0001493152-20-020477 | 6-K | XBRL Viewer

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Document and Entity Information	6 Months Ended
Document and Entity Information	Jul. 31, 2020
Document And Entity Information
Entity Registrant Name	NAKED BRAND GROUP Ltd
Entity Central Index Key	0001707919
Document Type	6-K
Document Period End Date	Jul. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Consolidated Statements of Profit or Loss and Other Comprehensive Income - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Continuing operations
Revenue	$ 34,564	$ 42,094
Cost of sale of goods	(20,427)	(28,129)
Gross profit	14,137	13,965
Other income	3,162
Rent concessions received	722
Brand management expenses	(14,129)	(17,180)
Administrative expenses	(4,963)	(5,125)
Corporate expenses	(3,957)	(5,656)
Finance expenses	(4,158)	(2,230)
Brand transition, restructure and transaction expenses	(8,326)	(5,846)
Impairment expense	(2,815)	(6,849)
Other foreign currency gains	1,914	953
Loss before income tax	(18,413)	(27,968)
Income tax expense	(41)	(761)
Loss for the period	(18,454)	(28,729)
Items that may be reclassified to profit or loss
Exchange rate differences on translation of foreign operations	(1,242)	1,514
Other comprehensive loss for the period, net of tax	(1,242)	1,514
Total comprehensive loss for the period	(19,696)	(27,215)
Total comprehensive loss attributable to:
Owners of Naked Brand Group Limited	$ (19,696)	$ (27,215)
Loss per share from loss from continuing operations attributable to the ordinary equity holders of Naked Brand Group Limited
Basic loss per share (NZ$)	$ (1.43)	$ (52.23)
Diluted loss per share (NZ$)	$ (1.43)	$ (52.23)

Consolidated Balance Sheet - NZD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Current assets
Cash and cash equivalents	$ 18,119	$ 3,791
Trade and other receivables	4,915	6,057
Inventories	16,931	23,539
Current tax receivable	82	4
Total current assets	40,047	33,391
Non-current assets
Property, plant and equipment	2,086	3,037
Right-of-use assets	21,283	23,809
Intangible assets	26,397	28,293
Total non-current assets	49,766	55,139
Total assets	89,813	88,530
Current liabilities
Trade and other payables	17,175	22,430
Borrowings	16,295	19,215
Lease liabilities	7,341	8,112
Provisions	9,443	5,844
Total current liabilities	50,254	55,601
Non-current liabilities
Lease liabilities	17,489	17,719
Borrowings	22,387	19,698
Provisions	1,391	1,796
Total non-current liabilities	41,267	39,213
Total liabilities	91,521	94,814
Net assets/(liabilities)	(1,708)	(6,284)
Equity
Share capital	194,465	170,193
Other reserves	(1,124)	118
Accumulated losses	(195,049)	(176,595)
Total equity	$ (1,708)	$ (6,284)

Consolidated Statement of Changes in Equity - NZD ($) $ in Thousands	Share Capital [Member]	Accumulated Losses [Member]	Foreign Currency Translation Reserve [Member]	Total
Balance at Jan. 31, 2019	$ 134,183	$ (121,651)	$ (2,013)	$ 10,519
Adoption of IFRS 16		(639)		(639)
Restated total equity	134,183	(122,290)	(2,013)	9,880
Loss for the half year		(28,729)		(28,729)
Other comprehensive income/(loss) for the half year			1,514	1,514
Total comprehensive loss for the half year		(28,729)	1,514	(27,215)
Warrants issued	191			191
Issuance of new shares	19,713			19,713
Conversion of debt	1,449			1,449
Balance at Jul. 31, 2019	155,536	(151,019)	(499)	4,018
Balance at Jan. 31, 2020	170,193	(176,595)	118	(6,284)
Loss for the half year		(18,454)		(18,454)
Other comprehensive income/(loss) for the half year			(1,242)	(1,242)
Total comprehensive loss for the half year		(18,454)	(1,242)	(19,696)
Conversion of debt	1,689			1,689
Convertible notes converted to equity	22,583			22,583
Balance at Jul. 31, 2020	$ 194,465	$ (195,049)	$ (1,124)	$ (1,708)

Consolidated Statement of Cash Flows - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Cash flows from operating activities
Receipts from customers	$ 38,761	$ 51,756
Proceeds from Government subsidies	2,514
Rent concessions received	722
Payments to suppliers and employees	(41,578)	(62,123)
Proceeds from payments for settlement of financial assets at fair value through profit or loss		729
Income taxes paid	(41)	(51)
Net cash inflow/(outflow) from operating activities	378	(9,689)
Cash flows from investing activities
Payment for intangible asset	(86)
Payments for property, plant and equipment	(157)	(605)
Net cash outflow from investing activities	(243)	(605)
Cash flows from financing activities
Proceeds from issue of shares		9,923
Proceeds from borrowings - Convertible notes issued	19,309	4,571
Repayment of borrowings - Bank	(1,200)
Repayments of lease liabilities	(3,431)	(3,785)
Interest paid	(540)	(975)
Net cash inflow from financing activities	14,138	9,734
Net increase/(decrease) in cash and cash equivalents held	14,273	(560)
Cash and cash equivalents at beginning of the year	3,791	1,962
Effects of exchange rate changes on cash and cash equivalents	55	120
Cash and cash equivalents at end of the half year	$ 18,119	$ 1,522

Description of the Business

6 Months Ended

Jul. 31, 2020

Description Of Business

Description of the Business

1	Description of the 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, VaVoom, Evollove, Hickory

In the prior year the following significant changes occurred:

On 28 January 2020, Naked Brand Group Limited agreed to sell all of its rights, title and interest in the trademarks related to the “Naked” and “NKD” brands to Gogogo SRL for a consideration of US $0.6m

On 31 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.

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. We also may continue selling any inventory bearing the Naked brand that was in existence as of the closing.

The amounts in the financial statements have been rounded to the nearest thousand dollars.

Basis of Preparation of Half Year Report

6 Months Ended

Jul. 31, 2020

Basis Of Preparation Of Half Year Report

Basis of Preparation of Half Year Report

2	Basis of preparation of half year report

The Group has presented its interim consolidated financial report for the half year ended 31 July 2020 in accordance with IAS 34 Interim Financial Reporting.

The interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report should be read in conjunction with the last annual report for the year ended 31 January 2020 and any public announcement made by the Group during the interim reporting period.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period except for amendments to IFRS 16: COVID-19 Related Rent Concessions, which were adopted on 1 June 2020.

Amendments to IFRS 16: COVID-19-Related Rent Concessions

Effective 1 June 2020, IFRS 16 was amended to provide a practical expedient for lessees accounting for rent concessions that arise as a direct consequence of the COVID-19 pandemic and satisfy the following criteria:

(a) The change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;

(b) The reduction is lease payments affects only payments originally due on or before 31 July 2021; and

Rent concessions that satisfy these criteria may be accounted for in accordance with the practical expedient, which means the lessee does not need to assess whether the rent concession meets the definition of a lease modification. Lessees apply other requirements in IFRS 16 in accounting for the concession.

