View Filing Data

Derivative financial instruments

19,215

20,967

1,484

Current tax liabilities

140

Related party payables

3,738

Total current liabilities

5,844

921

55,601

62,795

Non-current liabilities

Lease liabilities

17,719

19,698

Total non-current liabilities

1,796

2,372

39,213

2,372

Total liabilities

94,814

65,167

Net (liabilities)/assets

(6,284)

10,519

Equity

Share capital

170,193

134,183

Other reserves

118

(2,013)

Disclosure Of Detailed Information About Share Capital [Text Block]

(176,595)

^[1]

(121,651)

Total Equity

$ (6,284)

$ 10,519

[1]	Includes $639k opening adjustment loss at the date of adoption.

Consolidated Statement of Changes in Equity - NZD ($) $ in Thousands	Ordinary Shares [Member]	Retained Earnings/ (Accumulated Losses) [Member]	Foreign Currency Translation Reserve [Member]	Total
Balance at Jan. 31, 2017	$ 27,948	$ (34,838)	$ (2,154)	$ (9,044)
Loss for the year		(37,593)		(37,593)
Other comprehensive income loss for the year			148	148
Issuance new shares	22,990			22,990
Convertible notes converted to equity	17,789			17,789
Shares issued in lieu of inventory payment
Balance at Jan. 31, 2018	68,727	(72,431)	(2,006)	(5,710)
Loss for the year		(49,220)		(49,220)
Other comprehensive income loss for the year			(7)	(7)
Issuance new shares	40,228			40,228
Convertible notes converted to equity	4,159			4,159
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
Shares issued in lieu of inventory payment
Balance at Jan. 31, 2019	134,183	(121,651)	(2,013)	10,519
Adoption of IFRS 16 (note 3)		(639)		(639)
Balance at Feb. 02, 2019	134,183	(122,290)	(2,013)	9,880
Balance at Jan. 31, 2019	134,183	(121,651)	(2,013)	10,519
Loss for the year				(54,305)
Other comprehensive income loss for the year				2,131
Shares issued in lieu of inventory payment				5,942
Balance at Jan. 31, 2020	170,193	(176,595)	118	(6,284)
Balance at Feb. 02, 2019	134,183	(122,290)	(2,013)	9,880
Loss for the year		(54,305)		(54,305)
Other comprehensive income loss for the year			2,131	2,131
Issuance new shares	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)

Consolidated Statement of Cash Flows - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers	$ 103,459	$ 140,736	$ 159,042
Payments to suppliers and employees	(123,510)	(149,750)	(1,633,044)
Income taxes refund/(paid)	157	(420)	146
Net cash (outflow) from operating activities	(19,894)	(9,434)	(4,116)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payment for intangible asset		(151)	(118)
Payments for property, plant and equipment	(1,294)	(2,585)	(2,194)
Proceeds from sale of intellectual property or business combination, net of cash acquired	906	870
Net cash (outflow) from investing activities	(388)	(1,867)	(2,312)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issue of shares	12,586	23,248	22,721
Proceeds from borrowings - Bank			463
Proceeds from borrowings - Convertible notes issue	21,507		4,521
Repayment of borrowings - Bank	(2,100)	(18,489)	(9,684)
Debt issuance costs		(322)	(107)
Repayments of lease liabilities	(8,127)
Interest paid on borrowings	(1,768)	(2,269)	(3,418)
Net cash inflow from financing activities	22,098	2,168	14,496
Net increase/(decrease) in cash and cash equivalents held	1,816	(9,133)	8,068
Cash and cash equivalents at beginning of year	1,962	10,739	2,644
Effects of exchange rate changes on cash and cash equivalents	13	355	27
Cash and cash equivalents at end of the year	$ 3,791	$ 1,962	$ 10,739

Description of Business

12 Months Ended

Jan. 31, 2020

Description Of Business

Description of Business

Description of business

Naked Brand Group Limited (“the Group”) 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, 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.

During the year the following significant changes occurred, of which there is further disclosure contained within this report:

	●	On 28th 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 (note 17)

	●	On 31st January 2020, the licence agreement with Heidi Klum was terminated by mutual consent for a fee of US$3.5m which is to be paid in monthly instalments up to and including 30 December 2020. The exit cost less future economic benefits has been provided for at the year-end (note 21).

The financial report was authorised for issue by the Directors on May 8, 2020.

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

12 Months Ended

Jan. 31, 2020

Basis of Preparation

1	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 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).

Naked Brand Group Limited (The Group) acquired all the share capital of Bendon Limited as part of a corporate reorganization on 19 June 2018. Following the reorganization, Naked Brand Group Limited completed a merger with Naked Brand Group Inc. which for accounting purposes was treated as an acquisition such that Naked Brand Group Limited is deemed the accounting acquirer of the Naked Brand Group Inc. The reorganization of the ownership of Bendon Limited results in the financial statements of the consolidated Naked Brand Group Limited being a continuation of the Bendon Limited financial statements. The consolidated financial report of Naked Brand Limited represents a full year of Bendon Limited’s financial results plus Naked Brand Group Inc. from the date of acquisition being 19 June 2018 to 31 January 2019. The 31 January 2018 comparative period represents Bendon Limited and its controlled entities only.

(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.

Summary of Significant Accounting Policies

12 Months Ended

Jan. 31, 2020

Summary Of Significant Accounting Policies

Summary of Significant Accounting Policies

2	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 2020 the Group experienced a loss after income tax from continuing operations of NZ$54.305 million and operating cash outflows of NZ$19.894 million. It also is in a net current liability position of NZ$22.210 million and a net liability position of NZ$6.284million.

The losses in the year ended 31 January 2020 were impacted by the inventory product mix held which resulted in reduced revenue from wholesale customers along with reduced turnover in both outlet and retail stores in NZ and Australia. The group has been working with its suppliers to pay outstanding creditor positions and focus on returning stock inflow to required levels. In periods when the stock level and product mix held were more appropriate for consumer demand the business realized strong sales results.

During the year the Group maintained its loan facility with BNZ, it did, however, breach its Bank debt loan covenants during the financial year, although the Group was compliant at 31 January 2020. At 31 January 2020 the Group was in the process of extending their facilities. 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 2019: NZD$20,000,000) until March 2022. The amended agreement stipulates the repayment dates to reduce the facility to March 2022 and compliance with additional covenants.

The business raised NZ$34.093 million of funds in the form of issued capital and convertible notes during the financial year to assist with the operating cash outflows. In addition, the business used this to repay part of the bank debt from NZ$20 million to NZ$17.9 million, reduce balances with overdue trade creditors, rebuild higher margin inventory, fund operating losses and restructure the business. The business also issued share equity to a number of suppliers in order to reduce debt balances.

The funds raised and cash flow generated during the financial year ended 31 January 2020 have not been sufficient to provide the Group with adequate working capital, so subsequent to the end of the financial year management has continued to raise further capital to complete a program that will fund new inventory to restock stores and supply wholesale customers, fund further losses, reduce out of term creditors, open new stores and provide funds to reduce the Bank debt. It is expected the group will need to continue to raise further capital to fund losses through to the start of the year ending 31 January 2022. This capital raising/recapitalisation is continuing at the time of this report with management having set a target to raise a further US$9.0m between 1 February 2020 and 31 June 2020. At the date of this report management had raised US$3.75m and is still planning on raising the balance. The Group must complete the fundraising to continue as a going concern.

During the year management engaged in further restructuring of the business’s operations including reducing costs across distribution channels, renegotiating supplier contracts, resetting customer supply commitments and updating leadership roles with the final member of the leadership team joining the business in February 2020.

Despite the ongoing losses, the Directors are confident that the Group will continue as a going concern. However, while the Directors are confident of continuing as a going concern and meeting the company’s debt obligation to its Bank and creditor commitments as they fall due, the going concern is dependent upon the Directors and Group being successful in:

	●	Raising further capital of at least US$5.25 million and collecting it before June 2020 this will enable the business to fund its operations and meet its obligations;
	●	Having sufficient funds from the capital raised to reduce costs, rebuild higher margin inventory, increase revenue across the all channels, increase gross margin percentages and contribution that leads to a reduction in the current cash outflow being incurred each month to reach a cash flow positive position, and to reduce bank debt;
	●	Generating enough sales and increasing gross margins from trading in line with forecast
	●	Maintain key personnel
	●	Continue to receive support from creditors to delay payment of overdue amounts until the Group has adequate cash flow to commence a repayment arrangement or repay the debt in full
	●	Renegotiating the current repayment dates of the facility to enable the business to maximise cashflow opportunities

Due to the impact of COVID-19 the business has temporarily closed its bricks and mortar stores although it does continue to trade through its two online stores. To mitigate the significant impact on cashflow it is working with suppliers to get support with delayed payments and has reached an agreement with certain key suppliers to push back payments, including royalty payments. In addition, the business is negotiating support from landlords to provide rent abatements through the period of closure and until sales return to required levels. Employees have agreed to work reduced hours and the business has applied for Government wage subsidies from the New Zealand and Australian governments. At the date of this report, the Group had received $2.0m in subsidies from the New Zealand Government. The business is also in discussion with the bank to defer loan repayments.

The impact of COVID-19 in Asia has delayed stock flow due to temporary factory closures and the business is working with suppliers who are now back operating to prioritise and reschedule orders. Inventory flow has resumed and we are able to fulfil online orders from the New Zealand and US warehouses.

In addition, the business is investigating funding packages that they may be eligible for.

As a result, the viability of the Group is dependent on the above matters. The dependence on these matters raise substantial doubt about its ability to continue as a going concern and therefore whether they will realise their assets and extinguish their liabilities in the normal course of business and at the amounts stated in the financial report. However, the Directors’ believe that the Group will be successful in the above matters and, accordingly, have prepared the report on a going concern basis.

(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.

(f)

Brand management, administrative and corporate expenses

Corporate expenses includes head office costs such as human resources, finance team and rental costs. Administrative expenses includes 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.

(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 assets useful life to the Group, commencing when the asset is ready for use.

The estimated useful lives used for each class of 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 has adopted IFRS 16 from 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.

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 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 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 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.

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 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. Licenses 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-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.

(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)

Lease incentive provision

Lease contributions include payment for improvements initially funded by the landlord. The improvement asset is capitalised and a provision for the amount of landlord contribution is recognised. The provision is released on a monthly basis over the term of the lease of the property.

(ii)

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.

(iii)

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.

(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.

(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 after the reporting period.

(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 as a single number on the balance sheet within 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.

(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.

(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 functional and 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.

(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.

Changes in Accounting Policies

12 Months Ended

Jan. 31, 2020

Changes In Accounting Policies

Changes in Accounting Policies

3	Changes in accounting policies

(a)

IFRIC 23 - Uncertainty over Income Tax Treatments

IFRIC 23 provides guidance on the accounting for current and deferred tax liabilities and assets in circumstances in which there is uncertainty over income tax treatments. The Interpretation requires:

	●	The Group to contemplate whether uncertain tax treatments should be considered separately, or together as a group, based on which approach provides better predictions of the resolution;
	●	The Group to determine if it is probable that the tax authorities will accept the uncertain tax treatment; and
	●	if it is not probable that the uncertain tax treatment will be accepted, measure the tax uncertainty based on the most likely amount or expected value, depending on whichever method better predicts the resolution of the uncertainty.

The Group has adopted IFRIC 23 as at February 1, 2019. The adoption has not resulted in any material impacts to the financial report.

(b)

IFRS 16 - Leases

This note explains the impact of the adoption of IFRS 16 Leases on the Group’s financial statements and discloses the new accounting policies that have been applied from 1 February 2019, where they are different to those applied in prior periods. As permitted under IFRS 16 paragraph 6, the Company has elected not to recognise leases that are less than 1 year in length or are for a low value asset (<$5k) on the balance sheet. The Company has applied a single discount rate to the assets with similar characteristics and used hindsight in determining the lease term where the contract contains options to extend or terminate the lease.

Right-of-use assets

Lease liabilities

Impact of the adoption of IFRS 16 on the financial position as at 1 February 2019:

IFRS 16 was adopted without restating comparative information using the modified retrospective approach. The reclassifications and the adjustments arising from IFRS 16 are therefore not reflected in the restated statement of financial position as at 31 January 2019 but are recognised in the statement of financial position on 1 February 2019.

	1 February 2019
	$’000
Right-of-use assets		26,158
Lease contribution provision		1,102
Lease liabilities		(27,899	)
Net reduction in retained earnings		639

Critical Accounting Estimates and Judgments

12 Months Ended

Jan. 31, 2020

Critical Accounting Estimates And Judgments

Critical Accounting Estimates and Judgments

4	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 brands

In accordance with IAS 36 Impairment of Assets, the Group is required to estimate the recoverable amount of indefinite-lived brand 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

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 note 17 to the consolidated financial statements.

Key estimates - impairment of goodwill

In accordance with IAS 36 Impairment of Assets, the Group is required to estimate the recoverable amount of goodwill 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 the net present value of future cash flows derived from such assets using cash flow projections which have been discounted at an appropriate rate and using a terminal value to incorporate expectations of growth thereafter.

In calculating the net present value of the future cash flows, certain assumptions are required to be made in respect of highly uncertain matters including management’s expectations of:

	-	growth in EBITDA future cash flows;
	-	timing and quantum of future capital expenditure;
	-	long-term growth rates; and
	-	the selection of discount rates to reflect the risks involved.

Changing the assumptions selected by management, in particular the discount rate and growth rate assumptions used in the cash flow projections, could significantly affect the Group’s impairment evaluation and hence results.

The Group’s review includes the key assumptions related to sensitivity in the cash flow projections. Further details are provided in note17 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.

Revenue and Other Income

12 Months Ended

Jan. 31, 2020

Revenue And Other Income

Revenue and Other Income

5	Revenue and Other Income

Revenue from continuing operations

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s			For the Year Ended 31 January 2018 NZ$000’s
Gross revenue		93,302			120,278			145,452
Rebates		(3,237	)		(8,358	)		(14,064	)
		90,065			111,920			131,388
Sale of goods by channel
- Retail		42,576			50,443			53,150
- Wholesale		15,553			29,394			45,901
- Online		31,936			32,083			32,234
		90,065			111,920			131,285
Other income		-			-			103
		90,065			111,920			131,388
Sales of goods by geography
- New Zealand		33,786			40,703			46,665
- Australia		24,365			32,065			38,208
- United States		30,863			34,156			32,323
- Europe		1,051			4,996			14,192
		90,065			111,920			131,388

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 11, the Group has seven operating segments.

Other income relates to non-recurring advisory, management and design services provided to other third-party intimates apparel brand owners.

Loss for the Period

12 Months Ended

Jan. 31, 2020

Standby Letter Of Credit

Loss for the Period

6	Loss for the Period

The loss for the period was derived after charging/(crediting):

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s		For the Year Ended 31 January 2018 NZ$000’s

Staff costs (see note 9)		28,009			31,380		34,158
Depreciation of property, plant and equipment		1,338			2,151		2,724
Depreciation of right-of-use assets		8,676			-		-
Amortisation of acquired intangibles		589			231		306
Impairment of tangible assets (see note 15)		491			281
Impairment of intangible assets (see note 17)		8,413			7,892		1,914
Loss on disposal of property, plant and equipment		322			232		362
Transaction expenses		9,597			9,267		3,322
Operating lease rentals
- land and buildings		-			9,236		10,021
- other		-			524		786
Gain on sale of intangible assets		(906	)		-		-
Contract termination		4,696			-		-
Auditor’s remuneration (note 37)		679			1,050		513

Finance Expense

12 Months Ended

Jan. 31, 2020

Finance Expense

Finance Expense

7	Finance expense

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s		For the Year Ended 31 January 2018 NZ$000’s
- Interest expense on external borrowings		1,608			2,338		5,431
- Interest expense on convertible loan notes		1,425			-		-
- Interest expense on leases		1,674			-		-
- Interest (income)/expense on shareholder loans*		(165	)		1,062		2,807
- Amortisation of loan set up costs		671			641		553
		5,213			4,041		8,791

* During the year, the shareholder loan payable was derecognised resulting in a reversal of interest expense.

Other Foreign Currency (Gains)/Losses

12 Months Ended

Jan. 31, 2020

Other Foreign Currency Gainslosses

Other Foreign Currency (Gains)/Losses

8	Other foreign currency (gains)/losses

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s			For the Year Ended 31 January 2018 NZ$000’s
- Fair value (gain)/loss on foreign exchange contracts		(729	)		1,065			(502	)
- Net foreign exchange loss/(gain)		114			(3,027	)		(255	)
		(615	)		(1,963	)		(757	)

Staff Costs

12 Months Ended

Jan. 31, 2020

Staff Costs

Staff Costs

9	Staff costs

	For the Year Ended 31 January 2020 NZ$000’s		For the Year Ended 31 January 2019 NZ$000’s		For the Year Ended 31 January 2018 NZ$000’s
Employee benefits expense:
- Salaries and wages		26,920		30,872		33,613
- Defined contribution expenses		1,089		508		545
		28,009		31,380		34,158

Income Tax Expense/ (Benefit)

12 Months Ended

Jan. 31, 2020

Income taxes [Abstract]

Income Tax Expense/(Benefit)

10	Income Tax Expense/(benefit)

(a) The major components of tax expense/(benefit) comprise:

	For the Year Ended 31 January 2020 NZ$000’s		For the Year Ended 31 January 2019 NZ$000’s			For the Year Ended 31 January 2018 NZ$000’s
Current tax
Current tax on profits for the period		28		(667	)		537
Adjustments for current tax of prior periods		53		(607	)		(477	)
Total current tax expense/(benefit)		81		(1,274	)		60
Deferred tax expense
Decrease in deferred tax assets (note 29)		701		-			-
Income tax expense/(benefit) for continuing operations		782		(1,274	)		60

(b) Reconciliation of income tax to accounting profit:

Loss before income tax	(53,523	)	(50,494	)	(37,533	)
Tax at New Zealand tax rate of 28%	(14,986	)	(14,138	)	(10,509	)
Tax effect of:
- permanent differences (including impairment expense)	5,108		753		(105	)
- adjustments in respect of current income tax of previous years	32		(522	)	(449	)
- effects of different tax rates of subsidiaries operating in other jurisdictions	(301	)	493		(30	)
- deferred tax assets relating to the current year not brought to account	10,163		12,077		11,150
- deferred tax assets relating to prior periods no longer recognised (note 29)	701		-		-
- other	65		63		3
Income tax expense/(benefit)	782		(1,274	)	60

For the Year Ended 31 January 2020
NZ$000’s

For the Year Ended 31 January 2019

NZ$000’s

For the Year Ended 31 January 2018

NZ$000’s

Unused tax losses for which no deferred tax asset has been recognised

166,882

130,587

87,455

Potential tax benefit at 28%

46,727

36,564

24,487

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 January 2020
NZ$000’s

For the Year Ended 31 January 2019

NZ$000’s

For the Year Ended 31 January 2018

NZ$000’s

Temporary differences for which no deferred tax asset has been recognised

9,825

14,504

14,661

Potential tax benefit at 28%

2,751

4,061

4,105

Operating Segments

12 Months Ended

Jan. 31, 2020

Disclosure Of Detailed information about reserves within equity [Text Block]

Operating Segments

11	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 seven reportable segments being Australia Retail, New Zealand Retail, Australia wholesale, New Zealand wholesale, US Wholesale, EU Wholesale and e-commerce.

Australia retail

This segment covers retail and outlet stores located in Australia.

New Zealand retail

This segment covers retail and outlet stores located in New Zealand.

Australia wholesale

This segment covers the wholesale of intimates apparel to customers based in Australia.

New Zealand wholesale

This segment covers the wholesale of intimates apparel to customers based in New Zealand.

US wholesale

This segment covers the wholesale of intimates apparel to customers based in the United States of America.

Europe wholesale

This segment covers the wholesale of intimates apparel to customers based in Europe.

