance at 31 July 2020 | $ 355 | $ 417 | $ 542 |
Right-of-Use Assets - Disclos_2
Right-of-Use Assets - Disclosure of Amounts Recognised in Profit or Loss (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Right-of-use Assets | |||
Interest of lease liabilities (Note 6b) | $ 1,405 | $ 1,674 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - NZD ($) $ in Thousands | Jan. 28, 2020 | Jan. 31, 2021 | Jan. 31, 2020 |
Disclosure of detailed information about intangible assets [line items] | |||
Impairment of intangible assets | $ 3,443 | $ 6,631 | |
Impairment loss recognised in profit or loss, goodwill | 2,480 | ||
Software impairments | 202,000 | ||
Development costs | $ 200,000 | ||
Consideration of intangible asset | 906 | ||
Gain on sale of intangible assets | 906 | ||
US [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Consideration of intangible asset | 600 | ||
Gain on sale of intangible assets | $ 600 | ||
Gogogo SRL [Member] | US [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Sale of rights, title and interest | $ 600 | ||
FOH License [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Cash flow forecast period | 5 years | 5 years | |
Post-tax discount rate | 105.00% | 10.50% | |
Long term sales growth rate | 2.00% | 2.00% | |
FOH License [Member] | FY2022 [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Sales growth | 12.00% | ||
FOH License [Member] | FY2023 [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Sales growth | 7.50% | ||
FOH License [Member] | FY2024 [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Sales growth | 5.00% | ||
FOH License [Member] | FY2025 [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Sales growth | 4.00% | ||
FOH License [Member] | FY2022 and FY2026 [Member] | Minimum [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Sales growth | 5.00% | ||
Net margin | 31.00% | ||
EBITDA margin | 3.00% | ||
FOH License [Member] | FY2022 and FY2026 [Member] | Maximum [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Sales growth | 9.00% | ||
Net margin | 35.00% | ||
EBITDA margin | 10.00% | ||
Brands [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Sales growth | 0.00% | ||
Cash flow forecast period | 5 years | 5 years | |
Long term sales growth rate | 2.00% | 2.00% | |
Fair value less costs | $ 3,300 | ||
Royalty rate | 5.00% | 5.00% | |
Brands [Member] | Minimum [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Sales growth | 5.00% | ||
Brands [Member] | Maximum [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Sales growth | 9.00% | ||
US Brands [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Post-tax discount rate | 10.50% | 10.50% | |
NZ Brands [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Post-tax discount rate | 15.50% | 11.75% | |
Impairment Testing for Indefinite-Lived Brand Intangibles [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Post-tax discount rate | 0.80% | 2.10% | |
Impairment of intangible assets | $ 141,000 | $ 1,047,000 | |
Impairment of indefinite asset rate description | The sensitivities that have been separately modelled are as follows: (a) a 0.8% increase in the post-tax discount rate (b) 1.7% decrease in the terminal growth (c) 5.0% decrease in sales forecast | ||
Impairment Testing for Indefinite-Lived Brand Intangibles [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Post-tax discount rate | 1.70% | ||
Impairment of intangible assets | $ 816,000 | ||
Impairment Testing for Indefinite-Lived Brand Intangibles Two [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Post-tax discount rate | 5.00% | 0.00% | |
Impairment of intangible assets | $ 581,000 | $ 1,749,000 | |
Software & Website [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment loss recognised in profit or loss, goodwill | $ 200 |
Intangible Assets - Disclosure
Intangible Assets - Disclosure of Detailed Information About Intangible Assets (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | $ 22,849 | $ 28,293 | $ 37,863 |
Goodwill [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | 2,320 | ||
Goodwill [Member] | At Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | 5,516 | 6,091 | |
Goodwill [Member] | Accumulated Impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | (5,516) | (6,091) | |
Patents and Licences [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | 19,214 | 21,662 | 25,075 |
Patents and Licences [Member] | At Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | 22,863 | 25,151 | |
Patents and Licences [Member] | Accumulated Depreciation and Impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | (3,649) | (3,489) | |
Brands [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | 3,443 | 6,631 | 10,205 |
Brands [Member] | At Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | 12,253 | 12,032 | |
Brands [Member] | Accumulated Depreciation and Impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | (8,810) | (5,401) | |
Software & Website [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | 192 | $ 263 | |
Software & Website [Member] | At Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | 15,749 | 15,548 | |
Software & Website [Member] | Accumulated Depreciation and Impairment [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Total intangible assets and goodwill | $ (15,557) | $ (15,548) |
Intangible Assets - Disclosur_2
Intangible Assets - Disclosure of Detailed Information About Movements in Carrying Amounts of Intangible Assets (Details) - NZD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | ||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | $ 28,293 | $ 37,863 | ||
Additions/Adjustments | 211 | (2,310) | ||
Amortisation expense | (458) | (589) | ||
Impairment | (3,333) | (8,413) | $ (7,892) | |
Foreign exchange movements | (1,864) | |||
Reclassification | (50) | |||
Ending balance | 22,849 | 28,293 | 37,863 | |
Goodwill [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 2,320 | |||
Additions/Adjustments | [1] | |||
Amortisation expense | ||||
Impairment | (2,480) | |||
Foreign exchange movements | ||||
Reclassification | ||||
Ending balance | 2,320 | |||
Patents and Licences [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 21,662 | 25,075 | ||
Additions/Adjustments | (2,310) | [1] | ||
Amortisation expense | (442) | (589) | ||
Impairment | (2,037) | |||
Foreign exchange movements | (2,006) | |||
Reclassification | ||||
Ending balance | 19,214 | 21,662 | 25,075 | |
Brands [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 6,631 | 10,205 | ||
