## Naked Brand Group Limited: Evolution, Financials, and Strategic Shift
Naked Brand Group Limited, once a prominent name in the intimate apparel and swimwear sector, has undergone significant transformation in recent years. Based in Sydney, Australia, the company was known for designing, manufacturing, and marketing brands such as Frederick’s of Hollywood and Bendon[4][5][7]. However, a series of business challenges and strategic pivots have redefined its trajectory.
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**Business Overview and History**
Naked Brand Group Limited originally operated as a lifestyle and apparel company, offering men’s and women’s innerwear, loungewear, and swimwear. The company expanded its portfolio by merging with New Zealand-based Bendon Limited in 2018, and secured licensing agreements to design and market the iconic Frederick’s of Hollywood brand[2][4][7].
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**Strategic Shifts and Restructuring**
Facing persistent financial difficulties and the risk of NASDAQ delisting due to low stockholder equity, Naked Brand Group initiated a major restructuring. In early 2021, the company divested its Bendon subsidiary to focus on e-commerce and streamline operations[2][4]. This move was intended to position the company at the forefront of digital retail and capitalize on consolidation opportunities in the sector[4].
By late 2021, Naked Brand Group transformed into a de-facto special purpose acquisition company (SPAC), ultimately acquiring Cenntro Automotive Group, a commercial electric vehicle (EV) manufacturer. This acquisition marked a dramatic pivot from apparel to the EV industry. Following the deal, the company changed its name to Cenntro Electric Group Limited, with the NAKD ticker retained temporarily[2].
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**Financial Performance**
The years leading up to the transformation were marked by declining revenues and persistent losses:
- **2025 Revenue:** 80 million NZD, down 11.21% from 90.1 million NZD the previous year[3].
- **Net Income (2025):** -68.3 million NZD, reflecting ongoing losses, though this was a 25.78% increase in losses compared to -54.3 million NZD in 2024[6].
- **Historical Trend:** Revenue consistently declined from 138.8 million NZD in 2015 to 80 million NZD in 2025, with net losses widening over the same period[3][6].
| Year | Revenue (NZD) | Net Income (NZD) |
|------|---------------|------------------|
| 2015 | 138.8M | -13.1M |
| 2018 | 131.4M | -37.6M |
| 2020 | 90.1M | -54.3M |
| 2025 | 80M | -68.3M |
Despite a strong gross margin (42.38% in 2021), the company struggled with operational inefficiencies and mounting losses[3][6].
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**Current Status**
Following the acquisition of Cenntro, Naked Brand Group’s legacy apparel operations have been divested, and the company’s focus has shifted entirely to the commercial EV sector under the Cenntro Electric Group name. The existing shareholders of Naked Brand Group now own a minority stake in the new combined entity, while Cenntro’s management leads the business forward[2].
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**Conclusion**
Naked Brand Group Limited’s story is one of dramatic transformation-from a struggling apparel brand to a SPAC facilitating the public listing of an electric vehicle company. While its apparel business faced sustained financial challenges, the strategic pivot to the EV sector represents a new chapter for shareholders and management alike[2][3][6].
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