E-commerce

This segment covers the group’s online retail activities. E-commerce revenue for the periods ended 31 January 2020, 31 January 2019 and 31 January 2018 include revenue from a US brand called Fredericks of Hollywood for which Bendon Limited 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 underlying 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 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s			For the Year Ended 31 January 2018 NZ$000’s
Total segment revenue		104,153			136,842			156,311
Intersegment eliminations		(14,088	)		(24,922	)		(24,923	)
Other revenue		-			-			-
Total revenue		90,065			111,920			131,388

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 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s			For the Year Ended 31 January 2018 NZ$000’s
Segment EBITDA		(16,167	)		(25,602	)		(24,053	)
Any other reconciling items		(37,356	)		(24,892	)		(13,480	)
Income tax (expense)/benefit		(782	)		1,274			(60	)
Total net loss after tax		(54,305	)		(49,220	)		(37,593	)

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 2020 NZ$000’s		For the Year Ended 31 January 2019 NZ$000’s		For the Year Ended 31 January 2018 NZ$000’s
New Zealand		33,786		40,703		46,665
Australia		24,365		32,065		38,208
United States		30,863		34,156		32,323
Europe		1,051		4,996		14,192
		90,065		111,920		131,388

The revenues resulting from the Naked business combination in the prior year are included in the United States segment shown above.

(c)

Segment performance

	NZ Retail NZ$000’s			AU Retail NZ$000’s			NZ Wholesale NZ$000’s			AU Wholesale NZ$000’s			US Wholesale NZ$000’s			EU 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 from external customers		28,302			14,274			3,482			7,066			3,955			1,051			31,935			-			90,065
		28,302			14,274			3,482			7,066			3,955			1,051			31,935			-			90,065
Cost of sales		(12,997	)		(6,585	)		(3,455	)		(4,837	)		(2,265	)		(785	)		(20,916	)		(4,407	)		(56,247	)
Gross margin		15,305			7,689			27			2,229			1,689			266			11,020			(4,407	)		33,818
Other segment expenses*		(10,491	)		(8,293	)		(473	)		(2,149	)		(523	)		33			(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		4,814			(604	)		(446	)		80			1,166			299			(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		4,814			(604	)		(446	)		80			1,166			299			(2,639	)		(56,193	)		(53,523	)
Income tax expense		-			-			-			-			-			-			-			(782	)		(782	)
Income/(loss) after income tax expense		4,814			(604	)		(446	)		80			1,166			299			(2,639	)		(56,975	)		(54,305	)

* Other segment expenses relate to brand management expenses and some corporate expenses.

** Brand transition, restructure and transaction expenses are shown net of proceeds from the sale of Naked brand and trademarks.

	NZ Retail NZ$000’s			AU Retail NZ$000’s			NZ Wholesale NZ$000’s			AU Wholesale NZ$000’s			US Wholesale NZ$000’s			EU 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 from external customers		31,801			18,547			7,154			11,491			5,798			4,996			32,133			-			111,920
		31,801			18,547			7,154			11,491			5,798			4,996			32,133			-			111,920
Cost of sales		(15,424	)		(9,192	)		(6,372	)		(8,498	)		(5,222	)		(4,490	)		(21,248	)		(4,034	)		(74,480	)
Gross margin		16,377			9,355			782			2,993			576			506			10,885			(4,034	)		37,440
Other segment expenses*		(13,537	)		(11,003	)		(912	)		(4,495	)		(2,724	)		(1,536	)		(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		2,840			(1,648	)		(130	)		(1,502	)		(2,148	)		(1,030	)		(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		2,840			(1,648	)		(130	)		(1,502	)		(2,148	)		(1,030	)		(362	)		(46,514	)		(50,494	)
Income tax benefit		-			-			-			-			-			-			-			1,274			1,274
Income/(loss) after income tax expense		2,840			(1,648	)		(130	)		(1,502	)		(2,148	)		(1,030	)		(362	)		(45,240	)		(49,220	)

* Other segment expenses relate to brand management expenses and some corporate expenses.

For the year ended 31 January 2018	NZ Retail NZ$000’s			AU Retail NZ$000’s			NZ Wholesale NZ$000’s			AU Wholesale NZ$000’s			US Wholesale NZ$000’s			EU Wholesale NZ$000’s			e-commerce NZ$000’s			Unallocated NZ$000’s			Total NZ$000’s
Revenue from external customers		34,269			18,236			10,453			15,512			6,390			14,192			32,234			-			131,286
Service income		-			-			-			-			-			-			-			102			102
		34,269			18,236			10,453			15,512			6,390			14,192			32,234			102			131,388
Cost of sales		(16,488	)		(9,457	)		(8,213	)		(12,545	)		(6,438	)		(10,221	)		(20,974	)		(3,123	)		(87,459	)
Gross margin		17,781			8,779			2,240			2,967			(48	)		3,971			11,260			(3,021	)		43,929
Other segment expenses*		(13,451	)		(11,329	)		(1,068	)		(3,781	)		(3,301	)		(2,904	)		(11,520	)		-			(47,354	)
Unallocated expenses
Administrative expenses		-			-			-			-			-			-			-			(1,101	)		(1,101	)
Corporate expenses		-			-			-			-			-			-			-			(19,150	)		(19,150	)
Other foreign exchange loss		-			-			-			-			-			-			-			(377	)		(377	)
EBITDA		4,330			(2,550	)		1,172			(814	)		(3,349	)		1,067			(260	)		(23,649	)		(24,053	)
Brand transition, restructure and transaction expenses		-			-			-			-			-			-			-			(3,272	)		(3,272	)
Finance expense		-			-			-			-			-			-			-			(8,791	)		(8,791	)
Impairment expense		-			-			-			-			-			-			-			(1,914	)		(1,914	)
Depreciation and amortisation expense		-			-			-			-			-			-			-			(3,030	)		(3,030	)
Fair value loss on foreign exchange contracts		-			-			-			-			-			-			-			(502	)		(502	)
Unrealised foreign exchange gain		-			-			-			-			-			-			-			1,636			1,636
Fair value gain on Convertible Note derivative		-			-			-			-			-			-			-			2,393			2,393
Income/(loss) before income tax expense		4,330			(2,550	)		1,172			(814	)		(3,349	)		1,067			(260	)		(37,129	)		(37,533	)
Income tax expense		-			-			-			-			-			-			-			(60	)		(60	)
Income/(loss) after income tax expense		4,330			(2,550	)		1,172			(814	)		(3,349	)		1,067			(260	)		(37,189	)		(37,593	)

* Other segment expenses relate to brand management expenses and some corporate expenses.

Cash and Cash Equivalents

12 Months Ended

Jan. 31, 2020

Cash and cash equivalents [abstract]

Cash and Cash Equivalents

12	Cash and Cash Equivalents

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Cash on hand		44		47
Cash at bank		3,747		1,915
		3,791		1,962

Trade and Other Receivables

12 Months Ended

Jan. 31, 2020

Trade and other receivables [abstract]

Trade and Other Receivables

13	Trade and Other Receivables

		31 January 2020 NZ$000’s			31 January 2019 NZ$000’s
CURRENT
Trade receivables			2,358			7,789
Provision for impairment	(a)		(22	)		(609	)
			2,336			7,180
Prepayments			2,959			2,280
Other receivables			762			183
Total current trade and other receivables			6,057			9,650

Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.

(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 2020 is determined as follows, the expected credit losses incorporate forward looking information.

31 January 2020	0 - 30 days			31 - 60 days			60 - 90 days			> 90 days overdue			Total
Expected loss rate (%)		0	%		0	%		0	%		100	%
Gross carrying amount ($)		2,039			247			50			22			2,358
ECL provision		-			-			-			22			22

Reconciliation of changes in the provision for impairment of receivables is as follows:

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s
Balance at beginning of the period (calculated in accordance with IAS 139)		(609	)		(326	)
Opening impairment allowance calculated under IFRS 9		(609	)		(326	)
Movement through provision		(4	)		(1,037	)
Unused amounts reversed		616			772
Foreign exchange movement		(25	)		(18	)
Balance at end of the period		(22	)		(609	)

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 100% against identifiable receivables at risk in excess of 90 days because historical experience has indicated that these receivables are generally not recoverable.

There has been no change in the estimation techniques or significant assumptions made during the current reporting period.

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.

(b)

Aged analysis

The ageing analysis of receivables is as follows:

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
0-30 days		2,039		5,577
31-60 days		247		852
61-90 days (past due not impaired)		50		101
91+ days (past due not impaired)		-		3,295
91+ days (considered impaired)		22		(2,036	)
		2,358		7,789

Inventories

12 Months Ended

Jan. 31, 2020

Disclosure of inventories [Abstract]

Inventories

14	Inventories

	31 January 2020 NZ$000’s			31 January 2019 NZ$000’s
Finished goods		24,035			21,564
Provision for impairment		(495	)		(444	)
		23,539			21,120

Write downs of inventories to net realisable value during the period were NZ$51k (2019: NZ$106k).

Property, Plant and Equipment

12 Months Ended

Jan. 31, 2020

Disclosure of detailed information about property, plant and equipment [abstract]

Property, Plant and Equipment

15	Property, plant and equipment

	31 January 2020 NZ$000’s			31 January 2019 NZ$000’s

Leasehold Improvements
At cost		11,456			12,035
Accumulated depreciation and impairment		(9,690	)		(8,771	)
		1,766			3,264
Plant, furniture, fittings and motor vehicles
At cost		24,850			25,666
Accumulated depreciation		(23,579	)		(25,167	)
		1,271			499

Total property, plant and equipment		3,037			3,763

(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 NZ$000’s			Plant, furniture, fittings and motor vehicles NZ$000’s			Total NZ$000’s
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

Year ended 31 January 2019
Balance at the beginning of year		2,728			2,013			4,741
Additions		1,501			1,084			2,585
Disposals		(105	)		(2,736	)		(2,841	)
Depreciation expense		(982	)		(1,170	)		(2,152	)
Impairment loss		-			(239	)		(239	)
Foreign exchange movements		122			1,547			1,669
Balance at the end of the year		3,264			499			3,763

Right-of-Use Assets

12 Months Ended

Jan. 31, 2020

Right-of-use Assets

Right-of-Use Assets

16	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 15).

	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

	2020
	NZ $000’s

Interest expense on lease liabilities		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

12 Months Ended

Jan. 31, 2020

Disclosure of detailed information about intangible assets [abstract]

Intangible Assets

17	Intangible Assets

	31 January 2020 NZ$000’s			31 January 2019 NZ$000’s
Goodwill
Cost		6,091			5,607
Accumulated impairment		(6,091	)		(3,287	)
		-			2,320
Patents and licences
Cost		25,151			25,993
Accumulated amortisation and impairment		(3,489	)		(918	)
		21,662			25,075
Brands
Cost		12,032			14,769
Accumulated amortisation and impairment		(5,401	)		(4,563	)
		6,631			10,205
Software
Cost		15,548			15,718
Accumulated amortisation and impairment		(15,548	)		(15,455	)
		-			263
Total Intangible assets		28,293			37,864

(a)

Movements in carrying amounts of intangible assets

	Goodwill NZ$000’s			Patents and licences NZ$000’s			Brands NZ$000’s			Software NZ$000’s			Total NZ$000’s
Year ended 31 January 2020
Balance at the beginning of the year		2,320			25,075			10,205			263			37,864
Adjustments*		-			(2,310	)		-			-			(2,310	)
Amortisation		-			(589	)		-			-			(589	)
Impairment (note 6)		(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 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.

	Goodwill NZ$000’s			Patents and licences NZ$000’s			Brands NZ$000’s			Software NZ$000’s			Total NZ$000’s
Year ended 31 January 2019
Balance at the beginning of the year		-			201			12,463			348			13,012
Additions		5,798			25,076			2,726			33			33,633
Amortisation		-			(202	)		-			(29	)		(231	)
Impairment		(3,287	)		-			(4,563	)		(83	)		(7,933	)
Foreign exchange movements		(192	)		-			(420	)		(6	)		(618	)
Closing value at 31 January 2019		2,320			25,075			10,205			-			37,864

(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 2020
NZ $000’s

For the Year Ended 31 January 2019

NZ $000’s

United States

2,480

2,320

Impairment of goodwill

2,480

2,320

Impairment assumptions

Goodwill relates to the acquisition of Naked Inc, a business operating in the United States and was allocated to the Group’s operation in United States which is the cash generating unit (CGU) for the purpose of impairment testing. On 30 September 2019 the Group resolved to close its Wholesale operations in the United States which resulted in the carrying value being impaired.

The result of the impairment assessment is that the carrying value of goodwill was fully impaired during the year.

(c)

Impairment of patents & licences

Impairment charge relating to patents & licences is a result of the impairment of 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. The Group also fully impaired the carrying value of patents and licence acquired as part of the Naked merger.

	For the Year Ended 31 January 2020 NZ $000’s		For the Year Ended 31 January 2019 NZ $000’s

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 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 of the FOH licence exceeded the fair value less costs to sell by an amount of $2.0m. As such, the FOH licence asset has been partially impaired during the year.

Management’s approach and the key assumptions used to determine the FVLCOD were as follows: Sales growth: 9.0%

Royalty rate: 5.0%

Cash flow - revenue forecast period: 5 years

Post-tax discount rate (%): 10.5%

Long term sales growth rate (%): 2%

(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 2020 NZ $000’s		For the Year Ended 31 January 2019 NZ $000’s

Pleasure State		125		2,206
Davenport and Lovable		1,439		1,065
Naked		2,130		1,292
Impairment of indefinite-lived brand intangibles		3,694		4,563

The brand intangible assets of $6,631,000 (2019: $10,205,000) 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 $3.7m. As such, the indefinite-lived brand assets has been partially impaired for the year ended 31 January 2020.

Management’s approach and the key assumptions used to determine the FVLCOD were as follows:

Sales growth: 5 to 9% (31 January 2019: 2.5%)

Royalty rate: 5.0% (31 January 2019: 5.0%)

Cash flow - revenue forecast period: 5 years (31 January 2019: 5 years)

Post-tax discount rate (%) for US brands: 10.5% (31 January 2019: 10.50%)

Post-tax discount rate (%) for NZ brands: 11.75% (31 January 2019: 11.75%)

Long term sales growth rate (%): 2% (31 January 2019: 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 2.1% increase in the post-tax discount rate

(b) sales growth rate reduced to 0%

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 2.1% increase in the post-tax discount rate would result in an additional impairment of $1,047 thousand (31 January 2019: an increase of 2.1% would result an impairment of $951 thousand) against the carrying amount of the indefinite-lived brand intangibles. A reduction of the sales growth rate to 0% would result in an additional impairment of $1,749 thousand (31 January 2019: a reduction to 0% would result an impairment of $1,554 thousand) against the carrying amount of the indefinite-lived brand intangible assets.

(e)

Software impairment

During the year management determined the costs relating to a prior year ERP upgrade was greater than the recoverable amount of the software. This has resulted in an impairment charge of $0.202m.

(f)

Sale of intangible asset

On 28^th 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 (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 has been recognised in the profit and loss account.

Derivative Financial Instruments

12 Months Ended

Jan. 31, 2020

Disclosure Of Derivative Financial Instruments Abstract

Derivative Financial Instruments

18	Derivative Financial Instruments

31 January 2020
NZ$000’s

31 January 2019

NZ$000’s

Current liabilities

Foreign exchange contracts

1,484

In order to mitigate exchange rate movements and to manage the inventory costing process, the Group has previously entered into forward currency contracts to purchase US dollars. As at 31 January 2020, there were no forward exchange contracts in place due to the uncertainty over timing of inventory purchases and related funding constraints.

Trade and Other Payables

12 Months Ended

Jan. 31, 2020

Disclosure of capital and leasing commitments [Abstract]

Trade and Other Payables

19	Trade and Other Payables

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Current:
Trade payables		10,407		23,580
Accruals		8,593		10,150
Employee benefit liabilities		3,430		1,815
		22,430		35,545

Trade and other payables are unsecured and are normally settled within 30 days however some the trade creditors are out of term as at 31 January 2020. Subsequent to the end of the financial period 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.

Borrowings

12 Months Ended

Jan. 31, 2020

Disclosure Of Borrowings Abstract

20	Borrowings

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Amounts due in less than one year:
Secured liabilities:
Bank loans		17,900		20,000
Debt issuance costs in relation to bank loan		-		(270	)
Other loan		1,315		1,237
		19,215		20,967
Amounts due after more than one year:
Secured liabilities:
Convertible loan notes		19,698		-
		19,698		-
		38,913		20,967

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 consolidated entity. 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

During the year the Group maintained its loan facility with the BNZ with interest rate charges ranging between 5.1% and 5.53% and was predominantly on a monthly rolling basis. The original monthly loan covenant compliance measures were replaced by an inventory measure. Inventory ratio was to be on average 1.2 times net bank debt (bank loan less cash at bank). The Group had breached the covenants throughout the year however was compliant in December and January. 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 2019: NZD$20,000,000) until March 2022. The facility includes bank guarantees totalling NZD$1,345,000 and has new covenant compliance measures which are:-

1. Actual month and cumulative sales variance to budget to be no greater than 15% adverse to budget

2. Actual month and cumulative gross profit variance to budget to be no greater than 15% adverse to budget

3. Inventory ratio to be a minimum of 1.35 times bank debt (up to but excluding 31 July 2020)

4. Inventory ratio to be a minimum of 1.65 times bank debt (31 July 2020 and thereafter)

(c)

Convertible notes

Convertible loan notes are initially recognised as a liability as the notes have the characteristics of a liability and are not converted into fixed, rather a variable number of shares. The Note holder can, in writing, cause the borrower to redeem any portion of the Note up to an agreed maximum monthly amount.

During the year, the Group completed 5 separate private placements of secured convertible notes to 2 private investors for a cash consideration of $21.5m (US$14.0m) with discounts and fees of $1.5m (US$0.95m) with daily compounding interest rates ranging between 10-20%. During the year the, the note holders of 4 notes 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 principal Note balance during the period was $0.9m (US$0.6m). 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 obligations contained under the Note agreement. The total increase in principal Note balance relating to financing penalties during the year was $0.9m ($0.6m). By the year end, the first convertible note issued in May 2019 $5.0m (US$3.3m) had been fully converted to equity while $0.6m (US$0.4m) of the note issued in December had been converted. Note other note holders had exercised their conversion rights at balance date. The notes are secured by a second priority security interest over all assets and is subordinated to the Bank of New Zealand bank debt. Subject to adjustment, the Note holders have the right to convert the Note into Naked ordinary shares at an agreed price which ranged between US$0.05 (pre reverse share split) and US$4.00 (post reverse share split). 6 months after the purchase price date, the lender has the right to cause the borrower to redeem any portion of the Note up to a monthly maximum amount that was between US$0.4m and US$0.6m. As at 31 January 2020 that Group had a principal amount of $19.1m (US$12.4m) and accrued interest of $0.6m (US$0.4m). The Total owing of $19.7m (US$12.8m) is reflected on the balance sheet at the year end and interest has been charged to the Profit and Loss account. When a conversion option is exercised the amount of conversion is taken to share capital, reducing the loan note balance.

(d)

Other loan

The other loan relates to convertible note that is no longer convertible but remains payable at a future date.

Provisions

12 Months Ended

Jan. 31, 2020

Provisions [abstract]

Disclosure of classes of share capital [abstract]

21	Provisions

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Current:
Lease contributions		-		179
Other provisions		5,205		-
Make good		639		742
		5,844		921

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Non-current:
Lease contributions		-		906
Make good		1,796		1,466
		1,796		2,372

	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

* There is a $17k foreign exchange difference relating to the impact of IFRS16 that is not reflected in the table in note 3 which does not materially affect the opening adjustment at date of adoption.

	Lease contributions NZ$000’s			Other provisions NZ$000’s			Make good NZ$000’s			Total NZ$000’s
Opening balance at 1 February 2018		1,322			264			2,231			3,817
Additional provisions recognised		337			-			717			1,054
Unused amounts reversed		-			-			(600	)		(600	)
Unwinding of discounts		-			-			(84	)		(84	)
Amounts used during the period		(510	)		(264	)		-			(774	)
Exchange differences		(64	)		-			(56	)		(120	)
Balance at 31 January 2019		1,085			-			2,208			3,293

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.

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 2020 financial year an additional $307,000 (2019: $717,000) was recognised in relation to new retail leases in New Zealand and Australia.

Lease Liabilities

12 Months Ended

Jan. 31, 2020

Lease liabilities [abstract]

Lease Liabilities

22	Lease Liabilities

The Group has adopted IFRS 16 from 1 February 2019. The standard replaces IAS 17 ‘Leases’ 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.

On transition to IFRS 16 on 1 February 2019, the Group recognised a right-of-use assets of $26,158,000, a reduction to lease contribution provisions of $1,102,000 and a lease liability of $27,899,000 and a reduction to retained earnings of $639,000. The prior period has not been restated, the adjustment to opening retained earnings of $639,000 at 1 February 2019 is reflected in the Consolidated Statement of Changes in Equity. When measuring the lease liabilities, the Group discounted these lease payments using its incremental borrowing rate at the date of initial application of IFRS 16. The rate applied was 6.0%.