Additions/Adjustments | ||||
Amortisation expense | ||||
Impairment | (3,333) | (3,694) | ||
Foreign exchange movements | 145 | |||
Reclassification | ||||
Ending balance | 3,443 | 6,631 | 10,205 | |
Software & Website [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 263 | |||
Additions/Adjustments | 211 | |||
Amortisation expense | (16) | |||
Impairment | (202) | |||
Foreign exchange movements | (3) | |||
Reclassification | (50) | |||
Ending balance | $ 192 | $ 263 | ||
[1] | During the prior year, a financial liability relating to a shareholder loan on the balance sheet of Frederick's of Hollywood (FOH) on the acquisition of FOH Online Corp Inc. was derecognised as the stock purchase agreement stipulated the transaction was debt free. This has resulted in a reduction to the carrying value of the acquired intangible asset with a write back to the profit and loss account for the accrued and capitalised interest. |
Intangible Assets - Disclosur_3
Intangible Assets - Disclosure of Information for Cash-generating Units (Details) - NZD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Impairment of expense | $ 2,480 | |
United States [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment of expense | $ 2,480 |
Intangible Assets - Disclosur_4
Intangible Assets - Disclosure of Impairment of Intangible Assets (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Impairment of intangible assets | $ 3,333 | $ 8,413 | $ 7,892 |
FOH License [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment of intangible assets | 1,914 | ||
Naked Patents & Licence [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment of intangible assets | $ 123 |
Intangible Assets - Disclosur_5
Intangible Assets - Disclosure of Detailed Information About Impairment of Indefinite-lived Brand Intangibles (Details) - NZD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Statement Line Items [Line Items] | ||
Impairment of indefinite-lived brand intangibles | $ 3,333 | $ 3,694 |
Pleasure State [Member] | ||
Statement Line Items [Line Items] | ||
Impairment of indefinite-lived brand intangibles | 2,002 | 125 |
Davenport and Lovable [Member] | ||
Statement Line Items [Line Items] | ||
Impairment of indefinite-lived brand intangibles | 1,331 | 1,439 |
Naked [Member] | ||
Statement Line Items [Line Items] | ||
Impairment of indefinite-lived brand intangibles | $ 2,130 |
Trade and Other Payables (Detai
Trade and Other Payables (Details Narrative) - NZD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | ||
Statement Line Items [Line Items] | ||||
Employee benefits liabilities | [1] | $ 30,175 | $ 28,009 | $ 31,380 |
Outstanding share percentage | 1.50% | |||
US [Member] | ||||
Statement Line Items [Line Items] | ||||
Warrants exercise price | $ 0.37 | |||
[1] | Staff costs include an accrual of $11.6m for phantom warrants which has been recognised in the brand transition, restructure and transaction expense line in the consolidated statement of profit or loss and other comprehensive income |
Trade and Other Payables - Disc
Trade and Other Payables - Disclosure of Detailed Information About Trade and Other Current Payables (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Trade and other payables [abstract] | ||
Trade payables | $ 6,250 | $ 10,407 |
Accruals | 7,250 | 8,593 |
Employee benefits liabilities | 15,228 | 3,430 |
Trade and other current payables | $ 28,728 | $ 22,430 |
Borrowings (Details Narrative)
Borrowings (Details Narrative) $ / shares in Units, $ in Thousands, $ in Thousands | Mar. 12, 2020NZD ($) | Jul. 31, 2020NZD ($) | Jul. 31, 2020USD ($) | Apr. 30, 2020NZD ($) | Apr. 30, 2020USD ($) | Feb. 29, 2020NZD ($) | Feb. 29, 2020USD ($) | Jan. 31, 2021NZD ($)$ / sharesshares | Jan. 31, 2021NZD ($)$ / shares | Jan. 31, 2021USD ($) | Jan. 31, 2021USD ($) | Jul. 31, 2020USD ($) | Jan. 31, 2020NZD ($)$ / shares | Jan. 31, 2019$ / shares |
Statement Line Items [Line Items] | ||||||||||||||
Borrowings | $ 17,495 | $ 17,495 | $ 38,913 | |||||||||||
Exercise price of warrant | $ / shares | $ 0.37 | $ 0.37 | $ 0.37 | $ 0.37 | ||||||||||
Principal liability | $ 2,800 | $ 2,800 | ||||||||||||
Interest liability | 200 | 200 | ||||||||||||
Current borrowing amount | 3,000 | $ 3,000 | ||||||||||||
US [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Current borrowing amount | $ 2,100 | |||||||||||||
Bank of New Zealand [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Loans payable | $ 16,700 | $ 17,900 | ||||||||||||
Guarantees and financial instruments | $ 1,345 | |||||||||||||
Description of borrowings | Under the terms of the facility, the Group must meet specific covenant obligations namely sales and gross margin adverse variances to budget to be no greater than 15% and inventory to cover bank debt 1.35 times (which increased to 1.65 times from and including 31 July 2020). | |||||||||||||
Bank of New Zealand [Member] | Minimum [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Borrowings, interest rate | 4.25% | |||||||||||||
Bank of New Zealand [Member] | Maximum [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Borrowings, interest rate | 5.26% | |||||||||||||
Secured Convertible Notes [Member] | 5 Separate Private Placements [Member] | 2 Private Investors [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Borrowings, interest rate | 20.00% | 20.00% | 20.00% | 20.00% | ||||||||||
Debt instrument cash consideration | $ 7,200 | $ 7,200 | ||||||||||||
Debt instrument discounts and fees | $ 500 | $ 500 | ||||||||||||
Secured Convertible Notes [Member] | 5 Separate Private Placements [Member] | 2 Private Investors [Member] | US [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Debt instrument cash consideration | $ 4,500 | $ 4,500 | ||||||||||||
Debt instrument discounts and fees | $ 300 | $ 300 | ||||||||||||
Convertible Notes [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Warrants exchange, description | During the year, the note holder elected to exchange their warrant in return for a one-time 5% increase on the Note balance on the date of election | During the year, the note holder elected to exchange their warrant in return for a one-time 5% increase on the Note balance on the date of election | ||||||||||||
Warrants exchanged for increase in principal value | $ 300 | $ 300 | ||||||||||||
Percentage for warrants exchange | 10.00% | 10.00% | ||||||||||||
Financing penalties | $ 1,400 | |||||||||||||