The Group has elected to utilise the practical expedient for all rent concessions that meet the criteria. The practical expedient has been applied retrospectively, meaning it has been applied to all rent concessions that satisfy the criteria, which in the case of the Group, occurred from March 2020 to July 2020. The amount recognised in profit or loss is $722k.

Accounting for the rent concessions as lease modifications would have resulted in the Group remeasuring the lease liability to reflect the revised consideration using a revised discount rate, with the effect of the change in the lease liability recorded against the right-of-use asset. By applying the practical expedient, the Group is not required to determine a revised discount rate and the effect of the change in the lease liability is reflected in profit or loss in the period in which the event or condition that triggers the rent concession occurs.

These interim financial statements are unaudited. In the opinion of management, these interim financial statements include all the adjustments necessary in order to make these interim financial statements not misleading.

(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

6 Months Ended

Jul. 31, 2020

Summary Of Significant Accounting Policies

Summary of Significant Accounting Policies

3	Summary of significant accounting policies

(a)

Going concern

The financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.

For the 6 months ended 31 July 2020 the Group experienced a loss after income tax from continuing operations of NZ$18.5 million and operating cash inflows of NZ$0.4 million. It has net current liabilities of NZ$10.2 million and a net liability position of NZ$1.7 million.

The results for the 6 months ended 31 July 2020 has been adversely impacted by COVID-19 which has negatively impacted trading due to store closures (retail and wholesale) as well as delayed inventory shipments from suppliers. To mitigate the significant impact on cash flow, the Group has worked with suppliers (including landlords) to obtain support with delayed payments and in some instances reduced payments. During the period of reporting the Group had obtained rent concessions totalling NZ$0.7 million. Employees agreed to work reduced hours and the business received subsidies from both New Zealand and Australian governments. At the date of this report the Group had received NZ$2.0 million from the New Zealand government and NZ$0.5m from the Australian Government. The Group remains in discussion with the bank who agreed to defer loan repayments.

The business also incurred transaction expenses of NZ$10.6 million, of which $4.9 million is in relation to financing the business and an additional $5.7 million being provided for to satisfy a complaint made against the Group. Please refer to note 13 for more detail.

Management has also engaged in further restructuring of the business operations, reducing costs across distribution channels, renegotiating supplier contracts, resetting customer supply commitments, and updating leadership roles.

On 12 March 2020, the Group entered into a Deed of Amendment with the Bank of New Zealand to extend its loan facility of NZD$16,700,000 (31 January 2020: NZD$17,900,000) until March 2022. The amended agreement stipulates the repayment dates to reduce the facility to March 2022 and compliance with additional covenants.

Under the terms of the facility, the Group must meet specific covenant obligations namely sales and gross margin adverse variances to budget to be no greater than 15% and inventory to cover bank debt 1.35 times (increasing to 1.65 times from and including 31 July 2020). In the first six months of the year, the Group was on average in breach of all covenant measures. The extended borrowing has therefore been classified as a current liability as at 31 July 2020. Sales, gross margin and inventory were all negatively impacted by COVID-19 due to store closures and delayed inventory shipments from suppliers.

During the period ended 31 July 2020, the Group raised $19.3m of funds through the issuance of convertible notes to assist with operating cash outflows and repay $1.2m of the bank debt carried forward from the prior year reducing the balance from $17.9m to $16.7m.

Despite the ongoing losses, and the other negative financial conditions, 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 its 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 additional capital, generating sufficient sales and increasing gross margins while the Group has already made significant overhead reductions.

The Directors’ believe that the Group will be successful in the raising capital, generating sales and increasing gross margin and accordingly, have prepared the report on a going concern basis.

As a result, the viability of the Group is dependent on the above maters. The dependence on these matters raises substantial doubt about the Group’s ability to continue as a going concern and therefore whether the Group will realize the assets and extinguish the liabilities in the normal course of business and the amounts stated in the financial reports.

(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.

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 and then 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 at a point in time when there has been a transfer of control of goods to the customer. Control of goods transfer at point of sale for retail stores sales. For wholesale and e- commerce sales, control of goods are transferred when goods are delivered to customers, and therefore reflects an estimate of shipments that have not been received at the reporting date 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 unredeemed gift cards after one year 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 at a point in time 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.

The contracts with wholesalers have no specific terms on volume and price, and are not modified during the terms. 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 at a point in time 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) 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 and recognised when it is earned.

Dividend revenue

Dividends are recognised when the entity’s right to receive payment is established. The Group did not receive dividend revenue during the period.

Rendering of services

Revenue from service transactions are recognised as services are performed. The Group did not receive any service revenue.

Other income

Other income is recognised on an accruals basis when the Group is entitled to it. Wage subsidy and Job keeper payments are considered ‘government grants’ and accounted for under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance, because they are being provided by the Government in return for compliance with conditions relating to the operating activities of the Group. The grant is recognised as income when the Group is reasonably assured that it will comply with the conditions attached to it, and the grant will be received. The grant is recognised as a receivable when the associated wage payments are made. Receipt of reimbursement from the government reduces the receivable. During the period the Group has recognised $3.2m in relation to Government grants and wage subsidies.

(f)

Brand management, administrative and corporate expenses

Corporate expenses include head office costs such as human resources, finance team and rental costs. Administrative expenses include depreciation and amortisation of intangible assets, 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 asset’s 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 and where shorter over the lease term
Plant, furniture, fittings and motor vehicles		3 - 7 years

At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in accounting estimate.

(j)

Leases

The Group adopted IFRS 16 on 1 February 2019. The standard replaces IAS 17 ‘Leases’ and IFRIC 4 ‘Determining whether an Arrangement Contains a Lease’ and for lessees eliminates the classifications of operating leases and finance leases. Straight-line operating lease expense recognition is replaced with a depreciation charge for the right-of-use assets (included in operating costs) and an interest expense on the recognised lease liabilities (included in finance costs). In the earlier periods of the lease, the expenses associated with the lease under IFRS 16 will be higher when compared to lease expenses under IAS 17. However, EBITDA (Earnings Before Interest, Tax, Depletion, Depreciation and Amortisation) results improve as the operating expense is now replaced by interest expense and depreciation in profit or loss. For classification within the statement of cash flows, the interest portion is disclosed in operating activities and the principal portion of the lease payments are separately disclosed in financing activities. For lessor accounting, the standard does not substantially change how a lessor accounts for leases.

During the period, the Group received rent concessions of NZ$0.7m, due to COVID-19 and has applied “practical expedients” as permitted by IFRS 16.

Right-of-use assets

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.

(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

The Group classifies its financial assets in the following measurement categories:

	●	those to be measured subsequently at fair value (either through Other Comprehensive Income “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

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.

(k)

Financial instruments

●

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.

(v) Impairment

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 expected credit losses.

(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 due 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.

The value of goodwill recognised on acquisition of each subsidiary in which the Group holds less than a 100% interest will depend on the method adopted in measuring the aforementioned non-controlling interest. The Group can elect to measure the non-controlling interest in the acquiree either at fair value (‘full goodwill method’) or at the non-controlling interest’s proportionate share of the subsidiary’s identifiable net assets (‘proportionate interest method’). The Group determines which method to adopt for each acquisition.