	FY 31 Jan 2020 Applying IFRS 16 $’000			FY 31 Jan 2020 Applying IAS 17 $’000			Movement $’000
Consolidated Statement of Profit or Loss (loss before tax)		(53,523	)		(52,974	)		549
Total expense		143,588			143,039			549
Finance expenses		5,213			3,539			1,674
Depreciation		10,014			1,338			8,676

	FY 31 Jan 2020 Applying IFRS 16 $’000			FY 31 Jan 2020 Applying IAS 17 $’000			Movement $’000
Consolidated Statement of Financial Position
Right-of-use assets		23,809			-			23,809
Lease liabilities, current		(8,112	)		-			(8,112	)
Lease liabilities, non-current		(17,719	)		-			(17,719	)
Other liabilities		834			-			834
Accumulated losses*		(1,188	)		-			(1,188	)

Consolidated Statement of Cash Flows
Cash flows used in operating activities		(19,894	)		(28,021	)		8,127
Cash flows used in financing activities		22,098			30,225			(8,127	)

*Includes $639k opening adjustment loss at the date of adoption.

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 2020 NZ$000’s
Amounts payable:
Within one year		9,409
2 to 5 years inclusive		19,311
After 5 years		177
		28,897
Less future finance charges		(3,066	)
Lease liabilities		25,831

Share Capital

12 Months Ended

Jan. 31, 2020

Share Capital

23	Share Capital

31 January 2020
NZ$000’s

31 January 2019

NZ$000’s

4,697,204 (2019: 296,409) Ordinary shares

170,193

134,183

(a) Ordinary shares

	For the Year Ended 31 January 2020 NZ$000’s		For the Year Ended 31 January 2019 NZ$000’s
At the beginning of the reporting period		134,183		68,727
Issuance of new shares
- Cash collected		12,586		23,248
- Settle shareholder loan		-		12,242
- Shares issued in lieu of consultancy fee		-		692
- Shares issued in lieu of inventory payment		15, 525		4,047
- Shares issued in lieu of related party loan		1,546		-
Convertible note conversion		5,979		4,159
Warrants issued		374		-
Business combination with Naked Brand Group Inc.		-		14,196
Asset acquisition of FOH Online Inc.		-		6,872
At the end of the reporting period		170,193		134,183

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 reverse split has also been reflected in the prior year 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 2020 and 31 January 2019 are as follows:

	Note		31 January 2020 NZ$000’s			31 January 2019 NZ$000’s
Total borrowings		20		38,913			20,967
Less Cash and cash equivalents		12		(3,791	)		(1,962	)
Net debt				35,122			19,005
Equity				(6,284	)		10,519
Total capital				28,838			29,524
Gearing ratio				122	%		64	%

(c) Warrants

The following warrants were outstanding as at 31 January 2020 (31 January 2019: 49,000*).

Average Exercise Price (USD)

Issue Date

Expiry Date

No. of warrants

Mar-19

Mar-23

14,000

Mar-19

Mar-24

3,921

$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

$0.50 - $1.00

Mar-19

Mar-21

42,280

$1.50 - $2.00

Nov-17

Nov-21

2,000

Oct-18

Oct-21

20,000

Dec-17

Dec-20

10,660

Apr-18

Apr-20

5,140

$2.01 - $4.00

May-18

Mar-20

2,030

Jun-18

Jun-20

3,430

Jun-18

Jun-23

8,000

Mar-19

Jun-20

6,670

$4.01+

May-18

May-21

2,820

Total number of outstanding warrants as at 31 January 2020

610,122

* On 20 December 2019 the company executed a 1-100 reverse share split reducing the number of warrants. The reverse split has also been reflected in the prior year number of warrants outstanding.

Reserves

12 Months Ended

Jan. 31, 2020

Disclosure of reserves within equity [abstract]

Reserves

24	Reserves

	31 January 2020 NZ$000’s			31 January 2019 NZ$000’s
Foreign currency translation reserve
Opening balance		(2,013	)		(2,006	)
Transfers in		2,131			(7	)
Balance at the end of the year		118			(2,013	)

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

12 Months Ended

Jan. 31, 2020

Loss per share for profit from continuing operations attributable to the ordinary equity holders of the Group:

Loss Per Share

25	Loss per Share

	(a) Basic and diluted loss per share

	For the Year Ended 31 January 2020 NZ$			For the Year Ended 31 January 2019 NZ$
From continuing operations attributable to the ordinary equity holders of the Group		(34.74	)		(200.77	)
Total basic and diluted loss per share attributable to the ordinary equity holders of the Group		(34.74	)		(200.77	)

(b) Reconciliation of loss used in calculating loss per share

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 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:		(54,305	)		(49,220	)

(c) Weighted average number of shares used as the denominator

	31 January 2020 Number		31 January 2019 Number*

Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share		1,563,056		243,790

* On 20 December 2019 the company executed a 1-100 reverse share split reducing the number of shares. The reverse split has also been reflected in the prior year number of shares.

(d) Information concerning the classification of securities

Convertible Notes

At 31 January 2020, the Group had 4 convertible notes outstanding with a principal of $19.1m and accrued interest of $0.6m. Please refer to note 20(c).

Accumulated Losses

12 Months Ended

Jan. 31, 2020

Fair value gain loss on convertible notes derivative

Accumulated Losses

26	Accumulated Losses

	Year Ended 31 January 2020 NZ$000’s			Year Ended 31 January 2019 NZ$000’s
Accumulated losses at the beginning of the financial year		(121,651	)		(72,431	)
Impact of IFRS 16		(639	)		-
Loss for the year		(54,305	)		(49,220	)
Accumulated losses at end of the financial year		(176,595	)		(121,651	)

Other Financial Commitments

12 Months Ended

Jan. 31, 2020

Other Financial Commitments

Other Financial Commitments

27	Other Financial Commitments

	(a) Operating leases

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Minimum lease payments under non-cancellable operating leases:
- not later than one year		-		8,533
- between one year and five years		-		18,039
- later than five years		-		1,485
		-		28,057

IFRS 16 Leases standard came into effect on 1 January 2019. IFRS 16 requires that all leases and the related rights and obligations should be recognised on the lessee’s balance sheet, unless the lease is less than one year in length or is for a low-value asset. Leases that do not meet these criteria are expensed on a straight-line basis. See note 3 for more details on IFRS 16 and note 22 for details of undiscounted contractual maturity of lease liabilities.

(b) Contracted Commitments

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Licence contract
- not later than one year		5,392		4,286
- between one year and five years		-		8,696
		5,392		12,982

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 as is shown above.

(c) Lessor Commitments

At 31 January 2020, had no outstanding commitments due to the adoption of IFRS 16 “Leases”:

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
- no later than 1 year		-		441
- between 1 year and 5 years		-		493
- greater than 5 years		-		-
Total minimum lease payments		-		934

Financial Risk Management

12 Months Ended

Jan. 31, 2020

Disclosure of Financial Risk Management [Abstract]

Financial Risk Management

28	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.

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.

The Group’s liabilities have contractual maturities which are summarised below:

	Non-derivatives Borrowings NZ$000’s		Non-derivatives Trade payables NZ$000’s		Non-derivatives Total NZ$000’s		Derivatives Gross future cash settlement on forward currency contracts - inflow NZ$000’s		Derivatives Gross future cash settlement on forward currency contracts - (outflow) NZ$000’s			Derivatives Total NZ$000’s
Not later than 1 month
31 January 2020		2,052		10,407		12,459		-		-			-
31 January 2019		1,329		23,580		24,908		18,325		(19,212	)		(887	)
1 to 3 months
31 January 2020		18,044		-		18,044		-		-			-
31 January 2019		184		-		184		9,610		(10,061	)		(451	)
3 months to 1 year
31 January 2020		-		-		-		-		-			-
31 January 2019		20,184		-		20,184		4,976		(5,121	)		(145	)
1 to 5 years
31 January 2020		28,764		-		28,764		-		-			-
31 January 2019		-		-		-		-		-			-

Total
31 January 2020		48,860		10,407		59,267		-		-			-
31 January 2019		21,697		23,580		45,277		32,912		(34,395	)		(1,483	)

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 61 stores across Australasia while having offices in New Zealand and the US 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 2020 NZ$000’s		31 January 2019 NZ$000’s		31 January 2018 NZ$000’s
Trade receivables Counterparty without external credit ratings
New customer less than 6 months		-		42		12
Existing customers (more than 6 months with default in past)		2,358		7,747		9,970
Total		2,358		7,789		9,982

Cash at bank	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s		31 January 2018 NZ$000’s
Credit ratings
AA-		3,747		1,915		10,591
A+		-		-		94
Total		3,747		1,915		10,685

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:

31 January 2020	AUD NZ$000’s		USD NZ$000’s		GBP NZ$000’s		EUR NZ$000’s		HKD NZ$000’s		Total NZ$000’s
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
31 January 2018
Nominal amounts
Trade receivables		328		199		-		1,376		-		1,903
Trade payables		781		11,209		74		29		53		12,146
Cash and cash equivalents		1,660		7,190		77		92		165		9,184

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 2020 (31 January 2019: 10%, 31 January 2018: 10%). A 10% change is considered for the New Zealand Dollar / US Dollar exchange rate (31 January 2019: 10%, 31 January 2018: 10%). A 10% change is considered for the New Zealand Dollar / GB Pound exchange rate (31 January 2019: 10%, 31 January 2018: 10%). A 10% change is considered for the New Zealand Dollar / Euro exchange rate (31 January 2019: 10%, 31 January 2018: 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 0.9655 AUD, 0.6491 USD, 0.4954 GBP, 0.5883 EUR and 5.0424 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 2019: 10%, 31 January 2018: 10%) and 10% (31 January 2019: 10%, 31 January 2018: 10%) respectively then this would have had the following impact:

	NZ$000’s
	+10%			-10%
USD
Net results/Equity (31 January 2020)		(594	)		594
Net results/Equity (31 January 2019)		(954	)		954
Net results/Equity (31 January 2018)		(1,509	)		1,509
AUD
Net results/Equity (31 January 2020)		(1	)		1
Net results/Equity (31 January 2019)		(5	)		5
Net results/Equity (31 January 2018)		(805	)		805
GBP
Net results/Equity (31 January 2020)		(16	)		16
Net results/Equity (31 January 2019)		(1	)		1
Net results/Equity (31 January 2018)		(175	)		175
EUR
Net results/Equity (31 January 2020)		(42	)		42
Net results/Equity (31 January 2019)		(32	)		32
Net results/Equity (31 January 2018)		(136	)		136
HKD
Net results/Equity (31 January 2020)		(-)			-
Net results/Equity (31 January 2019)		(1	)		1
Net results/Equity (31 January 2018)		(14	)		14

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
2020
NZ$000’s

31 January
2019
NZ$000’s

31 January
2018
NZ$000’s

31 January
2020
$

31 January
2019
$

31 January
2018
$

Buy USD / sell NZD

Settlement

Less than 6 months

34,395

48,149

0.6620

0.7061

Buy AUD / sell NZD
Settlement	NZ$000’s		NZ$000’s		NZ$000’s		$		$		$
Less than 6 months		-		-		2,247		-		-		0.8900

(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 2020 NZ$000’s		31 January 2019 NZ$000’s
Floating rate instruments
Bank overdrafts		-		-
Working capital financing bank facility		-		-
Convertible notes		-		-
Borrowings		17,900		20,000
		17,900		20,000

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% (2019: +1.00%/-1.00%, 2018: +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%
	NZ$000’s		NZ$000’s
Net results/Equity (31 January 2020)		179		(179	)
Net results/Equity (31 January 2019)		200		(200	)

Tax Assets and Liabilities

12 Months Ended

Jan. 31, 2020

Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]

Tax Assets and Liabilities

29	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		1,322			(692	)		-		-		-		630
Intangible assets		(630	)		-			-		-		-		(630	)
Balance at 31 January 2020		692			(692	)		-		-		-		-
Carried forward tax losses		630			692			-		-		-		1,322
Intangible assets		(630	)		-			-		-		-		(630	)
Balance at 31 January 2019		-			692			-		-		-		692

* There is a foreign currency impact of $9k which is not reflected in the table above. The total amount charged to the profit and loss account is $701k (note 10).

Dividends

12 Months Ended

Jan. 31, 2020

Disclosure of dividends [Abstract]

Dividends

30	Dividends

No final dividend will be paid in respect of the year ended 31 January 2020 (31 January 2019: nil, 31 January 2018: nil).

Franking account

	31 January 2020 NZ$000’s		31 January 2019 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 Remuneration

12 Months Ended

Jan. 31, 2020

Key Management Personnel Remuneration

Key Management Personnel Remuneration

31	Key Management Personnel Remuneration

Key management personnel remuneration included within employee expenses for the period is shown below:

	For the Year Ended 31 January 2020 NZ$000’s		For the Year Ended 31 January 2019 NZ$000’s		For the Year Ended 31 January 2018 NZ$000’s
Short-term employee benefits		3,182		2,056		1,743
		3,182		2,056		1,743

Interests in Subsidiaries

12 Months Ended

Jan. 31, 2020

Disclosure of subsidiaries [abstract]

Interests in Subsidiaries

32	Interests in Subsidiaries

Composition of the Group

	Principal place of business / Country of Incorporation	Percentage Owned (%)* 31 January 2020		Percentage Owned (%)* 31 January 2019		Percentage Owned (%)* 31 January 2018
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		-
Naked Brand Inc.	United States of America		100		100		-
FOH Online Corp Inc.	United States of America		100		100		-

*The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries.

** Bendon Limited was the parent entity in the period ended 31 January 2018.

Fair Value Measurement

12 Months Ended

Jan. 31, 2020

Disclosure of detailed information about profit loss from operating activities in connection with specific expenses [Text Block]

Fair Value Measurement

33	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

Fair value hierarchy

IFRS 13 Fair Value Measurement requires all assets and liabilities measured at fair value to be assigned to a level in the fair value hierarchy as follows:

	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 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

Derivative on Convertible Notes

31 January 2019	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		-		1,484		-		1,484
Derivative on Convertible Notes		-		-		-		-

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 derivative financial instruments is determined using valuation techniques which maximise the use of observable market data where it is available and relies as little as possible on entity specific estimates.

Valuation techniques for fair value measurements categorised within level 3

The fair value of the derivative on convertible notes 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)

The following table presents the changes in level 3 instruments for the year ended 31 January 2019.

	Convertible note liability NZ$000’s
Balance at 31 January 2018		1,110
Conversion		(1,110	)
Balance at 31 January 2019		-

For the year ended 31 January 2020, there were no derivatives on convertible notes.

Contingencies

12 Months Ended

Jan. 31, 2020

Disclosure of contingent liabilities [abstract]

Contingencies

34	Contingencies

Contingent Liabilities

The Group has entered into a number of trade guarantee arrangements in the normal course of business totalling $0.7m (2019: $1.2m)

In the prior year, a shareholder lodged a court Action against the Group claiming they did not receive the correct number of shares in the Group on completion of the merger between Naked Inc. and Bendon Limited to form Naked Brand Group Limited in the prior year. The Group has sought to have this claim dismissed by the Court on the basis that the Group had no contract with the shareholder and that the shareholder did not have a possessory right over a certain number of shares in the Group. No provision has been made for this in these financial statements.

On March 24, 2020, Timothy Connell filed a complaint against Naked Brand Group Limited, 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 seeks rescission of the transaction. Our management intends to defend the action vigorously. Nothing has been provided as management believe this debt has been settled.

Related Parties

12 Months Ended

Jan. 31, 2020

Disclosure of transactions between related parties [abstract]

Related Parties

35	Related Parties

(a)

Loans (to)/from related parties

	Opening balance NZ$000s			Closing balance NZ$000s
Loans to related parties
Cullen Investments Limited - 31 January 2020		-			-
Cullen Investments Limited - 31 January 2019		11,536			-
Whitespace Atelier Limited - 31 January 2020		282			-
Whitespace Atelier Limited - 31 January 2019		273			282
FOH Online Inc. - 31 January 2020		-			-
FOH Online Inc. - 31 January 2019		3,518			-
Loans from related parties
SBL Holdings - 31 January 2020		(1449	)		-
SBL Holdings - 31 January 2019		-			(1,449	)
Naked Inc. - 31 January 2020		-			-
Naked Inc. - 31 January 2019		(1,369	)		-
EJ Watson – 31 January 2020		(2,289	)		-
EJ Watson – 31 January 2019		-			(2,289	)

Whitespace Atelier Limited (“Whitespace”) is no longer regarded as a related party. Transactions in the prior year amounted to $12.7m and at 31 January 2019, the Group had made prepayments totalling $281,714.

Subsequent to the merger with Naked Brand Group Inc. on 19th June 2018, Naked Brand Group Inc. became part of the Group as at 31 January 2019. The balances between the subsidiaries are eliminated in the Group Balance Sheet.

Subsequent to the acquisition of FOH Online Inc. on 8 December 2018, FOH Online Inc. became part of the Group as at 31 January 2019. The balances between the subsidiaries are eliminated in the Group Balance Sheet.

During the 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 17.

During the period, the loan payable to SBL Holdings Limited was extinguished through the issuance of shares in the Company.

During the period, 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.

Cash Flow Information

12 Months Ended

Jan. 31, 2020

Onerous contracts

Cash Flow Information

36	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:

	Year Ended 31 January 2020 NZ$000’s			Year Ended 31 January 2019 NZ$000’s			Year Ended 31 January 2018 NZ$000’s
Loss for the year		(54,305	)		(49,220	)		(37,593	)
Cash flows excluded from profit attributable to operating activities
- interest paid on borrowings		2,868			3,400			8,792
- gain on sale of intangible assets		(906	)		-			-
Non-cash flows in profit:
- depreciation and amortisation expense		10,603			2,382			3,030
- impairment expense		8,904			8,173			1,914
- shares issued in lieu of inventory payment		5,942			-			-
- warrants issued		371			-			-
- fair value gain/(loss) on convertible notes derivative		-			775			(2,393	)
Changes in assets and liabilities:
- (increase)/decrease in trade and other receivables		2,901			14,267			14,925
- (increase)/decrease in current tax receivables		368			(355	)		52
- (increase)/decrease in inventories		(1,912	)		13,350			6,638
- (increase)/decrease in deferred tax asset/(liability)		711			(692	)		-
- (increase)/decrease in related party receivables		282			6,531			(906	)
- increase/(decrease) in trade and other payables		402			(5,681	)		6,956
- increase/(decrease) in income taxes payable		(140	)		226			152
- increase/(decrease) in provisions		5,534			(522	)		39
- increase/(decrease) in foreign currency derivative liability		(1,484	)		(1,712	)		(5,104	)
- net exchange differences		(33	)		(355	)		(618	)
Cashflows from operations		(19,894	)		(9,434	)		(4,116	)

(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:

Year Ended 31 January 2020
NZ$000’s

Year Ended 31 January 2019
NZ$000’s

Year Ended 31 January 2018
NZ$000’s

Shares issued in lieu of inventory payment

15,525

Warrants issued

371

15,896

Auditor's Remuneration

12 Months Ended

Jan. 31, 2020

Auditors Remuneration

Auditor Remuneration

37	Auditor’s Remuneration

	Year Ended 31 January 2020 NZ$000’s		Year Ended 31 January 2019 NZ$000’s		Year Ended 31 January 2018 NZ$000’s
Pricewaterhouse Coopers Australia
- Audit fees		-		477		485
- Taxation fees		-		33		-
- Other		10		403		-
Total remuneration to Pricewaterhouse Coopers Australia		10		913		485

Network firms of Pricewaterhouse Coopers Australia
- Taxation services		-		137		28

BDO Audit Pty Ltd Australia
- Audit fees		403		-		-
- Other		266		-		-
Total remuneration to BDO Audit Pty Ltd Australia		669		-		-

Events Occurring After the Reporting Date

12 Months Ended

Jan. 31, 2020

Disclosure of non-adjusting events after reporting period [abstract]

Events Occurring After the Reporting Date

38	Events occurring after the reporting date

On February 5, 2020, the Company received an instruction to issue 384,221 shares under the Convertible Promissory Note dated December 19, 2019 at a conversion price of US$0.5856 for a total of US$225,000.