Convertible Notes [Member] | US [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Warrants exchanged for increase in principal value | $ 200 | |||||||||||||
Financing penalties | $ 900 | |||||||||||||
Conversion price per shares | $ / shares | $ 0.2424 | $ 0.2424 | ||||||||||||
Exercise price of warrant | $ / shares | $ 0.6707 | $ 0.6707 | ||||||||||||
Convertible Promissory Note [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Converted shares | shares | 35,081,733 | |||||||||||||
Convertible notes converted into ordinary shares | shares | 47,817,633 | |||||||||||||
Convertible Promissory Note [Member] | 90 Days [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Borrowings, interest rate | 2.00% | 2.00% | ||||||||||||
Convertible Promissory Note [Member] | Next 90 Days [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Borrowings, interest rate | 10.00% | 10.00% | ||||||||||||
Convertible Promissory Note [Member] | Thereafter [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Borrowings, interest rate | 15.00% | 15.00% | 15.00% | |||||||||||
Convertible Promissory Note [Member] | July Purchase Warrant [Member] | Securities Purchase Agreement [Member] | Bank of New Zealand [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Borrowings, interest rate | 5.00% | 5.00% | ||||||||||||
Description of borrowings | The July Note provided for interest at the following rates: (i) for a period of 90 days starting on its issuance date, 2.0% per annum, (ii) for the next 90 days, 10.0% per annum and (iii) thereafter, 15.0% per annum, and provided for maturity on the second anniversary of its issuance. | The July Note provided for interest at the following rates: (i) for a period of 90 days starting on its issuance date, 2.0% per annum, (ii) for the next 90 days, 10.0% per annum and (iii) thereafter, 15.0% per annum, and provided for maturity on the second anniversary of its issuance. | ||||||||||||
Notional amount | $ 12,100 | |||||||||||||
Borrowings | 128,000 | |||||||||||||
Purchase price | $ 10,900 | |||||||||||||
Convertible Promissory Note [Member] | US [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Principal liability | $ 2,000 | |||||||||||||
Interest liability | $ 100 | |||||||||||||
Convertible Promissory Note [Member] | US [Member] | July Purchase Warrant [Member] | Securities Purchase Agreement [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Notional amount | $ 8,000 | |||||||||||||
Borrowings | $ 8,400 | |||||||||||||
Purchase price | $ 7,200 |
Borrowings - Disclosure of Deta
Borrowings - Disclosure of Detailed Information About Borrowings (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Schedule Of Fair Value Measurement Of Assets And Liabilities [Text Block] | ||
Bank loans | $ 14,500 | $ 17,900 |
Debt issuance costs in relation to bank loan | (7) | |
Other loan | 1,315 | |
Amounts due in less than one year | 14,493 | 19,215 |
Convertible notes | 3,002 | 19,698 |
Amounts due after more than one year | 3,002 | 19,698 |
Borrowings | $ 17,495 | $ 38,913 |
Provisions (Details Narrative)
Provisions (Details Narrative) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Provisions [abstract] | |||
Pre-tax discount rate applied to provisions calculations | 2.00% | 2.00% | |
Additional provisions, other provisions | $ 26 | $ 5,512 |
Provisions - Disclosure of Deta
Provisions - Disclosure of Detailed Information About Provisions (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Statement Line Items [Line Items] | ||
Current provisions | $ 870 | $ 5,844 |
Non-current provisions | 1,212 | 1,796 |
Other Provisions [Member] | ||
Statement Line Items [Line Items] | ||
Current provisions | 92 | 5,205 |
Make Good [Member] | ||
Statement Line Items [Line Items] | ||
Current provisions | 778 | 639 |
Non-current provisions | $ 1,212 | $ 1,796 |
Provisions - Disclosure of De_2
Provisions - Disclosure of Detailed Information About Reconciliation of Changes in Other Provisions (Details) - NZD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Statement Line Items [Line Items] | ||
Opening balance | $ 7,640 | $ 3,293 |
Impact of IFRS 16 | (1,102) | |
Additional provisions recognised | 26 | 5,512 |
Amounts used during the period | (5,619) | (80) |
Exchange differences | 35 | 1 |
Ending Balance | 2,082 | 7,640 |
Other Provisions [Member] | ||
Statement Line Items [Line Items] | ||
Opening balance | 5,205 | |
Impact of IFRS 16 | ||
Additional provisions recognised | 5,205 | |
Amounts used during the period | (5,113) | |
Exchange differences | ||
Ending Balance | 92 | 5,205 |
Make Good [Member] | ||
Statement Line Items [Line Items] | ||
Opening balance | 2,435 | 2,208 |
Impact of IFRS 16 | ||
Additional provisions recognised | 26 | 307 |
Amounts used during the period | (506) | (64) |
Exchange differences | 35 | (16) |
Ending Balance | 1,990 | 2,435 |
Lease Contributions Provision [Member] | ||
Statement Line Items [Line Items] | ||
Opening balance | 1,085 | |
Impact of IFRS 16 | (1,102) | |
Additional provisions recognised | ||
Amounts used during the period | ||
Exchange differences | 17 | |
Ending Balance |
Lease Liabilities - Disclosure
Lease Liabilities - Disclosure of Detailed Information About Undiscounted Contractual Maturity of Lease Liabilities (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Statement Line Items [Line Items] | ||
Future minimum finance charges | $ 24,059 | $ 25,831 |
Not Later than One Year [Member] | ||
Statement Line Items [Line Items] | ||
Future minimum finance charges | 6,955 | 8,112 |
2 to 5 years Inclusive [member] | ||
Statement Line Items [Line Items] | ||
Future minimum finance charges | 13,661 | 17,553 |
After 5 Years [member] | ||
Statement Line Items [Line Items] | ||
Future minimum finance charges | $ 936 | $ 166 |
Share Capital (Details Narrativ
Share Capital (Details Narrative) - shares | Dec. 20, 2019 | Jan. 31, 2021 | Jan. 31, 2020 |
Disclosure of classes of share capital [abstract] | |||
Reverse share split, description | 1-100 reverse share split | ||
Number of warrants outstanding | 582,194 | 610,122 |
Share Capital - Disclosure of D
Share Capital - Disclosure of Detailed Information About Share Capital (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Disclosure of classes of share capital [abstract] | ||
Shares Outstanding Value | $ 338,498 | $ 170,193 |
Share Capital - Disclosure of_2
Share Capital - Disclosure of Detailed Information About Share Capital (Details) (Parenthetical) - shares | Jan. 31, 2021 | Jan. 31, 2020 |