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 to have an indefinite life and are therefore not amortised. They are considered to have indefinite lives because there is no foreseeable limit to the period over which the asset is expected to generate net cash flows for the entity. The brands have been in existence for many years, are well established and show no signs of deteriorating.

They are assessed for impairment annually or more frequently if impairment indicators exist.

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 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.

(iii) Other long-term employee benefit obligations

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
	●	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 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 remeasured in subsequent years.

(v)

Share capital and Warrants

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and warrants are recognised as a deduction from equity, net of any tax effects.

Warrants

Warrants issued by the Group and employee entitlements are recorded at fair value using the Black-Scholes option-pricing model. Employee entitlements are amortised over the terms of entitlement. In assessing the fair value of equity-based compensation and warrants, estimates have to be made regarding the expected volatility in share price, option life, dividend yield, risk-free rate, estimated life and estimated forfeitures at the initial grant date.

(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

6 Months Ended

Jul. 31, 2020

Changes In Accounting Policies

Changes in Accounting Policies

4	Changes in accounting policies

During the period, the Group received rent concessions from a number of landlords across its retail & outlet stores as well as the its distribution centre. As such, the Group applied “practical expedients” as permitted under IFRS 16 in relation to rent concessions it received and has recognised the concessions in the income statement. The rent concessions are a temporary reduction in rent for a short period of time in relation to COVID-19. Upon review, the Group did not deem rent concessions as a modification to existing lease agreements.

Critical Accounting Estimates and Judgments

6 Months Ended

Jul. 31, 2020

Critical Accounting Estimates And Judgments

Critical Accounting Estimates and Judgments

5	Critical Accounting Estimates and Judgments

The directors make estimates and judgements during the preparation of these financial statements regarding assumptions about current and future events affecting transactions and balances.

These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information is known then the actual results may differ from the estimates.

The significant estimates and judgements made have been described below.

Key estimates – inventory

Each item on inventory is reviewed on an annual basis to determine whether it is being carried at higher than its net realisable value. During the period, management have written down inventory based on best estimate of the net realisable value, although until the time that inventory is sold this is an estimate.

Key estimates - fair value of financial instruments

The Group has certain financial assets and liabilities which are measured at fair value. Where fair value has not been able to be determined based on quoted price, a valuation model has been used. The inputs to these models are observable, where possible, however these techniques involve significant estimates and therefore fair value of the instruments could be affected by changes in these assumptions and inputs.

Key estimates - impairment of intangible assets

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 10 to the consolidated financial statements.

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 Group policy, the options are not exercised when the lease terms are beyond 12 months as of the assessment date. When the Group has the option to lease the assets for additional terms, it applies judgement in evaluating whether it is reasonably certain to exercise the option to renew, considering all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew.

Key judgments – rent concessions

Lease agreements have been reviewed and judgments have been made on whether rent concessions satisfy the criteria to be accounted for using the practical expedient introduced by the amendments to IFRS 16.

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.

Profit and Loss Information

6 Months Ended

Jul. 31, 2020

Profit And Loss Information

Profit and Loss Information

6	Profit and loss information

(a) Revenue from continuing operations

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s

Gross revenue		35,144			47,809
Rebates		(580	)		(5,715	)
		34,564			42,094

Sale of goods
- Retail		14,863			19,000
- Wholesale		2,735			8,414
- E-commerce		16,966			14,680
		34,564			42,094

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 7, the Group has three operating segments.

(b)  Significant items

The loss for the half year was derived after (charging) / crediting the following items that are unusual and of significance because of their size, nature and incidence:

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s
Other income
- Government subsides		3,162			-

Finance expenses
- Interest expense on external borrowings		(958	)		(496	)
- Interest expense on shareholder loans		-			(255	)
- Interest expense on convertible loan notes		(2,763	)		(274	)
- Interest expense on leases		(713	)		(857	)
- Amortisation of loan set up costs		276			(348	)
		(4,158	)		(2,230	)

Other foreign currency gains/(losses)
- Fair value gain on foreign exchange contracts		-			729
- Net foreign exchange gains/(losses)		1,914			224
		1,914			953
Impairment expense
- Impairment of intangible assets		(1,253	)		(6,647	)
- Impairment of property, plant and equipment		(341	)		-
- Impairment of right-of-use assets		(1,221	)		-
- Impairment of software		-			(202	)
		(2,815	)		(6,849	)

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s
Brand transition, restructure and transaction income/(expense)
- Brand transition expenses		2,343			(258	)
- Restructure expenses		(38	)		-
- Transaction expenses		(10,631	)		(5,588	)
		(8,326	)		(5,846	)

(c) Income tax expense

Income tax expense/(benefits) is recognised based on the parent company’s effective annual income tax rate expected for the full financial year. The annual tax rate used for the half year to 31 July 2020 is 28% (6 months to 31 July 2019: 30%). 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 July 2020. Unused tax losses do not have an expiry date.

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

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s
Current tax
Current tax on losses for the period		2			9
Adjustment for current tax on prior periods		39			51
Total current tax expense		41			60

Deferred tax
Decrease in deferred tax asset		-			701
Income tax benefit for continuing operations		41			761

Reconciliation of income tax to accounting loss:
Loss before income tax		(18,413	)		(27,968	)
Tax at New Zealand tax rate 28%		(5,156	)		(7,831	)

Tax effect of:
- permanent differences		1,581			75
- adjustments in respect of current tax or prior periods		37			76
- effects of different tax rates of subsidiaries operating in other jurisdictions		(3	)		(641	)
- deferred tax assets relating to the current period not recognised		3,602			7,727
- other		(20	)		1,355
Income tax expense		41			761

The Group has tax losses of $179.7m (year ended 31 January 2020: $166.9m) that have not been recognised in the financial statements. The ability to use these losses to offset future profits is subject to shareholder and business continuity criteria in each local tax jurisdiction. During the comparative 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.

Operating Segment

6 Months Ended

Jul. 31, 2020

Operating Segment

Operating Segment

7	Operating Segment

Segment information

Identification of reportable operating segments

The consolidated entity’s Directors examined the group’s performance from both sales channel and geographical perspective and identified three reportable segments being retail, wholesale, and e-commerce.

Retail

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

Wholesale

This segment covers wholesale intimates apparel to customers in New Zealand, Australia, Europe and USA.

E-commerce

This segment covers the group’s online retail activities. E-commerce revenue includes revenue from a US brand called Fredericks of Hollywood (FOH) for which 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 Makers (‘CODM’)) in assessing performance and in determining the allocation of resources.

The CODM reviews segment EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements.

EBITDA is a financial measure which is not prescribed by IFRS and represents the profit adjusted for specific non-cash and significant items. The directors consider EBITDA to reflect the core earnings of the consolidated entity.

The information reported to the CODM is on a monthly basis.

Other Costs and Business Activities

Certain costs are not allocated to our reporting segment results, such as costs associated.