On 12 February 2020, the Company completed a private placement of a convertible promissory note and a warrant to purchase ordinary shares, for a purchase price of US$3m, with a principal balance before discount and expenses of US$3.17m. The holder exercised the right to exchange the warrant for a 5% increase in the balance of the Note, and as result the warrant was cancelled, and the balance of the Note was increased by US$0.2m. The note accrues daily interest at 20% p.a, and matures on February 11, 2022. The Company has the right to prepay the Note, subject to a 25% premium. The Note is subordinated to the Company’s existing senior secured credit facility with the Bank of New Zealand. From August 12, 2020 the holder has the right to convert the outstanding balance of the note into the Company’s ordinary shares at a conversion price of US$4.00 per share.

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 2019: NZD$20,000,000) until March 2022. The facility includes guarantees and financial instruments totalling NZD$1,345,000.

In March 2020, the World Health Organisation declared the outbreak coronavirus (“COVID-19”) as a pandemic, which continues to spread throughout New Zealand, Australia and the United States. As a result, we have closed New Zealand retail and outlet locations on 23 March 2020 and Australian retail and outlet locations on 28 March 2020. Online channels continue to operate however we have seen a reduction in consumer spending. The closure of retail and outlet locations and reduction in sales within online channels has resulted in a negative impact to the Group’s revenue. Whilst the situation is expected to be temporary, we note it is rapidly developing and not yet practicable to estimate the extend of the impact this may have on the Group. Therefore, while we expect this to negatively impact the business, results of operations, and financial position the Group has, negotiated payment terms with key suppliers, reviewed staffing requirements and applied for government subsidies to help alleviate some of the cash constraints and preserve its cash position and help preserve its financial flexibility. Refer to Note 2 (a) for further details.

On April 15, 2020, Naked Brand Group Limited (the “Company”) entered into a Securities Purchase Agreement (the “SPA”) for a private placement to St. George Investments LLC (the “Holder”) of a Convertible Promissory Note (the “Note”) and a Warrant to Purchase Ordinary Shares (the “Warrant”), for a purchase price of $1.5 with a principal balance before discount and expense of US$1.6m

Of the total purchase price, the Holder is paying US$0.75m in cash and is paying the remaining US$0.75m through the delivery of a promissory note (the “Investor Note”). The funding of the cash portion of the purchase price is expected to occur on or about April 16, 2020. The Investor Note was issued as of April 15, 2020, does not accrue interest, and matures on April 30, 2020. The holder exercised the right to exchange the warrant for a 5% increase in the balance of the Note. The note accrues daily interest at 20% p.a, and matures on April 14, 2022. The Company has the right to prepay the Note, subject to a 25% premium. The Note is subordinated to the Company’s existing senior secured credit facility with the Bank of New Zealand. From October 14, 2020 the holder has the right to convert the outstanding balance of the note into the Company’s ordinary shares at a conversion price of US$4.00 per share.

On April 13, 2020, the Company received an instruction to issue 411,929 shares under the Convertible Promissory Note dated October 4, 2019 at a conversion price of US$0.30345 for a total of US$125,000.

On April 24, 2020, the Company received an instruction to issue 414,872 shares under the Convertible Promissory Note dated October 4, 2019 at a conversion price of US$0.31335 for a total of US$130,000.

On April 28, 2020, the Company received an instruction to issue 415,031 shares under the Convertible Promissory Note dated October 4, 2019 at a conversion price of US$0.31335 for a total of US$130,050.

On April 30, 2020, the Company received an instruction to issue 590,394 shares under the Convertible Promissory Note dated October 4, 2019 at a conversion price of US$0.31335 for a total of US$185,000.

On April 30, 2020, the Company received US$0.75m relating to the promissory note, “Investor Note”, mentioned above.

On May 5, 2020, the Company received an instruction to issue 255,306 shares under the Convertible Promissory Note dated October 4, 2019 at a conversion price of US$0.31335 for a total of US$80,000.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 31, 2020

Summary Of Significant Accounting Policies

Going Concern

(a)

Going concern

	●	Raising further capital of at least US$5.25 million and collecting it before June 2020 this will enable the business to fund its operations and meet its obligations;
	●	Having sufficient funds from the capital raised to reduce costs, rebuild higher margin inventory, increase revenue across the all channels, increase gross margin percentages and contribution that leads to a reduction in the current cash outflow being incurred each month to reach a cash flow positive position, and to reduce bank debt;
	●	Generating enough sales and increasing gross margins from trading in line with forecast
	●	Maintain key personnel
	●	Continue to receive support from creditors to delay payment of overdue amounts until the Group has adequate cash flow to commence a repayment arrangement or repay the debt in full
	●	Renegotiating the current repayment dates of the facility to enable the business to maximise cashflow opportunities

In addition, the business is investigating funding packages that they may be eligible for.

Basis for Consolidation

(b)

Basis for consolidation

Subsidiaries

Business Combinations

(c)

Business combinations

The fair value of identifiable assets and liabilities acquired are recognised in the consolidated financial statements at the acquisition date.

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.

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).

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.

Revenue and Other Income

(e)

Revenue and other income

Sale of goods

(i) Sale of goods - wholesale

(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.

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.

Brand Management, Administrative and Corporate Expenses

(f)

Brand management, administrative and corporate expenses

Borrowing Costs

(g)

Borrowing costs

All other borrowing costs are recognised as an expense in the period in which they are incurred.

Inventories

(h)

Inventories

Property, Plant and Equipment

(i)

Property, plant and equipment

Plant and equipment

Plant and equipment are measured using the cost model.

Depreciation

Property, plant and equipment, is depreciated on a straight-line basis over the assets useful life to the Group, commencing when the asset is ready for use.

The estimated useful lives used for each class of depreciable asset are shown below:

Fixed asset class		Useful life
Leasehold improvements		1 - 10 years
Plant, furniture, fittings and motor vehicles		3 - 7 years

Leases

(j)

Leases

Right-of-use assets

Lease liabilities

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.

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.

The group reclassifies debt investments when and only when its business model for managing those assets changes.

(ii) Recognition and derecognition

(iii) Measurement

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

	●	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 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 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

(iv) Impairment

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

Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss.

Financial liabilities

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.

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

Trade Receivables

(n)

Trade 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

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

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.

Amortisation

Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

Employee Benefits

(q)

Employee benefits

(i)

Short-term obligations

(ii)

Other long-term employee benefit obligations

Earnings/(Loss) Per Share

(r)

Provisions

Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period.

(i)

Lease incentive provision

(ii)

Onerous contract provision

(iii)

Make good provision

(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.

Foreign Currency Transactions and Balances

(t)

Borrowings

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.

Convertible Notes

(u)

Convertible Notes

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.

(w)

Foreign currency transactions and balances

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.

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.

Operating Segments

(x)

Operating segments

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 31, 2020

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 of depreciable asset are shown below:

Fixed asset class		Useful life
Leasehold improvements		1 - 10 years
Plant, furniture, fittings and motor vehicles		3 - 7 years

Changes in Accounting Policies (Tables)

12 Months Ended

Jan. 31, 2020

Changes In Accounting Policies

Disclosure of Detailed Information About Impact of Adoption of IFRS 16

	1 February 2019
	$’000
Right-of-use assets		26,158
Lease contribution provision		1,102
Lease liabilities		(27,899	)
Net reduction in retained earnings		639

Revenue and Other Income (Tables)

12 Months Ended

Jan. 31, 2020

Revenue And Other Income

Disclosure of Detailed Information About Revenue from Continuing Operations

Revenue from continuing operations

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s			For the Year Ended 31 January 2018 NZ$000’s
Gross revenue		93,302			120,278			145,452
Rebates		(3,237	)		(8,358	)		(14,064	)
		90,065			111,920			131,388
Sale of goods by channel
- Retail		42,576			50,443			53,150
- Wholesale		15,553			29,394			45,901
- Online		31,936			32,083			32,234
		90,065			111,920			131,285
Other income		-			-			103
		90,065			111,920			131,388
Sales of goods by geography
- New Zealand		33,786			40,703			46,665
- Australia		24,365			32,065			38,208
- United States		30,863			34,156			32,323
- Europe		1,051			4,996			14,192
		90,065			111,920			131,388

Loss for the Period (Tables)

12 Months Ended

Jan. 31, 2020

Standby Letter Of Credit

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 January 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s		For the Year Ended 31 January 2018 NZ$000’s

Staff costs (see note 9)		28,009			31,380		34,158
Depreciation of property, plant and equipment		1,338			2,151		2,724
Depreciation of right-of-use assets		8,676			-		-
Amortisation of acquired intangibles		589			231		306
Impairment of tangible assets (see note 15)		491			281
Impairment of intangible assets (see note 17)		8,413			7,892		1,914
Loss on disposal of property, plant and equipment		322			232		362
Transaction expenses		9,597			9,267		3,322
Operating lease rentals
- land and buildings		-			9,236		10,021
- other		-			524		786
Gain on sale of intangible assets		(906	)		-		-
Contract termination		4,696			-		-
Auditor’s remuneration (note 37)		679			1,050		513

Finance Expense (Tables)

12 Months Ended

Jan. 31, 2020

Finance Expense

Disclosure of Detailed Information About Finance Expense

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s		For the Year Ended 31 January 2018 NZ$000’s
- Interest expense on external borrowings		1,608			2,338		5,431
- Interest expense on convertible loan notes		1,425			-		-
- Interest expense on leases		1,674			-		-
- Interest (income)/expense on shareholder loans*		(165	)		1,062		2,807
- Amortisation of loan set up costs		671			641		553
		5,213			4,041		8,791

* During the year, the shareholder loan payable was derecognised resulting in a reversal of interest expense.

Other Foreign Currency (Gains)/Losses (Tables)

12 Months Ended

Jan. 31, 2020

Other Foreign Currency Gainslosses

Disclosure of Detailed Information About Foreign Currency (Gains)/Losses

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s			For the Year Ended 31 January 2018 NZ$000’s
- Fair value (gain)/loss on foreign exchange contracts		(729	)		1,065			(502	)
- Net foreign exchange loss/(gain)		114			(3,027	)		(255	)
		(615	)		(1,963	)		(757	)

Staff Costs (Tables)

12 Months Ended

Jan. 31, 2020

Staff Costs

Disclosure of Detailed Information About Employee Benefits Expense

	For the Year Ended 31 January 2020 NZ$000’s		For the Year Ended 31 January 2019 NZ$000’s		For the Year Ended 31 January 2018 NZ$000’s
Employee benefits expense:
- Salaries and wages		26,920		30,872		33,613
- Defined contribution expenses		1,089		508		545
		28,009		31,380		34,158

Income Tax Expense/(Benefit) (Tables) - Bendon Limited [Member]

12 Months Ended

Jan. 31, 2020

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 January 2020 NZ$000’s		For the Year Ended 31 January 2019 NZ$000’s			For the Year Ended 31 January 2018 NZ$000’s
Current tax
Current tax on profits for the period		28		(667	)		537
Adjustments for current tax of prior periods		53		(607	)		(477	)
Total current tax expense/(benefit)		81		(1,274	)		60
Deferred tax expense
Decrease in deferred tax assets (note 29)		701		-			-
Income tax expense/(benefit) for continuing operations		782		(1,274	)		60

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	(53,523	)	(50,494	)	(37,533	)
Tax at New Zealand tax rate of 28%	(14,986	)	(14,138	)	(10,509	)
Tax effect of:
- permanent differences (including impairment expense)	5,108		753		(105	)
- adjustments in respect of current income tax of previous years	32		(522	)	(449	)
- effects of different tax rates of subsidiaries operating in other jurisdictions	(301	)	493		(30	)
- deferred tax assets relating to the current year not brought to account	10,163		12,077		11,150
- deferred tax assets relating to prior periods no longer recognised (note 29)	701		-		-
- other	65		63		3
Income tax expense/(benefit)	782		(1,274	)	60

Disclosure of Detailed Information About Tax Losses Not Recognised

For the Year Ended 31 January 2020
NZ$000’s

For the Year Ended 31 January 2019

NZ$000’s

For the Year Ended 31 January 2018

NZ$000’s

Unused tax losses for which no deferred tax asset has been recognised

166,882

130,587

87,455

Potential tax benefit at 28%

46,727

36,564

24,487

Disclosure of Detailed Information About Temporary Differences Not Recognised

(d) Temporary differences not recognised

For the Year Ended 31 January 2020
NZ$000’s

For the Year Ended 31 January 2019

NZ$000’s

For the Year Ended 31 January 2018

NZ$000’s

Temporary differences for which no deferred tax asset has been recognised

9,825

14,504

14,661

Potential tax benefit at 28%

2,751

4,061

4,105

Operating Segments (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure Of Detailed information about reserves within equity [Text Block]

Disclosure of Reconciliation of Segment Revenue to Profit or Loss and Other Comprehensive Income

Reconciliation of segment revenue to consolidated statements of profit or loss and other comprehensive income:

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s			For the Year Ended 31 January 2018 NZ$000’s
Total segment revenue		104,153			136,842			156,311
Intersegment eliminations		(14,088	)		(24,922	)		(24,923	)
Other revenue		-			-			-
Total revenue		90,065			111,920			131,388

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 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s			For the Year Ended 31 January 2018 NZ$000’s
Segment EBITDA		(16,167	)		(25,602	)		(24,053	)
Any other reconciling items		(37,356	)		(24,892	)		(13,480	)
Income tax (expense)/benefit		(782	)		1,274			(60	)
Total net loss after tax		(54,305	)		(49,220	)		(37,593	)

Disclosure of Detailed Information About 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 2020 NZ$000’s		For the Year Ended 31 January 2019 NZ$000’s		For the Year Ended 31 January 2018 NZ$000’s
New Zealand		33,786		40,703		46,665
Australia		24,365		32,065		38,208
United States		30,863		34,156		32,323
Europe		1,051		4,996		14,192
		90,065		111,920		131,388

Disclosure of Detailed Information About Segment Performance

	NZ Retail NZ$000’s			AU Retail NZ$000’s			NZ Wholesale NZ$000’s			AU Wholesale NZ$000’s			US Wholesale NZ$000’s			EU 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 from external customers		28,302			14,274			3,482			7,066			3,955			1,051			31,935			-			90,065
		28,302			14,274			3,482			7,066			3,955			1,051			31,935			-			90,065
Cost of sales		(12,997	)		(6,585	)		(3,455	)		(4,837	)		(2,265	)		(785	)		(20,916	)		(4,407	)		(56,247	)
Gross margin		15,305			7,689			27			2,229			1,689			266			11,020			(4,407	)		33,818
Other segment expenses*		(10,491	)		(8,293	)		(473	)		(2,149	)		(523	)		33			(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		4,814			(604	)		(446	)		80			1,166			299			(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		4,814			(604	)		(446	)		80			1,166			299			(2,639	)		(56,193	)		(53,523	)
Income tax expense		-			-			-			-			-			-			-			(782	)		(782	)
Income/(loss) after income tax expense		4,814			(604	)		(446	)		80			1,166			299			(2,639	)		(56,975	)		(54,305	)

* Other segment expenses relate to brand management expenses and some corporate expenses.

** Brand transition, restructure and transaction expenses are shown net of proceeds from the sale of Naked brand and trademarks.

	NZ Retail NZ$000’s			AU Retail NZ$000’s			NZ Wholesale NZ$000’s			AU Wholesale NZ$000’s			US Wholesale NZ$000’s			EU 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 from external customers		31,801			18,547			7,154			11,491			5,798			4,996			32,133			-			111,920
		31,801			18,547			7,154			11,491			5,798			4,996			32,133			-			111,920
Cost of sales		(15,424	)		(9,192	)		(6,372	)		(8,498	)		(5,222	)		(4,490	)		(21,248	)		(4,034	)		(74,480	)
Gross margin		16,377			9,355			782			2,993			576			506			10,885			(4,034	)		37,440
Other segment expenses*		(13,537	)		(11,003	)		(912	)		(4,495	)		(2,724	)		(1,536	)		(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		2,840			(1,648	)		(130	)		(1,502	)		(2,148	)		(1,030	)		(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		2,840			(1,648	)		(130	)		(1,502	)		(2,148	)		(1,030	)		(362	)		(46,514	)		(50,494	)
Income tax benefit		-			-			-			-			-			-			-			1,274			1,274
Income/(loss) after income tax expense		2,840			(1,648	)		(130	)		(1,502	)		(2,148	)		(1,030	)		(362	)		(45,240	)		(49,220	)

* Other segment expenses relate to brand management expenses and some corporate expenses.

For the year ended 31 January 2018	NZ Retail NZ$000’s			AU Retail NZ$000’s			NZ Wholesale NZ$000’s			AU Wholesale NZ$000’s			US Wholesale NZ$000’s			EU Wholesale NZ$000’s			e-commerce NZ$000’s			Unallocated NZ$000’s			Total NZ$000’s
Revenue from external customers		34,269			18,236			10,453			15,512			6,390			14,192			32,234			-			131,286
Service income		-			-			-			-			-			-			-			102			102
		34,269			18,236			10,453			15,512			6,390			14,192			32,234			102			131,388
Cost of sales		(16,488	)		(9,457	)		(8,213	)		(12,545	)		(6,438	)		(10,221	)		(20,974	)		(3,123	)		(87,459	)
Gross margin		17,781			8,779			2,240			2,967			(48	)		3,971			11,260			(3,021	)		43,929
Other segment expenses*		(13,451	)		(11,329	)		(1,068	)		(3,781	)		(3,301	)		(2,904	)		(11,520	)		-			(47,354	)
Unallocated expenses
Administrative expenses		-			-			-			-			-			-			-			(1,101	)		(1,101	)
Corporate expenses		-			-			-			-			-			-			-			(19,150	)		(19,150	)
Other foreign exchange loss		-			-			-			-			-			-			-			(377	)		(377	)
EBITDA		4,330			(2,550	)		1,172			(814	)		(3,349	)		1,067			(260	)		(23,649	)		(24,053	)
Brand transition, restructure and transaction expenses		-			-			-			-			-			-			-			(3,272	)		(3,272	)
Finance expense		-			-			-			-			-			-			-			(8,791	)		(8,791	)
Impairment expense		-			-			-			-			-			-			-			(1,914	)		(1,914	)
Depreciation and amortisation expense		-			-			-			-			-			-			-			(3,030	)		(3,030	)
Fair value loss on foreign exchange contracts		-			-			-			-			-			-			-			(502	)		(502	)
Unrealised foreign exchange gain		-			-			-			-			-			-			-			1,636			1,636
Fair value gain on Convertible Note derivative		-			-			-			-			-			-			-			2,393			2,393
Income/(loss) before income tax expense		4,330			(2,550	)		1,172			(814	)		(3,349	)		1,067			(260	)		(37,129	)		(37,533	)
Income tax expense		-			-			-			-			-			-			-			(60	)		(60	)
Income/(loss) after income tax expense		4,330			(2,550	)		1,172			(814	)		(3,349	)		1,067			(260	)		(37,189	)		(37,593	)

* Other segment expenses relate to brand management expenses and some corporate expenses.

Cash and Cash Equivalents (Tables)

12 Months Ended

Jan. 31, 2020

Cash and cash equivalents [abstract]

Schedule of Cash and Cash Equivalents

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Cash on hand		44		47
Cash at bank		3,747		1,915
		3,791		1,962

Trade and Other Receivables (Tables)

12 Months Ended

Jan. 31, 2020

Trade and other receivables [abstract]

Schedule of Trade and Other Receivables

		31 January 2020 NZ$000’s			31 January 2019 NZ$000’s
CURRENT
Trade receivables			2,358			7,789
Provision for impairment	(a)		(22	)		(609	)
			2,336			7,180
Prepayments			2,959			2,280
Other receivables			762			183
Total current trade and other receivables			6,057			9,650

Disclosure of Impairment of Receivable

The loss allowance provision as at 31 January 2020 is determined as follows, the expected credit losses incorporate forward looking information.