Ordinary shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of shares outstanding | 446,582,604 | 4,697,204 |
Share Capital - Disclosure of_3
Share Capital - Disclosure of Detailed Information About Ordinary Shares Explanatory (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||
Balance, beginning | $ 170,193 | ||
Issuance of ordinary shares, Shares issued in lieu of inventory payment | $ 15,525 | ||
Balance, ending | 338,498 | 170,193 | |
Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance, beginning | 170,193 | 134,183 | |
Issuance of ordinary shares, Cash collected from sale of new share issuances and cash exercise of warrants | 93,693 | 12,586 | |
Issuance of new shares, Shares issued in lieu of agreed settlement | 5,503 | ||
Issuance of ordinary shares, Conversion of debt | 1,689 | ||
Issuance of ordinary shares, Shares issued in lieu of inventory payment | 15,525 | ||
Issuance of new shares, Shares issued in lieu of related party loan | 1,546 | ||
Issuance of ordinary shares, Convertible notes converted to equity | 67,420 | 5,979 | |
Issuance of ordinary shares, Warrants issued | 374 | ||
Balance, ending | $ 338,498 | $ 170,193 | $ 134,183 |
Share Capital - Disclosure of_4
Share Capital - Disclosure of Detailed Information About Gearing Ratio (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 |
Disclosure of classes of share capital [abstract] | ||||
Total borrowings | $ 17,495 | $ 38,913 | ||
Less Cash and cash equivalents | (90,925) | (3,791) | $ (1,962) | $ (10,739) |
Net cash / net debt | (73,430) | 35,122 | ||
Equity | 89,191 | (6,284) | $ 10,519 | $ (5,710) |
Total Capital | $ 15,788 | $ 28,838 | ||
Gearing ratio | 20.00% | (619.00%) |
Share Capital - Disclosure of_5
Share Capital - Disclosure of Detailed Information About Warrants Outstanding (Details) - $ / shares | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Number of warrants outstanding | 582,194 | 610,122 |
Warrants One [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | Mar-19 | |
Expiry date | Mar-21 | |
Number of warrants outstanding | 42,285 | |
Warrants Two [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | Mar-19 | |
Expiry date | Mar-23 | |
Number of warrants outstanding | 14,000 | |
Warrants Three [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | Apr-19 | |
Expiry date | Apr-22 | |
Number of warrants outstanding | 500 | |
Warrants Three [Member] | Minimum [Member] | ||
Disclosure of classes of share capital [line items] | ||
Average Exercise Price | $ 0.01 | |
Warrants Three [Member] | Maximum [Member] | ||
Disclosure of classes of share capital [line items] | ||
Average Exercise Price | $ 0.50 | |
Warrants Four [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | May-19 | |
Expiry date | May-21 | |
Number of warrants outstanding | 10,000 | |
Warrants Five [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | Jul-19 | |
Expiry date | May-25 | |
Number of warrants outstanding | 170,100 | |
Warrants Six [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | Aug-19 | |
Expiry date | Feb-25 | |
Number of warrants outstanding | 285,714 | |
Warrants Seven [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | Aug-19 | |
Expiry date | Aug-24 | |
Number of warrants outstanding | 22,857 | |
Warrants Eight [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | Nov-17 | |
Expiry date | Nov-21 | |
Number of warrants outstanding | 2,000 | |
Warrants Eight [Member] | Minimum [Member] | ||
Disclosure of classes of share capital [line items] | ||
Average Exercise Price | $ 1.51 | |
Warrants Eight [Member] | Maximum [Member] | ||
Disclosure of classes of share capital [line items] | ||
Average Exercise Price | $ 2 | |
Warrants Nine [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | Oct-18 | |
Expiry date | Oct-21 | |
Number of warrants outstanding | 20,000 | |
Warrants Ten [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | Jun-18 | |
Expiry date | Jun-23 | |
Number of warrants outstanding | 8,000 | |
Warrants Ten [Member] | Minimum [Member] | ||
Disclosure of classes of share capital [line items] | ||
Average Exercise Price | $ 2.01 | |
Warrants Ten [Member] | Maximum [Member] | ||
Disclosure of classes of share capital [line items] | ||
Average Exercise Price | $ 4 | |
Warrants Eleven [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | Mar-19 | |
Expiry date | Mar-21 | |
Number of warrants outstanding | 3,922 | |
Warrants Twelve [Member] | ||
Disclosure of classes of share capital [line items] | ||
Issuance Date | May-18 | |
Expiry date | May-21 | |
Number of warrants outstanding | 2,816 | |
Warrants Twelve [Member] | Maximum [Member] | ||
Disclosure of classes of share capital [line items] | ||
Average Exercise Price | $ 4.01 |
Reserves - Disclosure of Detail
Reserves - Disclosure of Detailed Information About Reserves Within Equity (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Disclosure of reserves within equity [abstract] | |||
Opening balance | $ 118 | $ (2,013) | |
Transfers in | (4,484) | 2,131 | $ (7) |
Balance at the end of the year | $ (4,366) | $ 118 | $ (2,013) |
Loss Per Share (Details Narrati
Loss Per Share (Details Narrative) $ in Thousands | Jan. 31, 2021NZD ($) |
Earnings per share [line items] | |
Accrued interest | $ 200 |
4 Convertible Notes [Member] | |
Earnings per share [line items] | |
Convertible notes amount | 2,800 |
Accrued interest | $ 800 |
Loss Per Share - Disclosure of
Loss Per Share - Disclosure of Detailed Information About Earning Loss Per Share (Details) - NZD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Loss per share for profit from continuing operations attributable to the ordinary equity holders of the Group: | |||
From continuing operations attributable to the ordinary equity holders of the Group | $ (0.62) | $ (34.74) | |
Total basic and diluted loss per share attributable to the ordinary equity holders of the Group | $ (0.62) | $ (34.74) | |
Loss attributable to the ordinary equity holders of the Group used in calculating basic earnings per share | $ (68,346) | $ (54,305) | $ (49,220) |
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share | 109,370,410 | 1,563,056 |
Accumulated Losses - Disclosure
Accumulated Losses - Disclosure of Detailed Information About Retained Earnings Accumulated Losses (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Fair value gain loss on convertible notes derivative | |||
Accumulated losses at the beginning of the financial year | $ (176,595) | $ (121,651) | |
Adoption of IFRS 16 | (639) | ||