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 within “unallocated” segment in our segment performance.

Other assets and liabilities

We manage our assets and liabilities 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:

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s

Total segment revenue		38,202			47,809
Intersegment eliminations		(3,638	)		(5,715	)
Total external revenue		34,564			42,094

Intersegment revenue is recognition of inventory moving between New Zealand and Australia.

(b) Reconciliations

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

Management 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.

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s

Adjusted EBITDA		(1,313	)		(9,758	)
Other reconciling items		(17,100	)		(18,210	)
Income tax expense		(41	)		(761	)
Total net loss after tax		(18,454	)		(28,729	)

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.

(c) 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.

	6 months to 31 July 2020 NZ $000’s		6 months to 31 July 2019 NZ $000’s

New Zealand		13,644		14,876
Australia		7,600		9,825
United States		12,998		17,079
Europe		322		314
		34,564		42,094

(d) Segment performance

	Retail NZ $000’s			Wholesale NZ $000’s			e-commerce NZ $000’s			Unallocated NZ $000’s			Total NZ $000’s
For the 6 months ended 31 July 2020
Revenue from external customers		14,863			2,735			16,966			-			34,564
		14,863			2,735			16,966			-			34,564
Cost of sales		(6,701	)		(2,071	)		(11,280	)		(375	)		(20,427	)
Gross margin		8,162			664			5,686			(375	)		14,137
Other segment expenses*		(7,577	)		(551	)		(6,001	)		-			(14,129	)
Unallocated expenses
Administrative expenses		-			-			-			(403	)		(403	)
Corporate expenses		-			-			-			(3,957	)		(3,957	)
Other income		-			-			-			3,162			3,162
Rent concessions received		-			-			-			722			722
Other foreign exchange loss		-			-			-			(845	)		(845	)
Adjusted EBITDA		585			113			(315	)		(1,696	)		(1,313	)
Brand transition, restructure and transaction expenses		-			-			-			(8,326	)		(8,326	)
Finance expense		-			-			-			(4,158	)		(4,158	)
Impairment expense		-			-			-			(2,815	)		(2,815	)
Depreciation and amortisation		-			-			-			(4,560	)		(4,560	)
Unrealised foreign exchange gain/(loss)		-			-			-			2,759			2,759
Profit/(loss) after income tax		585			113			(315	)		(18,796	)		(18,413	)
Income tax expense		-			-			-			(41	)		(41	)
Profit/(loss) after income tax		585			113			(315	)		(18,837	)		(18,454	)

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

(e) Segment performance

	Retail NZ $000’s			Wholesale NZ $000’s			e-commerce NZ $000’s			Unallocated NZ $000’s			Total NZ $000’s
For the 6 months ended 31 July 2019
Revenue from external customers		19,000			8,414			14,680			-			42,094
		19,000			8,414			14,680			-			42,094
Cost of sales		(9,827	)		(5,869	)		(10,417	)		(2,016	)		(28,129	)
Gross margin		9,173			2,545			4,263			(2,016	)		13,965
Other segment expenses*		(7,646	)		(3,365	)		(6,169	)		-			(17,180	)
Unallocated expenses
Administrative expenses		-			-			-			(558	)		(558	)
Corporate expenses		-			-			-			(5,656	)		(5,656	)
Other foreign exchange loss		-			-			-			(329	)		(329	)
Adjusted EBITDA		1,527			(820	)		(1,906	)		(8,559	)		(9,758	)
Brand transition, restructure and transaction expenses		-			-			-			(5,846	)		(5,846	)
Finance expense		-			-			-			(2,230	)		(2,230	)
Impairment expense		-			-			-			(6,849	)		(6,849	)
Depreciation and amortisation		-			-			-			(4,567	)		(4,567	)
Fair value gain on foreign exchange contracts		-			-			-			729			729
Unrealised foreign exchange gain/(loss)		-			-			-			553			553
Profit/(loss) after income tax		1,527			(820	)		(1,906	)		(26,769	)		(27,968	)
Income tax expense		-			-			-			(761	)		(761	)
Profit/(loss) after income tax		1,527			(820	)		(1,906	)		(27,530	)		(28,729	)

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

Property, Plant and Equipment

6 Months Ended

Jul. 31, 2020

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

Property, Plant and Equipment

8	Property, plant and equipment

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

Leasehold improvements
At cost		9,045			11,456
Accumulated depreciation		(8,195	)		(9,690	)
		850			1,766

Plant, furniture, fittings and motor vehicles
At cost		24,960			24,850
Accumulated depreciation		(23,724	)		(23,579	)
		1,236			1,271
		2,086			3,037

(a) Movements in carrying amounts of property, plant and equipment

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial period:

Leasehold improvements

NZ $000’s

Plant, furniture, fittings and motor vehicles

NZ$000’s

Total

NZ $000’s

For the 6 months ended 31 July 2020

Balance at the beginning of the period

1,766

1,271

3,037

Additions

157

180

Disposals

(131

)

(134

)

Depreciation expense

(500

)

(189

)

(689

)

Impairment

(341

)

(341

)

Foreign exchange movements

Closing value at 31 July 2020

850

1,236

2,086

	Leasehold improvements NZ $000’s			Plant, furniture, fittings and motor vehicles NZ$000’s			Total NZ $000’s
For the 6 months ended 31 January 2020
Balance at the beginning of the period		2,665			1,526			4,191
Additions		191			498			689
Disposals		(28	)		(295	)		(323	)
Depreciation expense		(220	)		(905	)		(1,125	)
Reclassification		(719	)		719			-
Impairment		(213	)		(278	)		(491	)
Foreign exchange movements		90			6			96
Closing value at 31 January 2020		1,766			1,271			3,037

During the period, the Group reviewed the profitability of its stores and as a result of the review, assets relating to 2 retail stores were fully impaired as the carry value was greater than the cash flow projections.

Right-of-Use Assets

6 Months Ended

Jul. 31, 2020

Right-of-use Assets

Right-of-Use Assets

9	Right-of-use assets

The Group leases warehouse, retail and office facilities. The leases typically run for a period of 3 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 IT equipment 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 8).

	Land & Buildings			Plant, furniture, fittings and motor vehicles			Total
	NZ $000’s			NZ $000’s			NZ $000’s
Balance as at 1 February		23,392			417			23,809
Additions to right-of-use-assets		2,344			-			2,344
Depreciation charge for the period		(3,582	)		(61	)		(3,643	)
Impairment of right-of-use assets		(1,221	)		-			(1,221	)
Foreign exchange movements		(6	)		-			(6	)
Balance at 31 July 2020		20,927			356			21,283

During the period, the Group reviewed its outstanding lease commitments in conjunction with the cash flow projections of ease store lease. As a result of this review, the Group impaired the right-of-use assets relating to 3 retail stores.