31 January 2020	0 - 30 days			31 - 60 days			60 - 90 days			> 90 days overdue			Total
Expected loss rate (%)		0	%		0	%		0	%		100	%
Gross carrying amount ($)		2,039			247			50			22			2,358
ECL provision		-			-			-			22			22

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 2020 NZ$000’s			For the Year Ended 31 January 2019 NZ$000’s
Balance at beginning of the period (calculated in accordance with IAS 139)		(609	)		(326	)
Opening impairment allowance calculated under IFRS 9		(609	)		(326	)
Movement through provision		(4	)		(1,037	)
Unused amounts reversed		616			772
Foreign exchange movement		(25	)		(18	)
Balance at end of the period		(22	)		(609	)

Analysis of Age of Financial Assets That are Past Due but Not Impaired

The ageing analysis of receivables is as follows:

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
0-30 days		2,039		5,577
31-60 days		247		852
61-90 days (past due not impaired)		50		101
91+ days (past due not impaired)		-		3,295
91+ days (considered impaired)		22		(2,036	)
		2,358		7,789

Inventories (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure of inventories [Abstract]

Disclosure of Detailed Information About Inventories

	31 January 2020 NZ$000’s			31 January 2019 NZ$000’s
Finished goods		24,035			21,564
Provision for impairment		(495	)		(444	)
		23,539			21,120

Property, Plant and Equipment (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure of detailed information about property, plant and equipment [abstract]

Disclosure of Detailed Information About Property, Plant and Equipment

	31 January 2020 NZ$000’s			31 January 2019 NZ$000’s

Leasehold Improvements
At cost		11,456			12,035
Accumulated depreciation and impairment		(9,690	)		(8,771	)
		1,766			3,264
Plant, furniture, fittings and motor vehicles
At cost		24,850			25,666
Accumulated depreciation		(23,579	)		(25,167	)
		1,271			499

Total property, plant and equipment		3,037			3,763

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 NZ$000’s			Plant, furniture, fittings and motor vehicles NZ$000’s			Total NZ$000’s
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

Year ended 31 January 2019
Balance at the beginning of year		2,728			2,013			4,741
Additions		1,501			1,084			2,585
Disposals		(105	)		(2,736	)		(2,841	)
Depreciation expense		(982	)		(1,170	)		(2,152	)
Impairment loss		-			(239	)		(239	)
Foreign exchange movements		122			1,547			1,669
Balance at the end of the year		3,264			499			3,763

Right-of-Use Assets (Tables)

12 Months Ended

Jan. 31, 2020

Right-of-use Assets

Disclosure of Detailed Information About 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 15).

	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

Schedule of Right-of-Use Assets Amounts Recognised in Profit or Loss

Amounts recognised in profit or loss

	2020
	NZ $000’s

Interest expense on lease liabilities		1,674

Intangible Assets (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure of detailed information about intangible assets [abstract]

Disclosure of Detailed Information About Intangible Assets

	31 January 2020 NZ$000’s			31 January 2019 NZ$000’s
Goodwill
Cost		6,091			5,607
Accumulated impairment		(6,091	)		(3,287	)
		-			2,320
Patents and licences
Cost		25,151			25,993
Accumulated amortisation and impairment		(3,489	)		(918	)
		21,662			25,075
Brands
Cost		12,032			14,769
Accumulated amortisation and impairment		(5,401	)		(4,563	)
		6,631			10,205
Software
Cost		15,548			15,718
Accumulated amortisation and impairment		(15,548	)		(15,455	)
		-			263
Total Intangible assets		28,293			37,864

Disclosure of Detailed Information About Movements in Carrying Amounts of Intangible Assets

(a)

Movements in carrying amounts of intangible assets

	Goodwill NZ$000’s			Patents and licences NZ$000’s			Brands NZ$000’s			Software NZ$000’s			Total NZ$000’s
Year ended 31 January 2020
Balance at the beginning of the year		2,320			25,075			10,205			263			37,864
Adjustments*		-			(2,310	)		-			-			(2,310	)
Amortisation		-			(589	)		-			-			(589	)
Impairment (note 6)		(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

	Goodwill NZ$000’s			Patents and licences NZ$000’s			Brands NZ$000’s			Software NZ$000’s			Total NZ$000’s
Year ended 31 January 2019
Balance at the beginning of the year		-			201			12,463			348			13,012
Additions		5,798			25,076			2,726			33			33,633
Amortisation		-			(202	)		-			(29	)		(231	)
Impairment		(3,287	)		-			(4,563	)		(83	)		(7,933	)
Foreign exchange movements		(192	)		-			(420	)		(6	)		(618	)
Closing value at 31 January 2019		2,320			25,075			10,205			-			37,864

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 2020
NZ $000’s

For the Year Ended 31 January 2019

NZ $000’s

United States

2,480

2,320

Impairment of goodwill

2,480

2,320

Disclosure of Detailed Information About Impairment of Patents & Licences

The Group also fully impaired the carrying value of patents and licence acquired as part of the Naked merger.

	For the Year Ended 31 January 2020 NZ $000’s		For the Year Ended 31 January 2019 NZ $000’s

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 2020 NZ $000’s		For the Year Ended 31 January 2019 NZ $000’s

Pleasure State		125		2,206
Davenport and Lovable		1,439		1,065
Naked		2,130		1,292
Impairment of indefinite-lived brand intangibles		3,694		4,563

Derivative Financial Instruments (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure Of Derivative Financial Instruments Abstract

Schedule of Derivative Financial Instruments

31 January 2020
NZ$000’s

31 January 2019

NZ$000’s

Current liabilities

Foreign exchange contracts

1,484

Trade and Other Payables (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure of capital and leasing commitments [Abstract]

Disclosure of Detailed Information About Trade and Other Current Payables

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Current:
Trade payables		10,407		23,580
Accruals		8,593		10,150
Employee benefit liabilities		3,430		1,815
		22,430		35,545

Borrowings (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure Of Borrowings Abstract

Disclosure of Detailed Information About Borrowings

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Amounts due in less than one year:
Secured liabilities:
Bank loans		17,900		20,000
Debt issuance costs in relation to bank loan		-		(270	)
Other loan		1,315		1,237
		19,215		20,967
Amounts due after more than one year:
Secured liabilities:
Convertible loan notes		19,698		-
		19,698		-
		38,913		20,967

Provisions (Tables)

12 Months Ended

Jan. 31, 2020

Provisions [abstract]

Disclosure of Detailed Information About Provisions

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Current:
Lease contributions		-		179
Other provisions		5,205		-
Make good		639		742
		5,844		921

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Non-current:
Lease contributions		-		906
Make good		1,796		1,466
		1,796		2,372

Disclosure of Detailed Information About Reconciliation of Changes in Other Provisions

	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 contributions NZ$000’s			Other provisions NZ$000’s			Make good NZ$000’s			Total NZ$000’s
Opening balance at 1 February 2018		1,322			264			2,231			3,817
Additional provisions recognised		337			-			717			1,054
Unused amounts reversed		-			-			(600	)		(600	)
Unwinding of discounts		-			-			(84	)		(84	)
Amounts used during the period		(510	)		(264	)		-			(774	)
Exchange differences		(64	)		-			(56	)		(120	)
Balance at 31 January 2019		1,085			-			2,208			3,293

Lease Liabilities (Tables)

12 Months Ended

Jan. 31, 2020

Lease liabilities [abstract]

Disclosure of Detailed Information About Lease Liabilities

	FY 31 Jan 2020 Applying IFRS 16 $’000			FY 31 Jan 2020 Applying IAS 17 $’000			Movement $’000
Consolidated Statement of Profit or Loss (loss before tax)		(53,523	)		(52,974	)		549
Total expense		143,588			143,039			549
Finance expenses		5,213			3,539			1,674
Depreciation		10,014			1,338			8,676

	FY 31 Jan 2020 Applying IFRS 16 $’000			FY 31 Jan 2020 Applying IAS 17 $’000			Movement $’000
Consolidated Statement of Financial Position
Right-of-use assets		23,809			-			23,809
Lease liabilities, current		(8,112	)		-			(8,112	)
Lease liabilities, non-current		(17,719	)		-			(17,719	)
Other liabilities		834			-			834
Accumulated losses*		(1,188	)		-			(1,188	)

Consolidated Statement of Cash Flows
Cash flows used in operating activities		(19,894	)		(28,021	)		8,127
Cash flows used in financing activities		22,098			30,225			(8,127	)

*Includes $639k opening adjustment loss at the date of adoption.

Disclosure of Detailed Information About Undiscounted Contractual Maturity of Lease Liabilities

Undiscounted contractual maturity of lease liabilities

	31 January 2020 NZ$000’s
Amounts payable:
Within one year		9,409
2 to 5 years inclusive		19,311
After 5 years		177
		28,897
Less future finance charges		(3,066	)
Lease liabilities		25,831

Share Capital (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure of classes of share capital [abstract]

Disclosure of Detailed Information About Share Capital

31 January 2020
NZ$000’s

31 January 2019

NZ$000’s

4,697,204 (2019: 296,409) Ordinary shares

170,193

134,183

Disclosure of Detailed Information About Ordinary Shares Explanatory

(a) Ordinary shares

	For the Year Ended 31 January 2020 NZ$000’s		For the Year Ended 31 January 2019 NZ$000’s
At the beginning of the reporting period		134,183		68,727
Issuance of new shares
- Cash collected		12,586		23,248
- Settle shareholder loan		-		12,242
- Shares issued in lieu of consultancy fee		-		692
- Shares issued in lieu of inventory payment		15, 525		4,047
- Shares issued in lieu of related party loan		1,546		-
Convertible note conversion		5,979		4,159
Warrants issued		374		-
Business combination with Naked Brand Group Inc.		-		14,196
Asset acquisition of FOH Online Inc.		-		6,872
At the end of the reporting period		170,193		134,183

Disclosure of Detailed Information About Gearing Ratio

The gearing ratio for the years ended 31 January 2020 and 31 January 2019 are as follows:

	Note		31 January 2020 NZ$000’s			31 January 2019 NZ$000’s
Total borrowings		20		38,913			20,967
Less Cash and cash equivalents		12		(3,791	)		(1,962	)
Net debt				35,122			19,005
Equity				(6,284	)		10,519
Total capital				28,838			29,524
Gearing ratio				122	%		64	%

Disclosure of Detailed Information About Warrants Outstanding

The following warrants were outstanding as at 31 January 2020 (31 January 2019: 49,000*).

Average Exercise Price (USD)

Issue Date

Expiry Date

No. of warrants

Mar-19

Mar-23

14,000

Mar-19

Mar-24

3,921

$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

$0.50 - $1.00

Mar-19

Mar-21

42,280

$1.50 - $2.00

Nov-17

Nov-21

2,000

Oct-18

Oct-21

20,000

Dec-17

Dec-20

10,660

Apr-18

Apr-20

5,140

$2.01 - $4.00

May-18

Mar-20

2,030

Jun-18

Jun-20

3,430

Jun-18

Jun-23

8,000

Mar-19

Jun-20

6,670

$4.01+

May-18

May-21

2,820

Total number of outstanding warrants as at 31 January 2020

610,122

* On 20 December 2019 the company executed a 1-100 reverse share split reducing the number of warrants. The reverse split has also been reflected in the prior year number of warrants outstanding.

Reserves (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure of reserves within equity [abstract]

Disclosure of Detailed Information About Reserves Within Equity

	31 January 2020 NZ$000’s			31 January 2019 NZ$000’s
Foreign currency translation reserve
Opening balance		(2,013	)		(2,006	)
Transfers in		2,131			(7	)
Balance at the end of the year		118			(2,013	)

Loss Per Share (Tables)

12 Months Ended

Jan. 31, 2020

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 Ended 31 January 2020 NZ$			For the Year Ended 31 January 2019 NZ$
From continuing operations attributable to the ordinary equity holders of the Group		(34.74	)		(200.77	)
Total basic and diluted loss per share attributable to the ordinary equity holders of the Group		(34.74	)		(200.77	)

(b) Reconciliation of loss used in calculating loss per share

	For the Year Ended 31 January 2020 NZ$000’s			For the Year Ended 31 January 2019 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:		(54,305	)		(49,220	)

(c) Weighted average number of shares used as the denominator

	31 January 2020 Number		31 January 2019 Number*

Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share		1,563,056		243,790

* On 20 December 2019 the company executed a 1-100 reverse share split reducing the number of shares. The reverse split has also been reflected in the prior year number of shares.

Accumulated Losses (Tables)

12 Months Ended

Jan. 31, 2020

Fair value gain loss on convertible notes derivative

Disclosure of Detailed Information About Retained Earnings Accumulated Losses

	Year Ended 31 January 2020 NZ$000’s			Year Ended 31 January 2019 NZ$000’s
Accumulated losses at the beginning of the financial year		(121,651	)		(72,431	)
Impact of IFRS 16		(639	)		-
Loss for the year		(54,305	)		(49,220	)
Accumulated losses at end of the financial year		(176,595	)		(121,651	)

Other Financial Commitments (Tables)

12 Months Ended

Jan. 31, 2020

Other Financial Commitments

Disclosure of Detailed Information About Operating Leases Explanatory

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Minimum lease payments under non-cancellable operating leases:
- not later than one year		-		8,533
- between one year and five years		-		18,039
- later than five years		-		1,485
		-		28,057

Disclosure of Detailed Information About Contracted Commitments Explanatory

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
Licence contract
- not later than one year		5,392		4,286
- between one year and five years		-		8,696
		5,392		12,982

Disclosure of Finance Lease and Operating Lease by Lessor

At 31 January 2020, had no outstanding commitments due to the adoption of IFRS 16 “Leases”:

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s
- no later than 1 year		-		441
- between 1 year and 5 years		-		493
- greater than 5 years		-		-
Total minimum lease payments		-		934

Financial Risk Management (Tables)

12 Months Ended

Jan. 31, 2020

DisclosureOfFinancialRiskManagementLineItems [Line Items]

Disclosure of Financial Risk Management

The Group’s liabilities have contractual maturities which are summarised below:

	Non-derivatives Borrowings NZ$000’s		Non-derivatives Trade payables NZ$000’s		Non-derivatives Total NZ$000’s		Derivatives Gross future cash settlement on forward currency contracts - inflow NZ$000’s		Derivatives Gross future cash settlement on forward currency contracts - (outflow) NZ$000’s			Derivatives Total NZ$000’s
Not later than 1 month
31 January 2020		2,052		10,407		12,459		-		-			-
31 January 2019		1,329		23,580		24,908		18,325		(19,212	)		(887	)
1 to 3 months
31 January 2020		18,044		-		18,044		-		-			-
31 January 2019		184		-		184		9,610		(10,061	)		(451	)
3 months to 1 year
31 January 2020		-		-		-		-		-			-
31 January 2019		20,184		-		20,184		4,976		(5,121	)		(145	)
1 to 5 years
31 January 2020		28,764		-		28,764		-		-			-
31 January 2019		-		-		-		-		-			-

Total
31 January 2020		48,860		10,407		59,267		-		-			-
31 January 2019		21,697		23,580		45,277		32,912		(34,395	)		(1,483	)

Disclosure of Credit Risk Exposure

	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s		31 January 2018 NZ$000’s
Trade receivables Counterparty without external credit ratings
New customer less than 6 months		-		42		12
Existing customers (more than 6 months with default in past)		2,358		7,747		9,970
Total		2,358		7,789		9,982

Cash at bank	31 January 2020 NZ$000’s		31 January 2019 NZ$000’s		31 January 2018 NZ$000’s
Credit ratings
AA-		3,747		1,915		10,591
A+		-		-		94
Total		3,747		1,915		10,685

Disclosure of Market Risk

Foreign currency denominated financial assets and liabilities, translated into New Zealand Dollars at the closing rate, are as follows:

31 January 2020	AUD NZ$000’s		USD NZ$000’s		GBP NZ$000’s		EUR NZ$000’s		HKD NZ$000’s		Total NZ$000’s
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
31 January 2018
Nominal amounts
Trade receivables		328		199		-		1,376		-		1,903
Trade payables		781		11,209		74		29		53		12,146
Cash and cash equivalents		1,660		7,190		77		92		165		9,184

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
2020
NZ$000’s

31 January
2019
NZ$000’s

31 January
2018
NZ$000’s

31 January
2020
$

31 January
2019
$

31 January
2018
$

Buy USD / sell NZD

Settlement

Less than 6 months

34,395

48,149

0.6620

0.7061

Buy AUD / sell NZD
Settlement	NZ$000’s		NZ$000’s		NZ$000’s		$		$		$
Less than 6 months		-		-		2,247		-		-		0.8900

Disclosure of Financial Instruments by Type of Interest Rate

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 2020 NZ$000’s		31 January 2019 NZ$000’s
Floating rate instruments
Bank overdrafts		-		-
Working capital financing bank facility		-		-
Convertible notes		-		78
Borrowings		17,900		20,000
		17,900		20,078

Currency risk [member]

DisclosureOfFinancialRiskManagementLineItems [Line Items]

Sensitivity Analysis for Types of Market Risk

	NZ$000’s
	+10%			-10%
USD
Net results/Equity (31 January 2020)		(594	)		594
Net results/Equity (31 January 2019)		(954	)		954
Net results/Equity (31 January 2018)		(1,509	)		1,509
AUD
Net results/Equity (31 January 2020)		(1	)		1
Net results/Equity (31 January 2019)		(5	)		5
Net results/Equity (31 January 2018)		(805	)		805
GBP
Net results/Equity (31 January 2020)		(16	)		16
Net results/Equity (31 January 2019)		(1	)		1
Net results/Equity (31 January 2018)		(175	)		175
EUR
Net results/Equity (31 January 2020)		(42	)		42
Net results/Equity (31 January 2019)		(32	)		32
Net results/Equity (31 January 2018)		(136	)		136
HKD
Net results/Equity (31 January 2020)		(-)			-
Net results/Equity (31 January 2019)		(1	)		1
Net results/Equity (31 January 2018)		(14	)		14

Interest Rate Risk [Member]

DisclosureOfFinancialRiskManagementLineItems [Line Items]

Sensitivity Analysis for Types of Market Risk

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%
	NZ$000’s		NZ$000’s
Net results/Equity (31 January 2020)		179		(179	)
Net results/Equity (31 January 2019)		200		(200	)

Tax Assets and Liabilities (Tables)

12 Months Ended

Jan. 31, 2020

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		1,322			(692	)		-		-		-		630
Intangible assets		(630	)		-			-		-		-		(630	)
Balance at 31 January 2020		692			(692	)		-		-		-		-
Carried forward tax losses		630			692			-		-		-		1,322
Intangible assets		(630	)		-			-		-		-		(630	)
Balance at 31 January 2019		-			692			-		-		-		692

* There is a foreign currency impact of $9k which is not reflected in the table above. The total amount charged to the profit and loss account is $701k (note 10).

Dividends (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure of dividends [Abstract]

Disclosure of Detailed Information About Dividends Explanatory

	31 January 2020 NZ$000’s		31 January 2019 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 Remuneration (Tables)

12 Months Ended

Jan. 31, 2020

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 31 January 2020 NZ$000’s		For the Year Ended 31 January 2019 NZ$000’s		For the Year Ended 31 January 2018 NZ$000’s
Short-term employee benefits		3,182		2,056		1,743
		3,182		2,056		1,743

Interests in Subsidiaries (Tables)

12 Months Ended

Jan. 31, 2020

Disclosure of subsidiaries [abstract]

Disclosure of Composition of Group

Composition of the Group

	Principal place of business / Country of Incorporation	Percentage Owned (%)* 31 January 2020		Percentage Owned (%)* 31 January 2019		Percentage Owned (%)* 31 January 2018
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		-
Naked Brand Inc.	United States of America		100		100		-
FOH Online Corp Inc.	United States of America		100		100		-

*The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries.

** Bendon Limited was the parent entity in the period ended 31 January 2018.

Fair Value Measurement (Tables)

12 Months Ended

Jan. 31, 2020

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 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

Derivative on Convertible Notes

31 January 2019	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		-		1,484		-		1,484
Derivative on Convertible Notes		-		-		-		-

Schedule of Valuation Techniques for Fair Value Measurements Categorized Within Level 3

The following table presents the changes in level 3 instruments for the year ended 31 January 2019.