Profit/(loss) after income tax | (68,346) | (54,305) | $ (49,220) |
Accumulated losses at end of the financial year | $ (244,941) | $ (176,595) | $ (121,651) |
Other Financial Commitments (De
Other Financial Commitments (Details Narrative) $ in Thousands | 12 Months Ended |
Jan. 31, 2021USD ($) | |
Other Financial Commitments | |
License fee | $ 3,500 |
Other Financial Commitments - D
Other Financial Commitments - Disclosure of Detailed Information About Contracted Commitments Explanatory (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Statement Line Items [Line Items] | ||
Contractual capital commitments | $ 5,392 | |
Not Later than One Year [Member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 5,392 | |
Between One Year and Five Years [Member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments |
Financial Risk Management (Deta
Financial Risk Management (Details Narrative) $ in Thousands | 12 Months Ended |
Jan. 31, 2021NZD ($)Integer | |
Statement Line Items [Line Items] | |
Subsidies amount received | $ | $ 2,000 |
Description of foreign exchange rate | It assumes a 10% change of the New Zealand Dollar / Australian Dollar exchange rate for the year ended 31 January 2021 (31 January 2020: 10%, 31 January 2019: 10%). A 10% change is considered for the New Zealand Dollar / US Dollar exchange rate (31 January 2020: 10%, 31 January 2019: 10%). A 10% change is considered for the New Zealand Dollar / GB Pound exchange rate (31 January 2020: 10%, 31 January 2019: 10%). A 10% change is considered for the New Zealand Dollar / Euro exchange rate (31 January 2020: 10%, 31 January 2019: 10%). All of these percentages have been determined based on the average market volatility in exchange rates in the previous 12 months. |
AUD [Member] | |
Statement Line Items [Line Items] | |
Subsidies amount received | $ | $ 800 |
Closing foreign exchange rate | 0.9348 |
US [Member] | |
Statement Line Items [Line Items] | |
Closing foreign exchange rate | 0.7168 |
GBP [Member] | |
Statement Line Items [Line Items] | |
Closing foreign exchange rate | 0.5228 |
EUR [Member] | |
Statement Line Items [Line Items] | |
Closing foreign exchange rate | 0.5921 |
HKD [Member] | |
Statement Line Items [Line Items] | |
Closing foreign exchange rate | 5.5574 |
Financial Risk Management - Dis
Financial Risk Management - Disclosure of Financial Assets (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 |
Disclosure of Financial Risk Management [Abstract] | ||||
Cash and cash equivalents | $ 90,925 | $ 3,791 | $ 1,962 | $ 10,739 |
Trade receivables | 1,462 | 2,336 | ||
Financial assets | $ 92,387 | $ 6,127 |
Financial Risk Management - D_2
Financial Risk Management - Disclosure of Financial Risk Management (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Statement Line Items [Line Items] | ||
Non-derivatives Borrowings | $ 18,900 | $ 48,860 |
Non-derivatives Trade payables | 6,250 | 10,407 |
Non-derivatives Total | 25,150 | 59,267 |
Derivatives Gross future cash settlement on forward currency contracts - inflow | ||
Derivatives Gross future cash settlement on forward currency contracts - (outflow) | ||
Derivatives Total | ||
0 - 30 Days [Member] | ||
Statement Line Items [Line Items] | ||
Non-derivatives Borrowings | 48 | 2,052 |
Non-derivatives Trade payables | 6,250 | 10,407 |
Non-derivatives Total | 6,289 | 12,459 |
Derivatives Gross future cash settlement on forward currency contracts - inflow | ||
Derivatives Gross future cash settlement on forward currency contracts - (outflow) | ||
Derivatives Total | ||
Between One Month and Three Months [Member] | ||
Statement Line Items [Line Items] | ||
Non-derivatives Borrowings | 14,596 | 18,044 |
Non-derivatives Trade payables | ||
Non-derivatives Total | 14,596 | 18,044 |
Derivatives Gross future cash settlement on forward currency contracts - inflow | ||
Derivatives Gross future cash settlement on forward currency contracts - (outflow) | ||
Derivatives Total | ||
Between Three Months and One Year [Member] | ||
Statement Line Items [Line Items] | ||
Non-derivatives Borrowings | ||
Non-derivatives Trade payables | ||
Non-derivatives Total | ||
Derivatives Gross future cash settlement on forward currency contracts - inflow | ||
Derivatives Gross future cash settlement on forward currency contracts - (outflow) | ||
Derivatives Total | ||
Between One Year and Five Years [Member] | ||
Statement Line Items [Line Items] | ||
Non-derivatives Borrowings | 4,256 | 28,764 |
Non-derivatives Trade payables | ||
Non-derivatives Total | 4,256 | 28,764 |
Derivatives Gross future cash settlement on forward currency contracts - inflow | ||
Derivatives Gross future cash settlement on forward currency contracts - (outflow) | ||
Derivatives Total |
Financial Risk Management - D_3
Financial Risk Management - Disclosure of Credit Risk Exposure (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Statement Line Items [Line Items] | |||
Financial assets | $ 92,387 | $ 6,127 | |
Without External Credit Ratings [Member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 90,887 | 3,747 | $ 1,915 |
Without External Credit Ratings [Member] | Trade Receivables [Member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 1,645 | 2,358 | 7,789 |
Without External Credit Ratings [Member] | Trade Receivables [Member] | New Customer Less than 6 Months [Member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 42 | ||
Without External Credit Ratings [Member] | Trade Receivables [Member] | Existing Customers (More Than 6 Months With Default in Past [Member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 1,645 | 2,358 | 7,747 |
Ratings AA- [Member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 90,887 | 3,747 | 1,915 |
Ratings A+ [Member] | |||
Statement Line Items [Line Items] | |||
Financial assets | $ 94 |
Financial Risk Management - D_4
Financial Risk Management - Disclosure of Market Risk (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Trade Receivables [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | $ 101 | $ 480 | $ 378 |
Trade Receivables [Member] | AUD [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | 51 | ||
Trade Receivables [Member] | US [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | (2) | 19 | 42 |
Trade Receivables [Member] | GBP [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | 13 | 20 | |
Trade Receivables [Member] | EUR [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | 90 | 441 | 285 |