Amounts recognised in profit or loss

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

Interest of lease liabilities (Note 6b)		713		857

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

6 Months Ended

Jul. 31, 2020

Disclosure of detailed information about intangible assets [abstract]

Intangible Assets

10	Intangible assets

	31 July 2020 NZ $000’s			31 January 2020 NZ $000’s
Goodwill
Cost		5,901			6,091
Accumulated impairment		(5,901	)		(6,091	)
		-			-
Patents and licences
Cost		24,393			25,151
Accumulated amortisation and impairment		(3,623	)		(3,489	)
		20,770			21,662
Brands
Cost		12,303			12,032
Accumulated amortisation and impairment		(6,759	)		(5,401	)
		5,544			6,631
Software & Website
Cost		15,625			15,548
Accumulated amortisation and impairment		(15,542	)		(15,548	)
		83			-

Total intangible assets		26,397			28,293

(a) Movements in carrying amounts of intangible assets

	Goodwill NZ $000’s		Patents and licences NZ $000’s			Brands NZ $000’s			Software & Website NZ $000’s			Total NZ $000’s
For the 6 months ended 31 July 2020
Balance at the beginning of the period		-		21,662			6,631			-			28,293
Additions		-		-			-			86			86
Amortisation expense		-		(228	)		-			-			(228	)
Impairment		-		-			(1,253	)		-			(1,253	)
Foreign exchange movements		-		(664	)		166			(3	)		(501	)
Closing value at 31 July 2020		-		20,770			5,544			83			26,397

	Goodwill NZ $000’s		Patents and licences NZ $000’s			Brands NZ $000’s			Software & Website NZ $000’s		Total NZ $000’s
For the 6 months ended 31 January 2020
Balance at the beginning of the period		-		24,202			8,229			-		32,431
Adjustments*		-		(2,310	)		-			-		(2,310	)
Amortisation expense		-		(589	)		-			-		(589	)
Impairment		-		-			(1,564	)		-		(1,564	)
Foreign exchange movements		-		359			(34	)		-		325
Closing value at 31 January 2020		-		21,662			6,631			-		28,293

* During the second half of last 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 de-recognised 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 which was NZ$0.2m.

(b) Impairment of goodwill

For the purpose of impairment testing, goodwill is allocated to cash-generating units as below:

Description of cash-generating unit (CGU)

	6 months to 31 July 2020 NZ $000’s		6 months to 31 July 2019 NZ $000’s

United States		-		2,480
Impairment of goodwill		-		2,480

Impairment assumption

Goodwill on the merger of Naked Inc. was allocated to the Group’s operation in United States which is the cash generating unit (CGU) for the purpose of impairment testing. During the year ended 31 January 2020, goodwill was fully impaired resulting in a carrying value of $nil.

(c) Impairment of patents & licences

In the prior period, the Group fully impaired the carrying value of patents and licence acquired as part of the Naked merger and partially impaired the Fredericks of Hollywood (FOH) licence which was acquired on 8 December 2018 as part of the Stock Purchase Agreement with the shareholders of FOH Online Corp Inc.

	6 months to 31 July 2020 NZ $000’s		6 months to 31 July 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. Management has prepared cash flow forecast for the remaining term of licence ownership, which is 48.5 years from 31 July 2020 (31 July 2019: 49.5 years). 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 does not exceed the fair value less costs to sell.

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

Sales growth: 14% in FY2022 and 10% between FY2023 and FY2026

Net margin: 37% to 45% between FY2022 and FY2026

EBITDA margin: 16% to 29% between FY2022 to FY026

Post-tax discount rate (%): 10.5%

Long term sales growth rate beyond year 5 (%): 1.0%

(d) Impairment for indefinite-life brand intangibles

Brand intangible assets represent brands historically acquired by the Group and include Pleasure State, Davenport, Lovable and Naked.

	6 months to 31 July 2020 NZ $000’s		6 months to 31 July 2019 NZ $000’s

Pleasure State		1,253		-
Naked		-		2,130
Impairment for indefinite-lived brand intangibles		1,253		2,130

Impairment assumptions

Management has determined the recoverable amount of the indefinite-life 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 our impairment assessment is that the carrying value has exceeded the fair value less costs to sell by $1.3m. As such, the indefinite-lived brand assets have been partially impaired for the period ended 31 July 2020.

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

Sales growth: 12% to 138% in FY2022 and 3% to 8% between FY2023 to FY2026 (31 January 2020: 2.5%)

Royalty rate: 5.0% (31 January 2020: 5.0%)

Cash flow - revenue forecast period: 5 years (31 January 2020: 5 years)

Post-tax discount rate (%) for US brands*: 0% (31 January 2020: 10.5%)

Post-tax discount rate (%) for NZ brands: 13.85% (31 January 2020: 11.75%)

Long term sales growth rate (%): 1% (31 January 2020: 2%)

The growth rate range is significantly higher in FY2022 to reflect that the Company is operating in a highly dynamic environment and the current period performance has been impacted by COVID-19 and the sales is estimated to grow to the levels more akin to those in FY2020.

*On 28 January 2020, Naked Brand Group Limited agreed to sell all of its rights, title and interest in the trademarks related to the “Naked” and “NKD” brands to Gogogo SRL for a consideration of US $0.6m. The Group therefore does not own a US brand.

Impact of possible changes in key assumptions

The directors have made judgements and estimates to assess indefinite-lived brand assets for impairment. Should these judgements and estimates not occur the resulting carrying amount may decrease.

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, long-term sales growth rate and sales forecast.

The table below illustrates the impact on the carrying value following changes in the following assumptions:-

	NZ $000’s
- 33 basis points increase in discount rate		(164	)
- 70 basis points decrease in long-term sales growth		(66	)
- 500 basis points decrease in long-term sales forecast		(318	)

(e) Impairment of software

There is no further impairment charge relating to software (2019: $0.2m) as the carrying value was written down to $nil in the prior year.

	6 months to 31 July 2020 NZ $000’s		6 months to 31 July 2019 NZ $000’s

Software		-		202
Impairment of software		-		202

Trade and Other Payables

6 Months Ended

Jul. 31, 2020

Trade and other payables [abstract]

Trade and Other Payables

11	Trade and Other Payables

	31 July 2020 NZ $000’s		31 January 2020 NZ $000’s
Current:
Trade payables		7,842		10,407
Accruals		5,007		8,593
Employee benefit liabilities		4,326		3,430
		17,175		22,430

Trade and other payables are unsecured, non-interest bearing and are normally due within 30 days however some trade creditors are out of term as at 31 July 2020 and subsequent to the end of the financial period the Group has reduced the out of term trade creditors but further work is required to bring all of the creditors in term. The carrying amounts are considered to be a reasonable approximation of fair value.

Borrowings

6 Months Ended

Jul. 31, 2020

Schedule Of Fair Value Measurement Of Assets And Liabilities [Text Block]

Borrowings

12	Borrowings

	31 July 2020 NZ $000’s			31 January 2020 NZ $000’s
Amounts due in less than one year:
Bank loans		16,700			17,900
Debt issuance costs in relation to bank loan		(405	)		-
Other loan		-			1,315
		16,295			19,215

Amounts due after more than one year:
Convertible notes		22,387			19,698
		38,682			19,698
		38,682			38,913

The fair value of borrowings is not considered to be materially different to their carrying amounts.