	Convertible note liability NZ$000’s
Balance at 31 January 2018		1,110
Conversion		(1,110	)
Balance at 31 January 2019		-

Related Parties (Tables)

12 Months Ended

Jan. 31, 2020

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
Cullen Investments Limited - 31 January 2020		-			-
Cullen Investments Limited - 31 January 2019		11,536			-
Whitespace Atelier Limited - 31 January 2020		282			-
Whitespace Atelier Limited - 31 January 2019		273			282
FOH Online Inc. - 31 January 2020		-			-
FOH Online Inc. - 31 January 2019		3,518			-
Loans from related parties
SBL Holdings - 31 January 2020		(1449	)		-
SBL Holdings - 31 January 2019		-			(1,449	)
Naked Inc. - 31 January 2020		-			-
Naked Inc. - 31 January 2019		(1,369	)		-
EJ Watson – 31 January 2020		(2,289	)		-
EJ Watson – 31 January 2019		-			(2,289	)

Cash Flow Information (Tables)

12 Months Ended

Jan. 31, 2020

Onerous contracts

Schedule of Cash Flow Information

Reconciliation of net income to net cash provided by operating activities:

	Year Ended 31 January 2020 NZ$000’s			Year Ended 31 January 2019 NZ$000’s			Year Ended 31 January 2018 NZ$000’s
Loss for the year		(54,305	)		(49,220	)		(37,593	)
Cash flows excluded from profit attributable to operating activities
- interest paid on borrowings		2,868			3,400			8,792
- gain on sale of intangible assets		(906	)		-			-
Non-cash flows in profit:
- depreciation and amortisation expense		10,603			2,382			3,030
- impairment expense		8,904			8,173			1,914
- shares issued in lieu of inventory payment		5,942			-			-
- warrants issued		371			-			-
- fair value gain/(loss) on convertible notes derivative		-			775			(2,393	)
Changes in assets and liabilities:
- (increase)/decrease in trade and other receivables		2,901			14,267			14,925
- (increase)/decrease in current tax receivables		368			(355	)		52
- (increase)/decrease in inventories		(1,912	)		13,350			6,638
- (increase)/decrease in deferred tax asset/(liability)		711			(692	)		-
- (increase)/decrease in related party receivables		282			6,531			(906	)
- increase/(decrease) in trade and other payables		402			(5,681	)		6,956
- increase/(decrease) in income taxes payable		(140	)		226			152
- increase/(decrease) in provisions		5,534			(522	)		39
- increase/(decrease) in foreign currency derivative liability		(1,484	)		(1,712	)		(5,104	)
- net exchange differences		(33	)		(355	)		(618	)
Cashflows from operations		(19,894	)		(9,434	)		(4,116	)

Schedule of Non-cash Investing and Financing Activities

Such transactions are disclosed below that provides all the relevant information about the non-cash investing and financing activities specific to the Group:

Year Ended 31 January 2020
NZ$000’s

Year Ended 31 January 2019
NZ$000’s

Year Ended 31 January 2018
NZ$000’s

Shares issued in lieu of inventory payment

15,525

Warrants issued

371

15,896

Auditor's Remuneration (Tables)

12 Months Ended

Jan. 31, 2020

Auditors Remuneration

Schedule of Auditor Remuneration

	Year Ended 31 January 2020 NZ$000’s		Year Ended 31 January 2019 NZ$000’s		Year Ended 31 January 2018 NZ$000’s
Pricewaterhouse Coopers Australia
- Audit fees		-		477		485
- Taxation fees		-		33		-
- Other		10		403		-
Total remuneration to Pricewaterhouse Coopers Australia		10		913		485

Network firms of Pricewaterhouse Coopers Australia
- Taxation services		-		137		28

BDO Audit Pty Ltd Australia
- Audit fees		403		-		-
- Other		266		-		-
Total remuneration to BDO Audit Pty Ltd Australia		669		-		-

Description of Business (Details Narrative) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 28, 2020
Statement Line Items [Line Items]
Consideration of intangible asset		$ 906
US [Member]
Statement Line Items [Line Items]
Consideration of intangible asset		$ 600
Terminated fee	$ 3,500

Summary of Significant Accounting Policies (Details Narrative) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018	Jun. 30, 2020	Mar. 12, 2020
SummaryOfSignificantAccountingPoliciesLineItems [Line Items]
Loss for the period	$ (54,305)	$ (54,305)	$ (49,220)	$ (37,593)
Cash flows from (used in) operating activities		(19,894)	(9,434)	$ (4,116)
Net current liability	22,210	22,210
Assets (liabilities)	(6,284)	(6,284)	10,519
Increase in capital	34,093	34,093
Amount of capital raise in planning	37,500	37,500
Directors and Group [Member]
SummaryOfSignificantAccountingPoliciesLineItems [Line Items]
Amount of capital raise in planning	52,500	$ 52,500
Bottom of Range [Member]
SummaryOfSignificantAccountingPoliciesLineItems [Line Items]
Useful lives or amortisation rates, intangible assets other than goodwill		5 years
Top of Range [member]
SummaryOfSignificantAccountingPoliciesLineItems [Line Items]
Useful lives or amortisation rates, intangible assets other than goodwill		50 years
Bank Borrowing Facility Agreement [Member]
SummaryOfSignificantAccountingPoliciesLineItems [Line Items]
Repayment of bank debt		$ 20,000
Bank Borrowing Facility Agreement [Member] \| Bottom of Range [Member]
SummaryOfSignificantAccountingPoliciesLineItems [Line Items]
Repayment of bank debt		17,900
Bank of New Zealand [Member]
SummaryOfSignificantAccountingPoliciesLineItems [Line Items]
Loan facility extended			$ 20,000
New Zealand Government [Member]
SummaryOfSignificantAccountingPoliciesLineItems [Line Items]
Received subsidies	$ 2,000	$ 2,000
Events occurring after reporting date [Member]
SummaryOfSignificantAccountingPoliciesLineItems [Line Items]
Increase in capital					$ 9,000
Events occurring after reporting date [Member] \| Bank of New Zealand [Member]
SummaryOfSignificantAccountingPoliciesLineItems [Line Items]
Loan facility extended						$ 16,700

Summary of Significant Accounting Policies - Disclosure of Detailed Information About Estimated Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Jan. 31, 2020
Leasehold Improvements [Member]
Statement Line Items [Line Items]
Useful lives or depreciation rates, property, plant and equipment	1 - 10 years
Plant, Furniture, Fittings and Motor Vehicles [Member]
Statement Line Items [Line Items]
Useful lives or depreciation rates, property, plant and equipment	3 - 7 years

Changes in Accounting Policies - Disclosure of Detailed Information About Impact of Adoption of IFRS 16 (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Feb. 02, 2019
Changes In Accounting Policies
Right-of-use assets	$ 23,809	$ 26,158
Lease contribution provision		1,102
Lease liabilities	$ (25,831)	(27,899)
Net reduction in retained earnings		$ 639

Revenue and Other Income - Disclosure of Detailed Information About Revenue from Continuing Operations (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Statement Line Items [Line Items]
Gross revenue	$ 93,302	$ 120,278	$ 145,452
Rebates	(3,237)	(8,358)	(14,064)
Revenue	90,065	111,920	131,388
Sale of goods	90,065	111,920	131,285
Other income			103
New Zealand [Member]
Statement Line Items [Line Items]
Revenue	33,786	40,703	46,665
Australia [Member]
Statement Line Items [Line Items]
Revenue	24,365	32,065	38,208
United States [Member]
Statement Line Items [Line Items]
Revenue	30,863	34,156	32,323
Europe [Member]
Statement Line Items [Line Items]
Revenue	1,051	4,996	14,192
Retail [Member]
Statement Line Items [Line Items]
Sale of goods	42,576	50,443	53,150
Wholesale [Member]
Statement Line Items [Line Items]
Sale of goods	15,553	29,394	45,901
Online [Member]
Statement Line Items [Line Items]
Sale of goods	$ 31,936	$ 32,083	$ 32,234

Loss for the Period - Disclosure of Detailed Information About Profit Loss from Operating Activities (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Standby Letter Of Credit
Staff costs	$ 28,009	$ 31,380	$ 34,158
Depreciation of property, plant and equipment	1,338	2,151	2,724
Depreciation of right-of-use assets	8,676
Amortisation of acquired intangibles	589	231	306
Impairment of tangible assets (see note 15)	491	281
Impairment of intangible assets (see note 17)	8,413	7,892	1,914
Loss on disposal of property, plant and equipment	322	232	362
Transaction expenses	9,597	9,267	3,322
Operating lease rentals - land and buildings		9,236	10,021
Operating lease rentals - other		524	786
Gain on sale of intangible assets	(906)
Contract termination	4,696
Auditor's remuneration	$ 679	$ 1,050	$ 513

Finance Expense - Disclosure of Detailed Information About Finance Expense (Details) - NZD ($)
$ in Thousands

12 Months Ended

Jan. 31, 2020

Jan. 31, 2019

Jan. 31, 2018

Finance Expense

Interest expense on external borrowings

$ 1,608

$ 2,338

$ 5,431

Interest expense on convertible loan notes

1,425

Interest expense on leases

1,674

Interest (income)/expense on shareholder loans

^[1]

(165)

1,062

2,807

Amortisation of loan set up costs

671

641

553

$ 5,213

$ 4,041

$ 8,791

[1]	During the year, the shareholder loan payable was derecognised resulting in a reversal of interest expense.

Other Foreign Currency (Gains)/Losses - Disclosure of Detailed Information About Foreign Currency (Gains)/Losses (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Other Foreign Currency Gainslosses
Fair value (gain)/loss on foreign exchange contracts	$ (729)	$ 1,065	$ (502)
Net foreign exchange loss/(gain)	114	(3,027)	(255)
Other foreign currency (gains)/losses	$ (615)	$ (1,963)	$ (757)

Staff Costs - Disclosure of Detailed Information About Employee Benefits Expense (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Staff Costs
Salaries and wages	$ 26,920	$ 30,872	$ 33,613
Defined contribution expenses	1,089	508	545
Employee benefits expense	$ 28,009	$ 31,380	$ 34,158

Income Tax Expense/(Benefit) (Details Narrative) $ in Thousands	Jan. 31, 2020 NZD ($)
Income taxes [Abstract]
Deferred tax assets	$ 701

Income Tax Expense/(Benefit) - Disclosure of Detailed Information About Major Components of Tax Expense Income (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Income taxes [Abstract]
Current tax on profits for the period	$ 28	$ (667)	$ 537
Adjustments for current tax of prior periods	53	(607)	(477)
Total current tax expense/(benefit)	81	(1,274)	60
Decrease in deferred tax assets (note 29)	701
Income tax expense/(benefit) for continuing operations	$ 782	$ (1,274)	$ 60

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

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, 2020	Jan. 31, 2019	Jan. 31, 2018
Income taxes [Abstract]
Loss before income tax	$ (53,523)	$ (50,494)	$ (37,533)
Tax at New Zealand tax rate of 28%	(14,986)	(14,138)	(10,509)
Tax effect of: permanent differences (including impairment expense)	5,108	753	(105)
Tax effect of: adjustments in respect of current income tax of previous years	32	(522)	(449)
Tax effect of: effects of different tax rates of subsidiaries operating in other jurisdictions	(301)	493	(30)
Tax effect of: deferred tax assets relating to the current year not brought to account	10,163	12,077	11,150
Tax effect of: deferred tax assets relating to prior periods no longer recognised (note 29)	701
Tax effect of: other	65	63	3
Income tax expense/(benefit)	$ 782	$ (1,274)	$ 60

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, 2020	Jan. 31, 2019	Jan. 31, 2018
Income taxes [Abstract]
Applicable tax rate	28.00%	28.00%	28.00%

Income Tax Expense/(Benefit) - Disclosure of Detailed Information About Tax Losses Not Recognised (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Income taxes [Abstract]
Unused tax losses for which no deferred tax asset has been recognised	$ 166,882	$ 130,587	$ 87,455
Potential tax benefit at 28%	$ 46,727	$ 36,564	$ 24,487

Income Tax Expense/(Benefit) - Disclosure of Detailed Information About Temporary Differences Not Recognised (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Income taxes [Abstract]
Temporary differences for which no deferred tax asset has been recognised	$ 9,825	$ 14,504	$ 14,661
Potential tax benefit at 28%	$ 2,751	$ 4,061	$ 4,105

Operating Segments (Details Narrative)	12 Months Ended
Operating Segments (Details Narrative)	Jan. 31, 2020 Integer
Disclosure Of Detailed information about reserves within equity [Text Block]
Number of reportable segments	7

Operating Segments - Disclosure of Reconciliation of Segment Revenue to Profit or Loss and Other Comprehensive Income (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Disclosure Of Detailed information about reserves within equity [Text Block]
Total segment revenue	$ 104,153	$ 136,842	$ 156,311
Intersegment eliminations	(14,088)	(24,922)	(24,923)
Other revenue
Total revenue	$ 90,065	$ 111,920	$ 131,388

Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants. Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
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Operating Segments - Disclosure of Reconciliation of Segment EBITDA to Profit or Loss and Other Comprehensive Income (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Disclosure Of Detailed information about reserves within equity [Text Block]
Segment EBITDA		$ (16,167)	$ (25,602)	$ (24,053)
Any other reconciling items		(37,356)	(24,892)	(13,480)
Income tax (expense)/benefit		(782)	1,274	(60)
Total net loss after tax	$ (54,305)	$ (54,305)	$ (49,220)	$ (37,593)

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2019-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2019-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2019-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23&doctype=Standard
-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2019-03-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2019-03-27

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
-Name IFRS
-Number 17
-IssueDate 2019-01-01
-Paragraph 113
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2019-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2019-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2019-03-27

Operating Segments - Disclosure of Detailed Information About Geographical Information (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Statement Line Items [Line Items]
Revenue	$ 90,065	$ 111,920	$ 131,388
New Zealand [Member]
Statement Line Items [Line Items]
Revenue	33,786	40,703	46,665
Australia [Member]
Statement Line Items [Line Items]
Revenue	24,365	32,065	38,208
United States [Member]
Statement Line Items [Line Items]
Revenue	30,863	34,156	32,323
Europe [Member]
Statement Line Items [Line Items]
Revenue	$ 1,051	$ 4,996	$ 14,192

Operating Segments - Disclosure of Detailed Information About Segment Performance (Details) - NZD ($)
$ in Thousands

12 Months Ended

Jan. 31, 2020

Jan. 31, 2019

Jan. 31, 2018

$ 90,065

$ 111,920

$ 131,388

(56,247)

(74,480)

(87,459)

33,818

37,440

43,929

(11,837)

(3,432)

(4,131)

(12,772)

(14,145)

(12,851)

(615)

(1,963)

(757)

Brand transition, restructure and transaction expenses

(16,167)

(25,602)

(24,053)

(14,593)

(10,075)

(3,272)

Fair value (gain)/loss on Convertible Note derivative

(5,213)

(4,041)

(8,791)

(775)

2,393

(53,523)

(50,494)

(37,533)

(782)

1,274

(60)

Operating Segments [Member]

$ (54,305)

(54,305)

(49,220)

(37,593)

90,065

111,920

131,286

102

90,065

111,920

131,388

(56,247)

(74,480)

(87,459)

33,818

37,440

43,929

^[2]

(35,555)

^[1]

(45,454)

(47,354)

(1,234)

(1,050)

(1,101)

(12,772)

(17,947)

(19,150)

(424)

1,409

(377)

Brand transition, restructure and transaction expenses

(16,167)

(25,602)

(24,053)

(13,687)

^[3]

(10,075)

(3,272)

(5,213)

(4,041)

(8,791)

(8,904)

(8,173)

(1,914)

Fair value gain/(loss) on foreign exchange contracts

(10,603)

(2,382)

(3,030)

729

(1,704)

(502)

Fair value (gain)/loss on Convertible Note derivative

310

2,258

1,636

(775)

2,393

(53,523)

(50,494)

(37,533)

(782)

1,274

(60)

Operating Segments [Member] | New Zealand Retail [Member]

(54,305)

(49,220)

(37,593)

28,302

31,801

34,269

28,302

31,801

34,269

(12,997)

(15,424)

(16,488)

15,305

16,377

17,781

^[2]

(10,491)

^[1]

(13,537)

(13,451)

Brand transition, restructure and transaction expenses

4,814

2,840

4,330

^[3]

Fair value gain/(loss) on foreign exchange contracts

Fair value (gain)/loss on Convertible Note derivative

4,814

2,840

4,330

Operating Segments [Member] | Australia Retail [Member]

4,814

2,840

4,330

14,274

18,547

18,236

14,274

18,547

18,236

(6,585)

(9,192)

(9,457)

7,689

9,355

8,779

^[2]

(8,293)

^[1]

(11,003)

(11,329)

Brand transition, restructure and transaction expenses

(604)

(1,648)

(2,550)

^[3]

Fair value gain/(loss) on foreign exchange contracts

Fair value (gain)/loss on Convertible Note derivative

(604)

(1,648)

(2,550)

Operating Segments [Member] | New Zealand Wholesale [Member]

(604)

(1,648)

(2,550)

3,482

7,154

10,453

3,482

7,154

10,453

(3,455)

(6,372)

(8,213)

782

2,240

^[2]

(473)

^[1]

(912)

(1,068)

Brand transition, restructure and transaction expenses

(446)

(130)

1,172

^[3]

Fair value gain/(loss) on foreign exchange contracts

Fair value (gain)/loss on Convertible Note derivative

(446)

(130)

1,172

Operating Segments [Member] | Australia Wholesale [Member]

(446)

(130)

1,172

7,066

11,491

15,512

7,066

11,491

15,512

(4,837)

(8,498)

(12,545)

2,229

2,993

2,967

^[2]

(2,149)

^[1]

(4,495)

(3,781)

Brand transition, restructure and transaction expenses

(1,502)

(814)

^[3]

Fair value gain/(loss) on foreign exchange contracts

Fair value (gain)/loss on Convertible Note derivative

(1,502)

(814)

Operating Segments [Member] | US Wholesale [Member]

(1,502)

(814)

3,955

5,798

6,390

3,955

5,798

6,390

(2,265)

(5,222)

(6,438)

1,689

576

(48)

^[2]

(523)

^[1]

(2,724)

(3,301)

Brand transition, restructure and transaction expenses

1,166

(2,148)

(3,349)

^[3]

Fair value gain/(loss) on foreign exchange contracts

Fair value (gain)/loss on Convertible Note derivative

1,166

(2,148)

(3,349)

Operating Segments [Member] | Europe Wholesale [Member]

1,166

(2,148)

(3,349)

1,051

4,996

14,192

1,051

4,996

14,192

(785)

(4,490)

(10,221)

266

506

3,971

^[2]

^[1]

(1,536)

(2,904)

Brand transition, restructure and transaction expenses

299

(1,030)

1,067

^[3]

Fair value gain/(loss) on foreign exchange contracts

Fair value (gain)/loss on Convertible Note derivative

299

(1,030)

1,067

Operating Segments [Member] | E-Commerce [Member]

299

(1,030)

1,067

31,935

32,133

32,234

31,935

32,133

32,234

(20,916)

(21,248)

(20,974)

11,020

10,885

11,260

^[2]

(13,659)

^[1]

(11,247)

(11,520)

Brand transition, restructure and transaction expenses

(2,639)

(362)

(260)

^[3]

Fair value gain/(loss) on foreign exchange contracts

Fair value (gain)/loss on Convertible Note derivative

(2,639)

(362)

(260)

Operating Segments [Member] | Unallocated [Member]

(2,639)

(362)

(260)

102

102

(4,407)

(4,034)

(3,123)

(4,407)

(4,034)

(3,021)

^[2]

^[1]

(1,234)

(1,050)

(1,101)

(12,772)

(17,947)

(19,150)

(424)

1,409

(377)

Brand transition, restructure and transaction expenses

(18,837)

(21,622)

(23,649)

(13,687)

^[3]

(10,075)

(3,272)

(5,213)

(4,041)

(8,791)

(8,904)

(8,173)

(1,914)

Fair value gain/(loss) on foreign exchange contracts

(10,603)

(2,382)

(3,030)

729

(1,704)

(502)

Fair value (gain)/loss on Convertible Note derivative

310

2,258

1,636

(775)

2,393

(56,193)

(46,514)

(37,129)

(782)

1,274

(60)

Disclosure of detailed information about intangible assets [line items]

$ (56,975)

$ (45,240)

$ (37,189)

[1]	Includes $639k opening adjustment loss at the date of adoption.
[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 - Schedule of Cash and Cash Equivalents (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
Cash and cash equivalents [abstract]
Cash on hand	$ 44	$ 47
Cash at bank	3,747	1,915
Cash and cash equivalents	$ 3,791	$ 1,962	$ 10,739	$ 2,644

Trade and Other Receivables (Details Narrative)	Jan. 31, 2020
Trade and other receivables [abstract]
Percentage of recognised loss allowance against identifiable receivables	100.00%

Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Trade and other receivables [abstract]
Trade receivables	$ 2,358	$ 7,789
Provision for impairment	(22)	(609)
Trade Receivables Net	2,336	7,180
Prepayments	2,959	2,280
Other receivables	762	183
Total current trade and other receivables	$ 6,057	$ 9,650