Trade Receivables [Member] | HKD [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | |||
Trade Payables [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial liabilities | 761 | 4,168 | 9,112 |
Trade Payables [Member] | AUD [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial liabilities | 20 | 12 | 1 |
Trade Payables [Member] | US [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial liabilities | 741 | 4,068 | 9,035 |
Trade Payables [Member] | GBP [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial liabilities | 85 | 8 | |
Trade Payables [Member] | EUR [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial liabilities | 1 | 61 | |
Trade Payables [Member] | HKD [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial liabilities | 2 | 7 | |
Cash and Cash Equivalents [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | 88,552 | 2,341 | 829 |
Cash and Cash Equivalents [Member] | AUD [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | 9,943 | 1,500 | 623 |
Cash and Cash Equivalents [Member] | US [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | 78,506 | 747 | 149 |
Cash and Cash Equivalents [Member] | GBP [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | 89 | 85 | 38 |
Cash and Cash Equivalents [Member] | EUR [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | 12 | 5 | 8 |
Cash and Cash Equivalents [Member] | HKD [Member] | |||
Statement Line Items [Line Items] | |||
Foreign currency denominated financial assets | $ 2 | $ 4 | $ 11 |
Financial Risk Management - Sen
Financial Risk Management - Sensitivity Analysis for Types of Market Risk (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
10% Increase [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | $ 145 | $ 179 | |
10% Decrease [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | (145) | (179) | |
1.00% Increase [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | 145 | (145) | |
1.00% Decrease [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | 179 | (179) | |
US [Member] | 10% Increase [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | (460) | (594) | $ (954) |
US [Member] | 10% Decrease [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | 460 | 594 | 954 |
AUD [Member] | 10% Increase [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | (2) | (1) | (5) |
AUD [Member] | 10% Decrease [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | 2 | 1 | 5 |
GBP [Member] | 10% Increase [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | (9) | (16) | (1) |
GBP [Member] | 10% Decrease [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | 9 | 16 | 1 |
EUR [Member] | 10% Increase [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | (10) | (42) | (32) |
EUR [Member] | 10% Decrease [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | 10 | 42 | 32 |
HKD [Member] | 10% Increase [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | (1) | ||
HKD [Member] | 10% Decrease [Member] | |||
Statement Line Items [Line Items] | |||
Risk exposure associated with instruments sharing characteristic | $ 1 |
Financial Risk Management - D_5
Financial Risk Management - Disclosure of Detailed Information About Hedging Instruments (Details) - Less than Six Months [Member] $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021NZD ($)Integer | Jan. 31, 2020NZD ($)Integer | Jan. 31, 2019NZD ($)Integer | |
Buy USD / Sell NZD [Member] | |||
Statement Line Items [Line Items] | |||
Notional amounts | $ | $ 34,395 | ||
Average exchange rate | Integer | 0.6620 | ||
Buy AUD / Sell NZD [Member] | |||
Statement Line Items [Line Items] | |||
Notional amounts | $ | |||
Average exchange rate | Integer |
Financial Risk Management - D_6
Financial Risk Management - Disclosure of Financial Instruments by Type of Interest Rate (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Statement Line Items [Line Items] | ||
Borrowings | $ 1,315 | |
Total | 17,495 | 38,913 |
Floating Rate Instruments [Member] | ||
Statement Line Items [Line Items] | ||
Bank overdrafts | ||
Working capital financing bank facility | ||
Convertible notes | ||
Borrowings | 14,500 | 17,900 |
Total | $ 14,500 | $ 17,900 |
Tax Assets and Liabilities - Re
Tax Assets and Liabilities - Reconciliation of Changes in Deferred Tax Liability Asset (Details) - NZD ($) $ in Thousands | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Opening Balance | $ 692 | |
Charged to Income | (701) | |
Charged directly to Equity | ||
Changes in Tax Rate | ||
Exchange Differences | 9 | |
Closing Balance | ||
Carried Forward Tax Losses [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Opening Balance | 630 | 1,322 |
Charged to Income | (701) | |
Charged directly to Equity | ||
Changes in Tax Rate | ||
Exchange Differences | 9 | |
Closing Balance | 630 | 630 |
Intangible Assets [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Opening Balance | (630) | (630) |
Charged to Income | ||
Charged directly to Equity | ||
Changes in Tax Rate | ||
Exchange Differences | ||
Closing Balance | $ (630) | $ (630) |
Dividends (Details Narrative)
Dividends (Details Narrative) - NZD ($) | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Disclosure of dividends [Abstract] | |||
Dividends payable |
Dividends - Disclosure of Detai
Dividends - Disclosure of Detailed Information About Dividends Explanatory (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Australian Franking Credits [Member] | ||
Statement Line Items [Line Items] | ||
Unused tax credits for which no deferred tax asset recognised | $ 3,995 | $ 3,995 |
New Zealand Imputation Credits [Member] | ||
Statement Line Items [Line Items] | ||
Unused tax credits for which no deferred tax asset recognised | $ 236 | $ 236 |
Dividends - Disclosure of Det_2
Dividends - Disclosure of Detailed Information About Dividends Explanatory (Details) (Parenthetical) | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Statement Line Items [Line Items] | |||
Applicable tax rate | 28.00% | 28.00% | 28.00% |
Australian Franking Credits [Member] | |||
Statement Line Items [Line Items] | |||
Tax rate effect of foreign tax rates | 30.00% | 30.00% | |
New Zealand Imputation Credits [Member] | |||
Statement Line Items [Line Items] | |||
Applicable tax rate | 28.00% | 28.00% |
Key Management Personnel Remu_3
Key Management Personnel Remuneration - Disclosure of Detailed Information About Key Management Personnel (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Key Management Personnel Remuneration | |||
Short-term employee benefits | $ 13,865 | $ 3,182 | $ 2,056 |