(a) Bank loans and loan covenants

On 12 March 2020, the Group entered into a Deed of Amendment with the Bank of New Zealand to extend its loan facility of NZD$16,700,000 (31 January 2020: NZD$17,900,000) until March 2022. Interest rate charges ranged between 4.6% and 5.26%. The facility includes guarantees and financial instruments totalling NZD$1,345,000.

Bank of New Zealand has the first ranking charge over all assets of the Group. Under the terms of the facility, the Group must meet specific covenant obligations namely sales and gross margin adverse variances to budget to be no greater than 15% and inventory to cover bank debt 1.35 times (increasing to 1.65 times from and including 31 July 2020). In the first six months of the year, the Group was on average in breach of all covenant measures. The extended borrowing has therefore been classified as a current liability as at 31 July 2020. Sales, gross margin and inventory were all negatively impacted by COVID-19 due to store closures and delayed inventory shipments from suppliers.

(b) 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.

In each of October, November and December 2019 and January, February, and April 2020, we completed a private placement of a convertible promissory note (each, a “Prior Note”) and a warrant to purchase ordinary shares to either St. George Investments LLC or Iliad Research and Trading L.P., which are affiliates of one another (together, the “Affiliated Holders”). Each private placement of a Prior Note was made pursuant to a Securities Purchase Agreement (an “SPA”) with the applicable Affiliated Holder. The aggregate purchase price of the Prior Notes was NZ$23.5m (US$15.5m). Each of the Prior Notes was issued with an original issue discount of 5%, and certain expenses of the Affiliated Holder were added to the balance of each Prior Note, for an aggregate original outstanding balance of NZ$24.8m (US$16.4m). As at July 31, 2020, the entire outstanding balance of the Prior Notes issued in October, November and December 2019 and January 2020, or approximately NZ$22.7m (US$15.0m), had been converted into 35,746,486 ordinary shares, and NZ$0.5m (US$0.4m) of the outstanding balance of the Prior Note issued in February 2020 had been converted into 1,875,670 ordinary shares. Each of the remaining Prior Notes issued in February and April 2020 bears interest at 20% per annum, compounded daily, and matures two years after its issuance.

(b) Convertible notes (continued)

In July 2020, the Group completed a private placement of a convertible promissory note (the “July Note”) and a warrant to purchase ordinary shares (the “July Purchase Warrant”) to one of the Affiliated Holders, Iliad Research Trading L.P., pursuant to a Securities Purchase Agreement (the “July SPA”), for a purchase price of NZ$12.1m (US$8.0m). The July Note was issued with an original issue discount of 5%, and certain expenses of the Affiliated Holder were added to the balance of the July Note, for an original principal balance of NZ$12.8m (US$8.4m). The Group also granted a financing rebate to the Affiliated Holder, resulting in net proceeds to us of approximately NZ$10.9m (US$7.2m) from the sale of the July Note. The July Note accrues interest at the following rates: (i) for a period of 90 days starting on its issuance date, 2.0% per annum, (ii) for the next 90 days, 10.0% per annum and (iii) thereafter, 15.0% per annum. The July Note matures on the second anniversary of its issuance.

As at July 31, 2020, the Group had a principal liability of $21.7m (US$14.5m) and an interest liability of $0.7m (US$0.5m) reflected on the balance sheet. Interest has been charged to the Statement of Profit or Loss. When a conversion option is exercised, the amount of conversion is taken to share capital, reducing the loan note balance.

Please refer to note 21 – subsequent events, for recent developments regarding convertible notes.

(c) Other loans

On 3 July 2020, the balance (principle and interest) that existed at 31 January 2020 (US$1.1m, NZ$1.6m) was fully converted into 1,666,667 Naked ordinary shares at a price of US$0.66 by mutual consent.

(d) Guarantees

A total of NZ$0.8m (January 2019: $0.7m) guarantees and financial instruments are covered under the BNZ bank facility.

Provisions

6 Months Ended

Jul. 31, 2020

Provisions [abstract]

Provisions

13	Provisions

	31 July 2020 NZ $000’s		31 January 2020 NZ $000’s
Current:
Other provisions		8,841		5,205
Make good		602		639
		9,443		5,844

	31 July 2020 NZ $000’s		31 January 2020 NZ $000’s
Non-current:
Make good		1,391		1,796
		1,391		1,796

	Other provisions NZ$000’s			Make good NZD$000’s			Total NZ$000’s

Opening balance at 1 February 2020		5,205			2,435			7,640
Additional provisions recognised		5,717			26			5,743
Amounts used during the year		(1,983	)		(439	)		(2,422	)
Exchange differences		(98	)		(29	)		(127	)
Balance at 31 July 2020		8,841			1,993			10,834

Opening balance at 1 August 2019		-			2,380			2,380
Additional provisions recognised		5,205			8			5,213
Amounts used during the year		-			(6	)		(6	)
Other movements		-			(69	)		(69	)
Exchange differences		-			122			122
Balance at 31 January 2020		5,205			2,435			7,640

Other provisions

On March 24, 2020, Timothy Connell filed a complaint against us, a subsidiary of ours, and Mr. Davis-Rice, alleging, among other things, that certain shares issued to him in satisfaction of a debt were not registered for resale as promised. Mr. Connell seeks rescission of the transaction. In addition to this, a claim by William Gibson and Ivory Castle Limited, was also provided for although no official complaint had been received by the Group at the date of this report. The total amount provided for is NZ$5.7m

In the prior year, 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. The original terms of the termination fee to Heidi Klum in lieu of further royalties was payable in instalments through to 30 December 2020, however the Group has obtained an extension due to the impact of COVID-19.

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% (31 January 2020: 2%).

Share Capital

6 Months Ended

Jul. 31, 2020

Disclosure of classes of share capital [abstract]

Share Capital

14	Share Capital

31 July 2020

NZ $000’s

31 January 2020

NZ $000’s

41,629,877 (31 January 2020: 4,697,204) Ordinary shares

194,465

170,193

Ordinary shares

	6 months to 31 July 2019 NZ $000’s		6 months to 31 January 2020 NZ $000’s
At the beginning of the reporting period		170,193		155,536
Issuance of ordinary shares:
- Cash collected		-		2,631
- Shares issued in lieu of inventory payment		-		5,864
- Convertible notes converted to equity		22,583		5,979
- Conversion of debt		1,689		-
- Warrants issued		-		183
At the end of the reporting period		194,465		170,193

The holders of ordinary shares are entitled to participate in dividends and the proceeds on winding up of the Group. On a show of hands at meetings of the Group, each holder of ordinary shares has one vote in person or by proxy, and upon a poll each share is entitled to one vote.

The Group does not have authorised capital or par value in respect of its shares.

Warrants

The following warrants were outstanding as at 31 July 2020 (31 January 2020: 610,122).