Trade and Other Receivables - Disclosure of Impairment of Receivable (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Statement Line Items [Line Items]
Gross carrying amount ($)	$ 2,358	$ 7,789
ECL provision	$ 22
0 - 30 Days [Member]
Statement Line Items [Line Items]
Expected loss rate (%)	0.00%
Gross carrying amount ($)	$ 2,039	5,577
ECL provision
31 - 60 Days [Member]
Statement Line Items [Line Items]
Expected loss rate (%)	0.00%
Gross carrying amount ($)	$ 247	$ 852
ECL provision
61 - 90 Days [Member]
Statement Line Items [Line Items]
Expected loss rate (%)	0.00%
Gross carrying amount ($)	$ 50
ECL provision
> 90 Days [Member]
Statement Line Items [Line Items]
Expected loss rate (%)	100.00%
Gross carrying amount ($)	$ 22
ECL provision	$ 22

Trade and Other Receivables - Disclosure of Impairment Loss and Reversal of Impairment Loss (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Trade and other receivables [abstract]
Balance at beginning of the period (calculated in accordance with IAS 139)	$ (609)	$ (326)
Opening impairment allowance calculated under IFRS 9	(609)	(326)
Movement through provision	(4)	(1,037)
Unused amounts reversed	616	772
Foreign exchange movement	(25)	(18)
Balance at end of the period	$ (22)	$ (609)

Trade and Other Receivables - Analysis of Age of Financial Assets That are Past Due but Not Impaired (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Statement Line Items [Line Items]
Trade receivables	$ 2,358	$ 7,789
0 - 30 Days [Member]
Statement Line Items [Line Items]
Trade receivables	2,039	5,577
31 - 60 Days [Member]
Statement Line Items [Line Items]
Trade receivables	247	852
61 - 90 Days [Member]
Statement Line Items [Line Items]
Trade receivables	50
61 - 90 Days [Member] \| Past Due Not Impaired [Member]
Statement Line Items [Line Items]
Trade receivables	50	101
> 90 Days [Member]
Statement Line Items [Line Items]
Trade receivables	22
> 90 Days [Member] \| Past Due Not Impaired [Member]
Statement Line Items [Line Items]
Trade receivables		3,295
> 90 Days [Member] \| Considered Impaired [Member]
Statement Line Items [Line Items]
Trade receivables	$ 22	$ (2,036)

Inventories (Details Narrative) - NZD ($) $ in Thousands	12 Months Ended
Inventories (Details Narrative) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Disclosure of inventories [Abstract]
Inventory write-down	$ 51	$ 106

Inventories - Disclosure of Detailed Information About Inventories (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Disclosure of inventories [Abstract]
Finished goods	$ 24,035	$ 21,564
Provision for impairment	(495)	(444)
Current inventories	$ 23,539	$ 21,120

Property, Plant and Equipment - Disclosure of Detailed Information About Property, Plant and Equipment (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 3,037	$ 3,763	$ 4,741
Leasehold Improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	1,766	3,264	2,728
Leasehold Improvements [Member] \| At Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	11,456	12,035
Leasehold Improvements [Member] \| Accumulated Amortisation and Impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	(9,690)	(8,771)
Plant, Furniture, Fittings and Motor Vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	1,271	499	$ 2,013
Plant, Furniture, Fittings and Motor Vehicles [Member] \| At Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	24,850	25,666
Plant, Furniture, Fittings and Motor Vehicles [Member] \| Accumulated Amortisation and Impairment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ (23,579)	$ (25,167)

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, 2020	Jan. 31, 2019	Jan. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning of the period	$ 3,763	$ 4,741
Additions	1,294	2,585
Disposals	(352)	(2,841)
Depreciation expense	(1,338)	(2,151)	$ (2,724)
Reclassification	50
Impairment loss	(491)	(281)
Adjustment to make good asset	14
Foreign exchange movements	97	1,669
Balance at the end of the year	3,037	3,763	4,741
Leasehold Improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning of the period	3,264	2,728
Additions	191	1,501
Disposals	(28)	(105)
Depreciation expense	(461)	(982)
Reclassification	(1,070)
Impairment loss	(213)
Adjustment to make good asset	14
Foreign exchange movements	69	122
Balance at the end of the year	1,766	3,264	2,728
Plant, Furniture, Fittings and Motor Vehicles [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at the beginning of the period	499	2,013
Additions	1,103	1,084
Disposals	(324)	(2,736)
Depreciation expense	(877)	(1,170)
Reclassification	1,120
Impairment loss	(278)	(239)
Adjustment to make good asset
Foreign exchange movements	28	1,547
Balance at the end of the year	$ 1,271	$ 499	$ 2,013

Right-of-Use Assets - Disclosure of Detailed Information About Right-of-Use Assets (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Statement Line Items [Line Items]
Balance as at 1 February
Additions to right-of-use-assets	6,327
Depreciation charge for the year	(8,676)
Balance at 31 January 2020	23,809
Land and buildings [member]
Statement Line Items [Line Items]
Balance as at 1 February	25,616
Additions to right-of-use-assets	6,255
Depreciation charge for the year	(8,479)
Balance at 31 January 2020	23,392	25,616
Plant, Furniture, Fittings and Motor Vehicles [Member]
Statement Line Items [Line Items]
Balance as at 1 February	542
Additions to right-of-use-assets	72
Depreciation charge for the year	(197)
Balance at 31 January 2020	$ 417	$ 542

Right-of-Use Assets - Schedule of Right-of-Use Assets Amounts Recognised in Profit or Loss (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Right-of-use Assets
Interest expense on lease liabilities	$ 1,674

Intangible Assets (Details Narrative) - NZD ($) $ in Thousands		12 Months Ended
	Jan. 28, 2020	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Disclosure of detailed information about intangible assets [line items]
Amount of fair value less costs		$ 2,000
Sales growth rate		0.00%
Intangible assets		$ 28,293	$ 37,864	$ 13,012
Increase in post-tax discount rate		2.10%	2.10%
Impairment of intangible assets		$ 1,047	$ 951
Decrease in sales growth rate		0.00%	0.00%
Decrease impairment of intangible assets		$ 1,749	$ 1,554
Impairment charge		$ 202
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
Impairment of Patents & Licences [Member]
Disclosure of detailed information about intangible assets [line items]
Sales growth rate		9.00%
Royalty rate		5.00%
Cash flow revenue forecast period		5 years
Post-tax discount rate		10.50%
Long term sales growth rate		2.00%
Impairment of Indefinite-lived Brand Intangibles [Member]
Disclosure of detailed information about intangible assets [line items]
Amount of fair value less costs		$ 3,700
Sales growth rate			2.50%
Royalty rate		5.00%	5.00%
Cash flow revenue forecast period		5 years	5 years
Long term sales growth rate		2.00%	2.00%
Intangible assets		$ 10,205	$ 6,631
Impairment of Indefinite-lived Brand Intangibles [Member] \| US Brands [Member]
Disclosure of detailed information about intangible assets [line items]
Post-tax discount rate		10.50%	10.50%
Impairment of Indefinite-lived Brand Intangibles [Member] \| NZ Brands [Member]
Disclosure of detailed information about intangible assets [line items]
Post-tax discount rate		11.75%	11.75%
Impairment of Indefinite-lived Brand Intangibles [Member] \| Bottom of Range [Member]
Disclosure of detailed information about intangible assets [line items]
Sales growth rate		5.00%
Impairment of Indefinite-lived Brand Intangibles [Member] \| Top of Range [member]
Disclosure of detailed information about intangible assets [line items]
Sales growth rate		9.00%

Intangible Assets - Disclosure of Detailed Information about Intangible Assets (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	$ 28,293	$ 37,864	$ 13,012
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	6,091	5,607
Goodwill [Member] \| Impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	(6,091)	(3,287)
Patents, Licences [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	21,662	25,075
Patents, Licences [Member] \| At Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	25,151	25,993
Patents, Licences [Member] \| Accumulated Amortisation and Impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	(3,489)	(918)
Brands [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	6,631	10,205	12,463
Brands [Member] \| At Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	12,032	14,769
Brands [Member] \| Accumulated Amortisation and Impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	(5,401)	(4,563)
Software [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill		263	$ 348
Software [Member] \| At Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	15,548	15,718
Software [Member] \| Accumulated Amortisation and Impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	$ (15,548)	$ (15,455)

Intangible Assets - Disclosure of Detailed Information about Movements in Carrying Amounts of Intangible Assets (Details) - NZD ($)
$ in Thousands

12 Months Ended

Jan. 31, 2020

Jan. 31, 2019

Jan. 31, 2018

$ 37,864

$ 13,012

(2,310)

^[1]

33,633

(589)

(231)

(8,413)

(7,892)

$ (1,914)

(50)

1,792

(618)

Disclosure of detailed information about intangible assets [line items]

28,293

37,864

13,012

Goodwill [Member]

2,320

^[1]

5,798

(2,480)

(3,287)

160

(192)

Patents and Licences [Member]

2,320

Disclosure of detailed information about intangible assets [line items]

25,075

201

(2,310)

^[1]

25,076

(589)

(202)

(2,037)

1,523

Disclosure of detailed information about intangible assets [line items]

21,662

25,075

201

Brands [Member]

10,205

12,463

^[1]

2,726

(3,694)

(4,563)

120

(420)

Disclosure of detailed information about intangible assets [line items]

6,631

10,205

12,463

Software [Member]

263

348

^[1]

(29)

(202)

(83)

(50)

(11)

(6)

$ 263

$ 348

[1]

During the 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 - Disclosure of Information for Cash-generating Units (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Impairment of goodwill	$ 2,480	$ 2,320
United States [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of goodwill	$ 2,480	$ 2,320

Intangible Assets - Disclosure of Detailed Information About Impairment of Patents & Licences (Details)) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Statement Line Items [Line Items]
Impairment of patents & licences	$ 2,037
Fredericks of Hollywood [Member]
Statement Line Items [Line Items]
Impairment of patents & licences	1,914
Naked Patents & Licence [Member]
Statement Line Items [Line Items]
Impairment of patents & licences	$ 123

Intangible Assets - Disclosure of Detailed Information About Impairment of Indefinite-lived Brand Intangibles (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Statement Line Items [Line Items]
Impairment of indefinite-lived brand intangibles	$ 3,694	$ 4,563
Pleasure State [Member]
Statement Line Items [Line Items]
Impairment of indefinite-lived brand intangibles	125	2,206
Davenport and Lovable [Member]
Statement Line Items [Line Items]
Impairment of indefinite-lived brand intangibles	1,439	1,065
Naked [Member]
Statement Line Items [Line Items]
Impairment of indefinite-lived brand intangibles	$ 2,130	$ 1,292

Derivative Financial Instruments - Schedule of Derivative Financial Instruments (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Disclosure Of Derivative Financial Instruments Abstract
Current liabilities		$ 1,484

Trade and Other Payables - Disclosure of Detailed Information About Trade and Other Current Payables (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Disclosure of capital and leasing commitments [Abstract]
Trade payables	$ 10,407	$ 23,580
Accruals	8,593	10,150
Employee benefits liabilities	3,430	1,815
Trade and other current payables	$ 22,430	$ 35,545

Borrowings (Details Narrative) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended		13 Months Ended
	May 31, 2019 NZD ($)	Jan. 31, 2020 NZD ($)	Jan. 31, 2020 USD ($)	May 31, 2020 USD ($)	Mar. 12, 2020 NZD ($)	Jan. 31, 2020 USD ($)	May 31, 2019 USD ($) $ / shares	Jan. 31, 2019 NZD ($)
DisclosureOfBorrowingsLineItems [Line Items]
Notional amount		$ 19,700,000
Current borrowing amount		19,100,000
Accrued interest		$ 600,000
Pre-Reverse Share Split [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Ordinary share price per shares \| $ / shares							$ 0.05
Post-Reverse Share Split [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Ordinary share price per shares \| $ / shares							$ 4.00
US [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Notional amount						$ 12,800
Current borrowing amount						12,400
Accrued interest						$ 400
Loan Facility [Member] \| Bank of New Zealand [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Inventory ratio, description		Inventory ratio was to be on average 1.2 times net bank debt (bank loan less cash at bank).	Inventory ratio was to be on average 1.2 times net bank debt (bank loan less cash at bank).
Notional amount		$ 1,345,000						$ 20,000,000
Description for new coventant compliance measurements		1. Actual month and cumulative sales variance to budget to be no greater than 15% adverse to budget. 2. Actual month and cumulative gross profit variance to budget to be no greater than 15% adverse to budget 3. Inventory ratio to be a minimum of 1.35 times bank debt (up to but excluding 31 July 2020). 4. Inventory ratio to be a minimum of 1.65 times bank debt (31 July 2020 and thereafter)	1. Actual month and cumulative sales variance to budget to be no greater than 15% adverse to budget. 2. Actual month and cumulative gross profit variance to budget to be no greater than 15% adverse to budget 3. Inventory ratio to be a minimum of 1.35 times bank debt (up to but excluding 31 July 2020). 4. Inventory ratio to be a minimum of 1.65 times bank debt (31 July 2020 and thereafter)
Debt instrument discounts and fees		$ 21,500,000
Loan Facility [Member] \| Bank of New Zealand [Member] \| Events occurring after reporting date [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Notional amount					$ 16,700,000
Loan Facility [Member] \| Bank of New Zealand [Member] \| Bottom of Range [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Borrowings, interest rate		5.10%				5.10%
Loan Facility [Member] \| Bank of New Zealand [Member] \| Top of Range [member]
DisclosureOfBorrowingsLineItems [Line Items]
Borrowings, interest rate		5.53%				5.53%
Secured Convertible Notes [Member] \| 5 Separate Private Placements [Member] \| 2 Private Investors [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Debt instrument cash consideration		$ 21,500,000
Debt instrument discounts and fees		$ 1,500,000
Secured Convertible Notes [Member] \| 5 Separate Private Placements [Member] \| 2 Private Investors [Member] \| US [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Debt instrument cash consideration			$ 14,000
Debt instrument discounts and fees			$ 950
Secured Convertible Notes [Member] \| Bottom of Range [Member] \| 5 Separate Private Placements [Member] \| 2 Private Investors [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Borrowings, interest rate		10.00%				10.00%
Secured Convertible Notes [Member] \| Top of Range [member] \| 5 Separate Private Placements [Member] \| 2 Private Investors [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Borrowings, interest rate		20.00%				20.00%
Convertible Notes [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Warrants exchange, description		During the year the, the note holders of 4 notes 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, the note holders of 4 notes 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		$ 900,000
Percentage for warrants exchange		10.00%	10.00%
Financing penalties		$ 900,000
Convertible Notes [Member] \| US [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Warrants exchanged for increase in principal value						$ 600
Financing penalties			$ 600
Convertible Notes [Member] \| Bottom of Range [Member] \| US [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Convertible notes converted into ordinary shares			400
Convertible Notes [Member] \| Top of Range [member] \| US [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Convertible notes converted into ordinary shares			$ 600
First Convertible Notes [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Notional amount	$ 500,000
Borrowings converted amount	$ 600,000
First Convertible Notes [Member] \| US [Member]
DisclosureOfBorrowingsLineItems [Line Items]
Notional amount							$ 3,300
Borrowings converted amount				$ 400

Borrowings - Disclosure of Detailed Information About Borrowings (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Statement Line Items [Line Items]
Current borrowings	$ 19,215	$ 20,967
Convertible loan notes
Non-current borrowings	19,698
Current and noncurrent borrowings	38,913	20,967
Amounts Due in Less Than One Year [Member]
Statement Line Items [Line Items]
Bank Loans	17,900	20,000
Debt issuance costs in relation to bank loan		(270)
Other loan	1,315	1,237
Amounts Due After More Than One Year [Member]
Statement Line Items [Line Items]
Convertible loan notes	$ 19,698

Provisions (Details Narrative) - NZD ($) $ in Thousands	12 Months Ended
Provisions (Details Narrative) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
DisclosureOfProvisionsLineItems [Line Items]
Additional provisions, other provisions	$ 5,512	$ 1,054
Make Good Provision [Member]
DisclosureOfProvisionsLineItems [Line Items]
Pre-tax discount rate applied to provisions calculations	2.00%	2.00%
Additional provisions, other provisions	$ 307	$ 717

Provisions - Disclosure of Detailed Information About Provisions (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
DisclosureOfProvisionsLineItems [Line Items]
Current provisions	$ 5,844	$ 921
Non-current provisions	1,796	2,372
Lease Contributions Provision [Member]
DisclosureOfProvisionsLineItems [Line Items]
Current provisions		179
Non-current provisions		906
Other Provision [Member]
DisclosureOfProvisionsLineItems [Line Items]
Current provisions	5,205
Make Good Provision [Member]
DisclosureOfProvisionsLineItems [Line Items]
Current provisions	639	742
Non-current provisions	$ 1,796	$ 1,466

Provisions - Disclosure of Detailed Information About Reconciliation of Changes in Other Provisions (Details) - NZD ($)
$ in Thousands

12 Months Ended

Jan. 31, 2020

Jan. 31, 2019

$ 3,293

$ 3,817

^[1]

(1,102)

5,512

1,054

(600)

(84)

(80)

(774)

(120)

Lease Contributions Provision [Member]

7,640

3,293

1,085

1,322

^[1]

(1,102)

337

(510)

(64)

1,085

Other Provision [Member]

264

^[1]

5,205

(264)

Make Good Provision [Member]

5,205

2,208

2,231

^[1]

307

717

(600)

(84)

(64)

(16)

(56)

$ 2,435

$ 2,208

[1]	There is a $17k foreign exchange difference relating to the impact of IFRS16 that is not reflected in the table in note 3 which does not materially affect the opening adjustment at date of adoption.

Provisions - Disclosure of Detailed Information About Reconciliation of Changes in Other Provisions (Details) (Parenthetical) $ in Thousands	12 Months Ended
	Jan. 31, 2020 NZD ($)
Provisions [abstract]
Foreign exchange difference relating to the impact of IFRS16	$ 17

Lease Liabilities (Details Narrative) - NZD ($) $ in Thousands	Jan. 31, 2020	Feb. 02, 2019
Lease liabilities [abstract]
Right-of-use assets	$ 23,809	$ 26,158
Reduction to lease contribution provisions		1,102
Lease liability	25,831	27,899
Reduction to retained earnings		639
Adjustment to opening retained earnings	$ 639	$ 639
Incremental borrowing rate		6.00%

Lease Liabilities - Disclosure of Detailed Information About Lease Liabilities (Details) - NZD ($)
$ in Thousands

12 Months Ended

Jan. 31, 2020

Jan. 31, 2019

Jan. 31, 2018

Feb. 02, 2019

Consolidated Statement of Profit or Loss (loss before tax)

$ (53,523)

$ (50,494)

$ (37,533)

Total expense

143,588

Finance expenses

5,213

4,041

8,791

Depreciation

10,014

Right-of-use assets

23,809

$ 26,158

Lease liabilities, current

(8,112)

Lease liabilities, non-current

(17,719)

Other liabilities

834

Cash flows used in operating activities

(176,595)

^[1]

(121,651)

(72,431)

(19,894)

(9,434)

(4,116)

Cash flows used in financing activities

22,098

$ 2,168

$ 14,496

IAS 17 [Member]

Consolidated Statement of Profit or Loss (loss before tax)

(52,974)

143,039

3,539

1,338

Lease liabilities, current

Lease liabilities, non-current

Other liabilities

Cash flows used in operating activities

^[1]

(28,021)

Cash flows used in financing activities

30,225

Movement [Member]

Consolidated Statement of Profit or Loss (loss before tax)

549

549

1,674

8,676

23,809

Lease liabilities, current

(8,112)

Lease liabilities, non-current

(17,719)

Other liabilities

834

Cash flows used in operating activities

^[1]

(1,188)

8,127

Cash flows used in financing activities

$ (8,127)

[1]	Includes $639k opening adjustment loss at the date of adoption.