Key management personnel remuneration | $ 13,865 | $ 3,182 | $ 2,056 |
Key Management Personnel Remu_4
Key Management Personnel Remuneration - Disclosure of Detailed Information About Key Management Personnel (Details) (Parenthetical) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2021NZD ($) | Jan. 31, 2020NZD ($) | Jan. 31, 2019NZD ($) | Jan. 31, 2021$ / shares | |
Key Management Personnel Remuneration | ||||
Key management personnel remuneration | $ 13,865 | $ 3,182 | $ 2,056 | |
Share-based payment | $ 11,600 | |||
Warrant exercise price | $ / shares | $ 0.37 |
Interests in Subsidiaries - Dis
Interests in Subsidiaries - Disclosure of Composition of Group (Details) | 12 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | ||
Bendon Retail Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | New Zealand | New Zealand | New Zealand | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% |
Bendon Holdings Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | New Zealand | New Zealand | New Zealand | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% |
Bendon Holdings Pty Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | Australia | Australia | Australia | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% |
Bendon Pty Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | Australia | Australia | Australia | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% |
Bendon Intimates Pty Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | Australia | Australia | Australia | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% |
PS Holdings No. 1 Pty Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | Australia | Australia | Australia | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% |
Pleasure State Pty Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | Australia | Australia | Australia | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% |
Pleasure State (HK) Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | Hong Kong | Hong Kong | Hong Kong | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% |
Bendon UK Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | United Kingdom | United Kingdom | United Kingdom | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% |
Bendon USA Inc [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | United States of America | United States of America | United States of America | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% |
Bendon Limited [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | [2] | New Zealand | New Zealand | New Zealand |
Proportion of ownership interest in subsidiary | [1],[2] | 100.00% | 100.00% | 0.00% |
Naked Brand Inc [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | United States of America | United States of America | United States of America | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 0.00% |
FOH Online Corp Inc. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Principal place of business / country of Incorporation of subsidiary | United States of America | United States of America | United States of America | |
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 0.00% |
[1] | The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries. | |||
[2] | Bendon Limited was the parent entity in the period ended 31 January 2018. |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value Measurement of Assets and Liabilities (Details) - NZD ($) $ in Thousands | Jan. 31, 2021 | Jan. 31, 2020 |
Statement Line Items [Line Items] | ||
Financial assets | $ 92,387 | $ 6,127 |
Recurring fair value measurement [Member] | Financial Derivative Liabilities [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | ||
Recurring fair value measurement [Member] | Phantom Warrant Liabilities [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | ||
Recurring fair value measurement [Member] | Foreign Exchange Contracts [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | ||
Financial liabilities | ||
Level 1 of fair value hierarchy [Member] | Recurring fair value measurement [Member] | Financial Derivative Liabilities [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | ||
Level 1 of fair value hierarchy [Member] | Recurring fair value measurement [Member] | Phantom Warrant Liabilities [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | ||
Level 1 of fair value hierarchy [Member] | Recurring fair value measurement [Member] | Foreign Exchange Contracts [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | ||
Financial liabilities | ||
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [Member] | Financial Derivative Liabilities [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 629 | |
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [Member] | Phantom Warrant Liabilities [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | 11,642 | |
Level 2 of fair value hierarchy [member] | Recurring fair value measurement [Member] | Foreign Exchange Contracts [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | ||
Financial liabilities | ||
Level 3 of fair value hierarchy [Member] | Recurring fair value measurement [Member] | Financial Derivative Liabilities [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | ||
Level 3 of fair value hierarchy [Member] | Recurring fair value measurement [Member] | Phantom Warrant Liabilities [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | ||
Level 3 of fair value hierarchy [Member] | Recurring fair value measurement [Member] | Foreign Exchange Contracts [Member] | ||
Statement Line Items [Line Items] | ||
Financial assets | ||
Financial liabilities |
Contingencies (Details Narrativ
Contingencies (Details Narrative) - NZD ($) | Jan. 31, 2021 | Jan. 31, 2020 |
Disclosure of contingent liabilities [abstract] | ||
Contingent Liabilities | $ 800,000 | $ 700,000 |
Related Parties (Details Narrat
Related Parties (Details Narrative) - Way Store Pty [Member] $ in Thousands | 12 Months Ended |
Jan. 31, 2021NZD ($) | |
Statement Line Items [Line Items] | |
Issued during the services | $ 32,503 |
Purchases of goods, related party transactions | $ 500 |
Related Parties - Disclosure of
Related Parties - Disclosure of Transactions Between Related Parties (Details) - NZD ($) | Jan. 31, 2021 | Jan. 31, 2020 |
Whitespace Atelier Limited [Member] | ||
Statement Line Items [Line Items] | ||
Loans from related parties, Opening balance | $ 282 | |
Loans from related parties, Closing balance | ||
SBL Holdings [Member] | ||