Average Exercise Price USD	Issue Date	Expiry Date	No of Warrants
$0.01 - $0.50	Mar-19	Mar-23		14,000
	Mar-19	Mar-24		3,921
	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
	Jul-20	Jul-25		19,136,364
$1.50 - $2.00	Nov-17	Nov-21		2,000
	Oct-18	Oct-21		20,000
$2.01 - $4.00	Dec-17	Dec-20		10,660
	Jun-18	Jun-23		8,000
$4.01+	May-18	May-21		2,820
Total number of outstanding warrants as at 31 July 2020				19,729,216

Earnings Per Share

6 Months Ended

Jul. 31, 2020

Loss per share from loss from continuing operations attributable to the ordinary equity holders of Naked Brand Group Limited

Earnings Per Share

15	Earnings per Share

(a) Basic and diluted loss per share

6 months to

31 July 2020

NZ $

6 months to

31 July 2019* NZ $

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

(1.43

)

(52.23

)

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

(1.43

)

(52.23

)

All convertible notes and warrants issued during the period are not included in the calculation of diluted loss per share because they are antidilutive in nature for the period ended 31 July 2020. These notes could potentially dilute earnings/loss per share in the future.

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

6 months to

31 July 2020

NZ $000’s

6 months to

31 July 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:

(18,454

)

(28,729

)

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

31 July 2020

Number

31 July 2019

Number*

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

12,921,978

550,071

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

Related Parties

6 Months Ended

Jul. 31, 2020

Disclosure of transactions between related parties [abstract]

Related Parties

16	Related Parties

(a) The Group’s main related parties are as follows:

Key management personnel

Other related parties include close family members of key management personnel and entities that are controlled or significantly influenced by those key management personnel or their close family members.

(b) Transactions with related parties

During the last financial 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 10.

During the current period, the Group procured goods for resale from The Way Store Pty, a company registered in Australia, which is related through common directorship. The Group purchased $0.5m worth of inventory.

Cash Flow Information

6 Months Ended

Jul. 31, 2020

Cash Flow Information

Cash Flow Information

17	Cash Flow Information

(a) Reconciliation of cash flow from operations with loss are income tax

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s

Loss for the period		(18,454	)		(28,729	)
Cash flows excluded from loss attributable to operating activities
- interest paid on borrowings		3,721			1,025
- interest paid on lease liabilities		-			857
Non-cash flows in loss:
- depreciation and amortisation expense		4,560			4,567
- impairment expense		2,815			6,849
- Transaction expenses		6,748			-
Net changes in assets and liabilities		918			5,862
- net exchange differences		70			(120	)
Cash flow from operations		378			(9,689	)

Contingencies

6 Months Ended

Jul. 31, 2020

Disclosure of contingent liabilities [abstract]

Contingencies

18	Contingencies

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.

During the current period, a dispute was raised by a wholesale customer of the Group regarding the amount due for payment. The outstanding receivable has been fully provided in these financial statements, however at the time of preparing this report the dispute remained unresolved and no additional provision has been made for this in these financial statements. It is expected that a settlement will be met by the year end.

Events Occurring After the Reporting Date

6 Months Ended

Jul. 31, 2020

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

Events Occurring After the Reporting Date

19	Events occurring after the reporting date

On May 14, 2020, the Group received a notice from the Listing Qualifications Department of Nasdaq stating that, the minimum requirement of shareholder equity (US$2.5m) had not been met. Under the listing rule ((5550(b)(1)) the Group submitted a plan to regain compliance that was accepted and now has until 10 November 2020 to become compliant. Following this notice, on 6 October 2020 the Group received a letter from the Listing Qualifications Department of The Nasdaq Capital Market (“Nasdaq”) notifying the Group that it has regained compliance with minimum stockholder’s equity requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b). However the Group remains out of compliance with the requirement to have a minimum bid price of at least US$1.00 per share for continued listing under Nasdaq Listing Rule 5550(a)(2). The Group initially has until November 23, 2020 to regain compliance with the minimum bid price requirement. In the event the Group does not regain compliance by such date, the Group may be eligible for an additional 180 calendar days.

On August 18, 2020, Naked Brand Group Limited (the “Company”) entered into a Global Amendment, dated as of August 17, 2020 (the “Amendment”), with St. George Investments LLC (the “Holder”), which amended the Convertible Promissory Note issued by the Company on February 11, 2020 (the “Amended Note”). Pursuant to the Amendment, subject to the Company’s approval, the Holder may convert the outstanding balance of the Amended Note into the Company’s ordinary shares at a conversion price per share that is equal to (i) a percentage of not less than 75%, multiplied by (ii) the lowest daily volume weighted average price of the Company’s ordinary shares in the preceding 20 trading days, but in any event not less than the floor price specified in the Amendment.

On August 20, 2020, Naked Brand Group Limited (the “Company”) entered into an equity distribution agreement (the “Sales Agreement”) with Maxim Group LLC (the “Maxim”). Under the Sales Agreement, the Company may sell, from time to time, through Maxim, ordinary shares, without par value (the “Shares”), having an aggregate offering price of up to US$5,000,000 (the “Offering”). Sales of the Shares, if any, will be made by any method permitted that is deemed an “at the market offering” as defined in Rule 415 under the Securities Act of 1933, as amended. Maxim is not required to sell any specific amount but will act as the Company’s exclusive sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between Maxim and the Company. The Company has no obligation to sell any of the Shares under the Sales Agreement and may at any time suspend solicitation and offers under the Sales Agreement. The Company intends to use any net proceeds from the sale of Ordinary Shares for general corporate purposes. As compensation for its services, the Company agreed to pay to Maxim 3% of the gross proceeds received by the Company from the sales of the Shares. Subsequent to this, on September 25, 2020, the offering price was increased to US$18,500,000.

On August 20, 2020, the Company received an instruction to issue 1,875,670 shares under the Convertible Promissory Note dated February 11, 2020 at a conversion price of US$0.1866 for a total of US$350,000.

On August 25, 2020, the Company received an instruction to issue 3,197,195 shares under the Convertible Promissory Note dated July 24, 2020 at a conversion price of US$0.2424 for a total of US$775,000.

On August 31, 2020, the Company received an instruction to issue 2,100,000 shares under the Convertible Promissory Note dated July 24, 2020 at a conversion price of US$0.2424 for a total of US$509,040.

On September 2, 2020, the Company received an instruction to issue 2,050,000 shares under the Convertible Promissory Note dated July 24, 2020 at a conversion price of US$0.2424 for a total of US$496,920.

On September 3, 2020, the Company received an instruction to issue 3,316,521 shares and 15,492,344 pre-funded warrants under the Convertible Promissory Note dated July 24, 2020 at a conversion price of US$0.2424 for a total of US$4,557,747. Pre-funded warrants of 15,492,344 were exercised (“cash exercise”) at the pre-funded exercise price of $0.0001 for a total of US$1,549.

During September and October 2020, the company received instructions to exercise (“Cashless Exercise”) 7,251,581 purchase warrants under the Convertible Promissory Note dated July 24, 2020, into 31,253,032 ordinary shares.

During September and October 2020, the Company raised US$17.5m through the Company’s partnership with Maxim Group LLC as noted on August 20,2020. This equated to a sale of 138,252,413 shares. Fees equating to 3% of gross proceeds were retained by Maxim LLC.