Lease Liabilities - Disclosure of Detailed Information About Lease Liabilities (Details) (Parenthetical) - NZD ($) $ in Thousands	Jan. 31, 2020	Feb. 02, 2019
Lease liabilities [abstract]
Adjustment to opening retained earnings	$ 639	$ 639

Lease Liabilities - Disclosure of Detailed Information About Undiscounted Contractual Maturity of Lease Liabilities (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Feb. 02, 2019
Statement Line Items [Line Items]
Future minimum finance charges	$ 28,897
Less future finance charges	(3,066)
Lease liabilities	25,831	$ 27,899
Within One Year [member]
Statement Line Items [Line Items]
Future minimum finance charges	9,409
2 to 5 years Inclusive [member]
Statement Line Items [Line Items]
Future minimum finance charges	19,311
After 5 Years [member]
Statement Line Items [Line Items]
Future minimum finance charges	$ 177

Share Capital (Details Narrative) - shares	Dec. 20, 2019	Jan. 31, 2020	Jan. 31, 2019
Disclosure of classes of share capital [abstract]
Reverse share split, description	1-100 reverse share split
Warrant outstanding, shares		610,122	49,000

Share Capital - Disclosure of Detailed Information About Share Capital (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Disclosure of classes of share capital [abstract]
Shares Outstanding Value	$ 170,193	$ 134,183

Share Capital - Disclosure of Detailed Information About Share Capital (Details) (Parenthetical) - shares	Jan. 31, 2020	Jan. 31, 2019
Ordinary share [Member]
Disclosure of classes of share capital [line items]
Number of shares outstanding	4,697,204	296,409

Share Capital - Disclosure of Detailed Information About Ordinary Shares Explanatory (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2020	Jan. 31, 2019
Disclosure of classes of share capital [line items]
Balance, beginning		$ 134,183
Warrants issued	$ 374
Balance, ending	170,193	170,193	$ 134,183
Ordinary share [Member]
Disclosure of classes of share capital [line items]
Balance, beginning		134,183	68,727
Issuance of new shares, cash collected		12,586	23,248
Issuance of new shares, Settle Shareholder loan			12,242
Issuance of new shares, Shares issued in lieu of consultancy fee			692
Issuance of new shares, Shares issued in lieu of inventory payment		15,525	4,047
Issuance of new shares, Shares issued in lieu of related party loan		1,546
Convertible note conversion		5,979	4,159
Warrants issued		374
Business combination with Naked Brand Group Inc.			14,196
Asset acquisition of FOH Online Inc.			6,872
Balance, ending	$ 170,193	$ 170,193	$ 134,183

Share Capital - Disclosure of Detailed Information About Gearing Ratio (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Feb. 02, 2019	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
Disclosure of classes of share capital [abstract]
Total borrowings	$ 38,913		$ 20,967
Less Cash and cash equivalents	(3,791)		(1,962)	$ (10,739)	$ (2,644)
Net debt	35,122		19,005
Equity	(6,284)	$ 9,880	10,519	$ (5,710)	$ (9,044)
Total Capital	$ 28,838		$ 29,524
Gearing ratio	122.00%		64.00%

The amount of residual interest in the assets of the entity after deducting all its liabilities.

Loss per share for profit from continuing operations attributable to the ordinary equity holders of the Group:

Share Capital - Disclosure of Detailed Information About Warrants Outstanding (Details) - $ / shares	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019
Disclosure of classes of share capital [line items]
No. of warrants	610,122	49,000
Warrants One [Member]
Disclosure of classes of share capital [line items]
Issue Date	--03-19
Expiry Date	--03-23
No. of warrants	14,000
Warrants Two [Member]
Disclosure of classes of share capital [line items]
Issue Date	--03-19
Expiry Date	--03-24
No. of warrants	3,921
Warrants Three [Member]
Disclosure of classes of share capital [line items]
Average Exercise Price, lower	$ 0.01
Average Exercise Price, upper	$ 0.50
Issue Date	--04-19
Expiry Date	--04-22
No. of warrants	500
Warrants Four [Member]
Disclosure of classes of share capital [line items]
Issue Date	--05-19
Expiry Date	--05-21
No. of warrants	10,000
Warrants Five [Member]
Disclosure of classes of share capital [line items]
Issue Date	--07-19
Expiry Date	--05-25
No. of warrants	170,100
Warrants Six [Member]
Disclosure of classes of share capital [line items]
Issue Date	--08-19
Expiry Date	--02-25
No. of warrants	285,714
Warrants Seven [Member]
Disclosure of classes of share capital [line items]
Issue Date	--08-19
Expiry Date	--08-24
No. of warrants	22,857
Warrants Eight [Member]
Disclosure of classes of share capital [line items]
Average Exercise Price, lower	$ 0.50
Average Exercise Price, upper	$ 1.00
Issue Date	--03-19
Expiry Date	--03-21
No. of warrants	42,280
Warrants Nine [Member]
Disclosure of classes of share capital [line items]
Average Exercise Price, lower	$ 1.50
Average Exercise Price, upper	$ 2.00
Issue Date	--11-17
Expiry Date	--11-21
No. of warrants	2,000
Warrants Ten [Member]
Disclosure of classes of share capital [line items]
Issue Date	--10-18
Expiry Date	--10-21
No. of warrants	20,000
Warrants Eleven [Member]
Disclosure of classes of share capital [line items]
Issue Date	--12-17
Expiry Date	--12-20
No. of warrants	10,660
Warrants Twelve [Member]
Disclosure of classes of share capital [line items]
Issue Date	--04-18
Expiry Date	--04-20
No. of warrants	5,140
Warrants Thirteen [Member]
Disclosure of classes of share capital [line items]
Average Exercise Price, lower	$ 2.01
Average Exercise Price, upper	$ 4.00
Issue Date	--05-18
Expiry Date	--03-20
No. of warrants	2,030
Warrants Fourteen [Member]
Disclosure of classes of share capital [line items]
Issue Date	--06-18
Expiry Date	--06-20
No. of warrants	3,430
Warrants Fifteen [Member]
Disclosure of classes of share capital [line items]
Issue Date	--06-18
Expiry Date	--06-23
No. of warrants	8,000
Warrants Sixteen [Member]
Disclosure of classes of share capital [line items]
Issue Date	--03-19
Expiry Date	--06-20
No. of warrants	6,670
Warrants Seventeen [Member]
Disclosure of classes of share capital [line items]
Average Exercise Price, upper	$ 4.01
Issue Date	--05-18
Expiry Date	--05-21
No. of warrants	2,820

Reserves - Disclosure of Detailed Information About Reserves Within Equity (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Disclosure of reserves within equity [abstract]
Opening balance	$ (2,013)	$ (2,006)
Transfers in	2,131	(7)	$ 148
Balance at the end of the year	$ 118	$ (2,013)	$ (2,006)

Loss Per Share (Details Narrative) $ in Thousands	Jan. 31, 2020 NZD ($)
Earnings per share [line items]
Convertible notes amount	$ 19,700
Accrued interest	600
4 Convertible Notes [Member]
Earnings per share [line items]
Convertible notes amount	19,100
Accrued interest	$ 600

Loss Per Share - Disclosure of Detailed Information About Earning Loss Per Share (Details)
$ in Thousands

12 Months Ended

Jan. 31, 2020

NZD ($)

Jan. 31, 2020

$ / shares

Jan. 31, 2019

NZD ($)

Jan. 31, 2019

$ / shares

Jan. 31, 2018

NZD ($)

From continuing operations attributable to the ordinary equity holders of the Group

$ (34.74)

$ (200.77)

Total basic and diluted loss per share attributable to the ordinary equity holders of the Group

$ (34.74)

$ (200.77)

Loss attributable to the ordinary equity holders of the Group used in calculating basic earnings per share | $

$ (52,174)

$ (49,227)

$ (37,445)

Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share | shares

1,563,056

243,790

^[1]

[1]	On 20 December 2019 the company executed a 1-100 reverse share split reducing the number of shares. The reverse split has also been reflected in the prior year number of shares.

Loss Per Share - Disclosure of Detailed Information About Earning Loss Per Share (Details) (Parenthetical)	Dec. 20, 2019
Loss per share for profit from continuing operations attributable to the ordinary equity holders of the Group:
Reverse share split, description	1-100 reverse share split

Accumulated Losses - Disclosure of Detailed Information About Retained Earnings Accumulated Losses (Details) - NZD ($)
$ in Thousands

12 Months Ended

Jan. 31, 2020

Jan. 31, 2019

Jan. 31, 2018

Fair value gain loss on convertible notes derivative

Accumulated losses at the beginning of the financial year

$ (121,651)

$ (72,431)

(639)

Accumulated losses at end of the financial year

$ (54,305)

(54,305)

(49,220)

$ (37,593)

$ (176,595)

^[1]

$ (176,595)

^[1]

$ (121,651)

$ (72,431)

[1]	Includes $639k opening adjustment loss at the date of adoption.

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

Other Financial Commitments (Details Narrative) - USD ($) $ in Thousands		12 Months Ended
	Jan. 02, 2019	Jan. 31, 2020
Other Financial Commitments
Operating leases description	All leases and the related rights and obligations should be recognised on the lessee's balance sheet, unless the lease is less than one year in length or is for a low-value asset. Leases that do not meet these criteria are expensed on a straight-line basis.
License fee		$ 3,500

Other Financial Commitments - Disclosure of Detailed Information About Operating Leases Explanatory (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Statement Line Items [Line Items]
Minimum lease payments under non-cancellable operating lease		$ 28,057
Within One Year [member]
Statement Line Items [Line Items]
Minimum lease payments under non-cancellable operating lease		8,533
Between One Year and Five Years [Member]
Statement Line Items [Line Items]
Minimum lease payments under non-cancellable operating lease		18,039
After 5 Years [member]
Statement Line Items [Line Items]
Minimum lease payments under non-cancellable operating lease		$ 1,485

Other Financial Commitments - Disclosure of Detailed Information About Contracted Commitments Explanatory (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Statement Line Items [Line Items]
Contractual capital commitments	$ 5,392	$ 12,982
Within One Year [member]
Statement Line Items [Line Items]
Contractual capital commitments	5,392	4,286
Between One Year and Five Years [Member]
Statement Line Items [Line Items]
Contractual capital commitments		$ 8,696

Other Financial Commitments - Disclosure of Finance Lease and Operating Lease by Lessor (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Statement Line Items [Line Items]
Total minimum lease payments		$ 934
Within One Year [member]
Statement Line Items [Line Items]
Total minimum lease payments		441
Between One Year and Five Years [Member]
Statement Line Items [Line Items]
Total minimum lease payments		493
Greater than 5 Years [Member]
Statement Line Items [Line Items]
Total minimum lease payments

Financial Risk Management (Details Narrative) $ in Thousands	12 Months Ended
	Jan. 31, 2020 NZD ($) 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 2020 (31 January 2019: 10%, 31 January 2018: 10%). A 10% change is considered for the New Zealand Dollar / US Dollar exchange rate (31 January 2019: 10%, 31 January 2018: 10%). A 10% change is considered for the New Zealand Dollar / GB Pound exchange rate (31 January 2019: 10%, 31 January 2018: 10%). A 10% change is considered for the New Zealand Dollar / Euro exchange rate (31 January 2019: 10%, 31 January 2018: 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]
Closing foreign exchange rate	0.9655
US [Member]
Statement Line Items [Line Items]
Closing foreign exchange rate	0.6491
GBP [Member]
Statement Line Items [Line Items]
Closing foreign exchange rate	0.4954
EUR [Member]
Statement Line Items [Line Items]
Closing foreign exchange rate	0.5883
HKD [Member]
Statement Line Items [Line Items]
Closing foreign exchange rate	5.0424

Financial Risk Management - Disclosure of Financial Risk Management (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Statement Line Items [Line Items]
Non-derivatives Borrowings	$ 48,860	$ 21,697
Non-derivatives Trade payables	10,407	23,580
Non-derivatives Total	59,267	45,277
Derivatives Gross future cash settlement on forward currency contracts - inflow		32,912
Derivatives Gross future cash settlement on forward currency contracts - (outflow)		(34,395)
Derivatives Total		(1,483)
0 - 30 Days [Member]
Statement Line Items [Line Items]
Non-derivatives Borrowings	2,052	1,329
Non-derivatives Trade payables	10,407	23,580
Non-derivatives Total	12,459	24,908
Derivatives Gross future cash settlement on forward currency contracts - inflow		18,325
Derivatives Gross future cash settlement on forward currency contracts - (outflow)		(19,212)
Derivatives Total		(887)
Between One Month and Three Months [Member]
Statement Line Items [Line Items]
Non-derivatives Borrowings	18,044	184
Non-derivatives Trade payables
Non-derivatives Total	18,044	184
Derivatives Gross future cash settlement on forward currency contracts - inflow		9,610
Derivatives Gross future cash settlement on forward currency contracts - (outflow)		(10,061)
Derivatives Total		(451)
Between Three Months and One Year [Member]
Statement Line Items [Line Items]
Non-derivatives Borrowings		20,184
Non-derivatives Trade payables
Non-derivatives Total		20,184
Derivatives Gross future cash settlement on forward currency contracts - inflow		4,976
Derivatives Gross future cash settlement on forward currency contracts - (outflow)		(5,121)
Derivatives Total		(145)
Between One Year and Five Years [Member]
Statement Line Items [Line Items]
Non-derivatives Borrowings	28,764
Non-derivatives Trade payables
Non-derivatives Total	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 - Disclosure of Credit Risk Exposure (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Without External Credit Ratings [Member]
Statement Line Items [Line Items]
Financial assets	$ 3,747	$ 1,915	$ 10,685
Without External Credit Ratings [Member] \| Trade Receivables [Member]
Statement Line Items [Line Items]
Financial assets	2,358	7,789	9,982
Without External Credit Ratings [Member] \| Trade Receivables [Member] \| New Customer Less than 6 Months [Member]
Statement Line Items [Line Items]
Financial assets		42	12
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	2,358	7,747	9,970
Ratings AA- [Member]
Statement Line Items [Line Items]
Financial assets	3,747	1,915	10,591
Ratings A+ [Member]
Statement Line Items [Line Items]
Financial assets			$ 94

The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose the entity’s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

Financial Risk Management - Sensitivity Analysis for Types of Market Risk (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
10% Increase [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic	$ 179	$ 200
10% Decrease [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic	(179)	(200)
US [Member] \| 10% Increase [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic	(594)	(954)	$ (1,509)
US [Member] \| 10% Decrease [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic	594	954	1,509
AUD [Member] \| 10% Increase [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic	(1)	(5)	(805)
AUD [Member] \| 10% Decrease [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic	1	5	805
GBP [Member] \| 10% Increase [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic	(16)	(1)	(175)
GBP [Member] \| 10% Decrease [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic	16	1	175
EUR [Member] \| 10% Increase [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic	(42)	(32)	(136)
EUR [Member] \| 10% Decrease [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic	42	32	136
HKD [Member] \| 10% Increase [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic		(1)	(14)
HKD [Member] \| 10% Decrease [Member]
Statement Line Items [Line Items]
Risk exposure associated with instruments sharing characteristic		$ 1	$ 14

Financial Risk Management - Disclosure of Detailed Information About Hedging Instruments (Details) $ in Thousands	12 Months Ended
	Jan. 31, 2020 NZD ($) Integer	Jan. 31, 2019 NZD ($) Integer	Jan. 31, 2018 NZD ($) Integer
Statement Line Items [Line Items]
Notional amount	$ 19,700
Buy USD / Sell NZD [Member] \| Less than Six Months [Member]
Statement Line Items [Line Items]
Notional amount		$ 34,395	$ 48,149
Average foreign exchange rate \| Integer		0.6620	0.7061
Buy AUD / Sell NZD [Member] \| Less than Six Months [Member]
Statement Line Items [Line Items]
Notional amount			$ 2,247
Average foreign exchange rate \| Integer			0.8900

Financial Risk Management - Disclosure of Financial Instruments by Type of Interest Rate (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Statement Line Items [Line Items]
Total	$ 38,913	$ 20,967
Floating Rate Instruments [Member]
Statement Line Items [Line Items]
Bank overdrafts
Working capital financing bank facility
Convertible notes
Borrowings	17,900	20,000
Total	$ 17,900	$ 20,000

Tax Assets and Liabilities - Reconciliation of Changes in Deferred Tax Liability Asset (Details) - NZD ($)
$ in Thousands

12 Months Ended

Jan. 31, 2020

Jan. 31, 2019

Opening Balance

$ 692

Charged to Income

^[1]

(692)

692

Charged directly to Equity

Changes in Tax Rate

Exchange Differences

Closing Balance

692

Carried Forward Tax Losses [Member]

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

Opening Balance

1,322

630

Charged to Income

^[1]

(692)

692

Charged directly to Equity

Changes in Tax Rate

Exchange Differences

Closing Balance

630

1,322

Intangible Assets [Member]

Disclosure of temporary difference, unused tax losses and unused tax credits [line items]

Opening Balance

(630)

Charged to Income

^[1]

Charged directly to Equity

Changes in Tax Rate

Exchange Differences

Closing Balance

$ (630)

[1]	There is a foreign currency impact of $9k which is not reflected in the table above. The total amount charged to the profit and loss account is $701k (note 10).

Tax Assets and Liabilities - Reconciliation of Changes in Deferred Tax Liability Asset (Details) (Parenthetical) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]
Foreign currency impact	$ 9	$ 9
Profit and loss of deferred tax assets/(liabilities)	$ 701

Dividends (Details Narrative) - NZD ($)	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Disclosure of dividends [Abstract]
Dividends payable

Dividends - Disclosure of Detailed Information About Dividends Explanatory (Details) - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
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 Detailed Information About Dividends Explanatory (Details) (Parenthetical)	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
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 Remuneration - Disclosure of Detailed Information About Key Management Personnel (Details) - NZD ($) $ in Thousands	12 Months Ended
	Jan. 31, 2020	Jan. 31, 2019	Jan. 31, 2018
Key Management Personnel Remuneration
Short-term employee benefits	$ 3,182	$ 2,056	$ 1,743
Key management personnel remuneration	$ 3,182	$ 2,056	$ 1,743

Interests in Subsidiaries - Disclosure of Composition of Group (Details)

12 Months Ended

Jan. 31, 2020

Jan. 31, 2019

Jan. 31, 2018

Bendon Retail Limited [Member]

Principal place of business / country of Incorporation of subsidiary

New Zealand

Bendon Holdings Limited [Member]

^[1]

100.00%

Principal place of business / country of Incorporation of subsidiary

New Zealand

Bendon Holdings Pty Limited [Member]

^[1]

100.00%

Principal place of business / country of Incorporation of subsidiary

Australia

Bendon Pty Limited [Member]

^[1]

100.00%

Principal place of business / country of Incorporation of subsidiary

Australia

Bendon Intimates Pty Limited [Member]

^[1]

100.00%

Principal place of business / country of Incorporation of subsidiary

Australia

PS Holdings No. 1 Pty Limited [Member]

^[1]

100.00%

Principal place of business / country of Incorporation of subsidiary

Australia

Pleasure State Pty Limited [Member]

^[1]

100.00%

Principal place of business / country of Incorporation of subsidiary

Australia

Pleasure State (HK) Limited [Member]

^[1]

100.00%

Principal place of business / country of Incorporation of subsidiary

Hong Kong

Bendon UK Limited [Member]

^[1]

100.00%

Principal place of business / country of Incorporation of subsidiary

United Kingdom

^[1]

100.00%

Bendon USA Inc [Member]

Principal place of business / country of Incorporation of subsidiary

United States of America

^[1]

100.00%

Bendon Limited [Member]

Principal place of business / country of Incorporation of subsidiary

^[2]

New Zealand

^[1],[2]

100.00%

0.00%

Naked Brand Inc [Member]

Principal place of business / country of Incorporation of subsidiary

United States of America

FOH Online Corp Inc. [Member]

^[1]

100.00%

0.00%

Principal place of business / country of Incorporation of subsidiary

United States of America

^[1]

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 - Schedule of Fair Value Measurement of Assets and Liabilities (Details) - Recurring fair value measurement [Member] - NZD ($) $ in Thousands	Jan. 31, 2020	Jan. 31, 2019
Derivative on Convertible Notes [Member]
Statement Line Items [Line Items]
Financial liabilities
Foreign Exchange Contracts [Member]
Statement Line Items [Line Items]
Financial assets
Financial liabilities		1,484
Level 1 of fair value hierarchy [Member] \| Derivative on Convertible Notes [Member]
Statement Line Items [Line Items]
Financial liabilities
Level 1 of fair value hierarchy [Member] \| Foreign Exchange Contracts [Member]
Statement Line Items [Line Items]
Financial assets
Financial liabilities
Level 2 of fair value hierarchy [member] \| Derivative on Convertible Notes [Member]
Statement Line Items [Line Items]
Financial liabilities
Level 2 of fair value hierarchy [member] \| Foreign Exchange Contracts [Member]
Statement Line Items [Line Items]
Financial assets
Financial liabilities		1,484
Level 3 of fair value hierarchy [Member] \| Derivative on Convertible Notes [Member]
Statement Line Items [Line Items]
Financial liabilities
Level 3 of fair value hierarchy [Member] \| Foreign Exchange Contracts [Member]
Statement Line Items [Line Items]
Financial assets
Financial liabilities

The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]