Statement Line Items [Line Items] | ||
Loans to related parties, Opening balance | (1,449) | |
Loans to related parties, Closing balance | ||
EJ Watson [Member] | ||
Statement Line Items [Line Items] | ||
Loans to related parties, Opening balance | (2,289) | |
Loans to related parties, Closing balance |
Cash Flow Information - Schedul
Cash Flow Information - Schedule of Cash Flow Information (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Cash Flow Information | |||
Loss for the year | $ (68,346) | $ (54,305) | $ (49,220) |
Cash flows excluded from profit attributable to operating activities interest paid on borrowings | 1,256 | 2,868 | 3,400 |
Cash flows excluded from profit attributable to operating activities gain on sale of intangible assets | (906) | ||
Non-cash flows in profit: Interest on convertible note borrowings | 5,681 | ||
Non-cash flows in profit: depreciation and amortisation expense | 8,700 | 10,603 | 2,382 |
Non-cash flows in profit: impairment expense | 4,895 | 8,904 | 8,173 |
Non-cash flows in profit: shares issued in lieu of inventory payment | 15,525 | ||
Non-cash flows in profit: shares issued for agreed settlement | 5,701 | ||
Non-cash flows in profit: fair value on warrants issued | 371 | ||
Non-cash flows in profit: fair value loss/(gain) on convertible notes derivative | 26,552 | 775 | |
Changes in assets and liabilities: (increase)/decrease in trade and other receivables | (2,082) | 2,901 | 14,267 |
Changes in assets and liabilities: (increase)/decrease in current tax receivables | 2 | 368 | (355) |
Changes in assets and liabilities: (increase)/decrease in inventories | 6,604 | (1,912) | 13,350 |
Changes in assets and liabilities: (increase)/decrease in deferred tax asset/(liability) | 701 | ||
Changes in assets and liabilities: (increase)/decrease in related party receivables | 282 | 6,531 | |
Changes in assets and liabilities: increase/(decrease) in trade and other payables | 6,037 | 402 | (5,681) |
Changes in assets and liabilities: increase/(decrease) in income taxes payable | 205 | (140) | 226 |
Changes in assets and liabilities: increase/(decrease) in provisions | (5,622) | 5,534 | (522) |
Changes in assets and liabilities: increase/(decrease) in foreign currency derivative liability | (1,484) | (1,712) | |
Changes in assets and liabilities: net exchange differences | (601) | (33) | (355) |
Cashflows from operations | $ (11,018) | $ (19,894) | $ (9,434) |
Cash Flow Information - Sched_2
Cash Flow Information - Schedule of Non-cash Investing and Financing Activities (Details) - NZD ($) $ in Thousands | 12 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | |
Cash Flow Information | |||
Shares issued in lieu of inventory payment | $ 15,525 | ||
Shares issued in lieu of agreed debt | 5,701 | ||
Shares issued on conversion of debt | 1,689 | ||
Warrants issued | 371 | ||
Non-cash investing and financing activities | $ 7,192 | $ 15,896 |
Events Occurring After the Re_2
Events Occurring After the Reporting Date (Details Narrative) | Mar. 11, 2021NZD ($)$ / sharesshares | Feb. 24, 2021NZD ($)$ / sharesshares | Feb. 09, 2021NZD ($) | Feb. 01, 2021NZD ($)$ / sharesshares | Apr. 30, 2021shares | May 16, 2021NZD ($) | Jan. 31, 2021NZD ($) | Jan. 31, 2020NZD ($) | Jan. 31, 2019NZD ($) | Feb. 25, 2021$ / sharesshares | Jan. 31, 2021$ / shares |
Statement Line Items [Line Items] | |||||||||||
Proceeds from issuance of stock | $ 93,693,000 | $ 12,586,000 | $ 23,248,000 | ||||||||
Repayment of debt | 3,400,000 | 2,100,000 | 18,489,000 | ||||||||
Interest | 200,000 | ||||||||||
Debt issuance fees | $ 322,000 | ||||||||||
Warrant exercise price | $ / shares | $ 0.37 | ||||||||||
Events occurring after reporting date [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Repayment of debt | $ 14,500,000 | ||||||||||
Events occurring after reporting date [Member] | Prior Note issued in April 2021 [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares issued | shares | 4,002,789 | ||||||||||
Addtional shares issued for prospectus | shares | 3,403,703 | ||||||||||
Events occurring after reporting date [Member] | Prior Note issued in April 2021 [Member] | October Prospectus [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares issued | shares | 599,086 | ||||||||||
Events occurring after reporting date [Member] | Prior Note issued in April 2021 [Member] | Minimum [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Share price | $ / shares | $ 4 | ||||||||||
Events occurring after reporting date [Member] | Prior Note issued in April 2021 [Member] | Maximum [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Share price | $ / shares | $ 0.60 | ||||||||||
Events occurring after reporting date [Member] | Securities Purchase Agreement [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares issued | shares | 117,647,059 | 107,526,882 | |||||||||
Events occurring after reporting date [Member] | Securities Purchase Agreement [Member] | Ordinary shares [member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares issued | shares | 117,647,059 | 107,526,882 | |||||||||
Events occurring after reporting date [Member] | Securities Purchase Agreement [Member] | Warrants [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares issued | shares | 117,647,059 | 107,526,882 | |||||||||
Events occurring after reporting date [Member] | US [Member] | Securities Purchase Agreement [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Share price | $ / shares | $ 0.85 | $ 0.93 | |||||||||
Proceeds from issuance of stock | $ 95,000,000 | $ 100,000,000 | |||||||||
Warrant exercise price | $ / shares | $ 0.935 | $ 1.13 | |||||||||
Events occurring after reporting date [Member] | Maxim Group LLC [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares issued | shares | 29,415,000 | ||||||||||
Events occurring after reporting date [Member] | Maxim Group LLC [Member] | US [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Share price | $ / shares | $ 1.70 | ||||||||||
Proceeds from issuance of stock | $ 46,920,170 | ||||||||||
Events occurring after reporting date [Member] | Bank of New Zealand [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Repayment of debt | $ 14,779,607 | ||||||||||
Interest | 17,436 | ||||||||||
Debt issuance fees | $ 262,171 | ||||||||||
Events occurring after reporting date [Member] | Esousa Holdings LLC, Streterville Capital LLC and Aquitas [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares acquired | shares | 99,787,027 |