On October 5, 2020, the Company and its operating subsidiary Bendon Limited, entered into settlement agreements with each of Timothy Connell and William Gibson & Ivory Castle Limited to agree to finally settle the dispute by issuing redeemable “Bendon conversion shares” with an aggregate value of US$3.8m. The Bendon conversion shares constitute a separate share class in Bendon and confer no voting rights, have no rights to distributions. The Bendon conversion shares are convertible into the Naked Brand Group Limited ordinary shares at a conversion price equal to the closing market price of the Company’s ordinary shares on the trading day immediately preceding the date the Lender or Bendon, as applicable, delivers a notice of conversion subject to floor of $0.05 per share. Bendon may not require more than US$0.1m Bendon conversion shares to be converted on any day.

On October 19, 2020, we entered into an equity distribution agreement (the “New Sales Agreement”) with Maxim Group LLC (“Maxim”), pursuant to which we may sell, from time to time, through Maxim, ordinary shares having an aggregate offering price of up to US$50,000,000. Sales of the shares, if any, will be made by any method permitted that is deemed an “at the market offering” as defined in Rule 415 under the Securities Act.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jul. 31, 2020

Summary Of Significant Accounting Policies

Going Concern

(a)

Going concern

The Directors’ believe that the Group will be successful in the raising capital, generating sales and increasing gross margin and accordingly, have prepared the report on a going concern basis.

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

Interest revenue

Interest is recognised using the effective interest method and recognised when it is earned.

Dividend revenue

Dividends are recognised when the entity’s right to receive payment is established. The Group did not receive dividend revenue during the period.

Rendering of services

Revenue from service transactions are recognised as services are performed. The Group did not receive any service revenue.

Other income

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 asset’s 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 and where shorter over the lease term
Plant, furniture, fittings and motor vehicles		3 - 7 years

Leases

(j)

Leases

During the period, the Group received rent concessions of NZ$0.7m, due to COVID-19 and has applied “practical expedients” as permitted by IFRS 16.

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

The Group classifies its financial assets in the following measurement categories:

	●	those to be measured subsequently at fair value (either through Other Comprehensive Income “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

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

●

Equity instruments

(v) 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.

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 expected credit losses.

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.

They are assessed for impairment annually or more frequently if impairment indicators exist.

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

(iii) Other long-term employee benefit obligations

Provisions

(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

Earnings/(Loss) Per Share

(s)

Earnings/(loss) per share

(i) Basic earnings/(loss) per share

Basic earnings/(loss) per share is calculated by dividing:

	●	the profit/(loss) attributable to owners of the Group, excluding any costs of servicing equity other than ordinary
	●	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 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.

Borrowings

(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 and Warrants

(v)

Share capital and Warrants

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and warrants are recognised as a deduction from equity, net of any tax effects.

Warrants

Foreign Currency Transactions and Balances

(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)

6 Months Ended

Jul. 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 and where shorter over the lease term
Plant, furniture, fittings and motor vehicles		3 - 7 years

Profit and Loss Information (Tables)

6 Months Ended

Jul. 31, 2020

Profit And Loss Information

Disclosure of Detailed Information About Revenue from Continuing Operations

Revenue from continuing operations

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s

Gross revenue		35,144			47,809
Rebates		(580	)		(5,715	)
		34,564			42,094

Sale of goods
- Retail		14,863			19,000
- Wholesale		2,735			8,414
- E-commerce		16,966			14,680
		34,564			42,094

Disclosure of Detailed Information About Profit Loss from Operating Activities

The loss for the half year was derived after (charging) / crediting the following items that are unusual and of significance because of their size, nature and incidence:

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s
Other income
- Government subsides		3,162			-

Finance expenses
- Interest expense on external borrowings		(958	)		(496	)
- Interest expense on shareholder loans		-			(255	)
- Interest expense on convertible loan notes		(2,763	)		(274	)
- Interest expense on leases		(713	)		(857	)
- Amortisation of loan set up costs		276			(348	)
		(4,158	)		(2,230	)

Other foreign currency gains/(losses)
- Fair value gain on foreign exchange contracts		-			729
- Net foreign exchange gains/(losses)		1,914			224
		1,914			953
Impairment expense
- Impairment of intangible assets		(1,253	)		(6,647	)
- Impairment of property, plant and equipment		(341	)		-
- Impairment of right-of-use assets		(1,221	)		-
- Impairment of software		-			(202	)
		(2,815	)		(6,849	)

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s
Brand transition, restructure and transaction income/(expense)
- Brand transition expenses		2,343			(258	)
- Restructure expenses		(38	)		-
- Transaction expenses		(10,631	)		(5,588	)
		(8,326	)		(5,846	)

Disclosure of Components of Income Tax Expenses

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

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s
Current tax
Current tax on losses for the period		2			9
Adjustment for current tax on prior periods		39			51
Total current tax expense		41			60

Deferred tax
Decrease in deferred tax asset		-			701
Income tax benefit for continuing operations		41			761

Reconciliation of income tax to accounting loss:
Loss before income tax		(18,413	)		(27,968	)
Tax at New Zealand tax rate 28%		(5,156	)		(7,831	)

Tax effect of:
- permanent differences		1,581			75
- adjustments in respect of current tax or prior periods		37			76
- effects of different tax rates of subsidiaries operating in other jurisdictions		(3	)		(641	)
- deferred tax assets relating to the current period not recognised		3,602			7,727
- other		(20	)		1,355
Income tax expense		41			761

Operating Segment (Tables)

6 Months Ended

Jul. 31, 2020

Operating Segment

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:

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s

Total segment revenue		38,202			47,809
Intersegment eliminations		(3,638	)		(5,715	)
Total external revenue		34,564			42,094

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

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s

Adjusted EBITDA		(1,313	)		(9,758	)
Other reconciling items		(17,100	)		(18,210	)
Income tax expense		(41	)		(761	)
Total net loss after tax		(18,454	)		(28,729	)

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.

	6 months to 31 July 2020 NZ $000’s		6 months to 31 July 2019 NZ $000’s

New Zealand		13,644		14,876
Australia		7,600		9,825
United States		12,998		17,079
Europe		322		314
		34,564		42,094

Disclosure of Detailed Information About Segment Performance

Segment performance

	Retail NZ $000’s			Wholesale NZ $000’s			e-commerce NZ $000’s			Unallocated NZ $000’s			Total NZ $000’s
For the 6 months ended 31 July 2020
Revenue from external customers		14,863			2,735			16,966			-			34,564
		14,863			2,735			16,966			-			34,564
Cost of sales		(6,701	)		(2,071	)		(11,280	)		(375	)		(20,427	)
Gross margin		8,162			664			5,686			(375	)		14,137
Other segment expenses*		(7,577	)		(551	)		(6,001	)		-			(14,129	)
Unallocated expenses
Administrative expenses		-			-			-			(403	)		(403	)
Corporate expenses		-			-			-			(3,957	)		(3,957	)
Other income		-			-			-			3,162			3,162
Rent concessions received		-			-			-			722			722
Other foreign exchange loss		-			-			-			(845	)		(845	)
Adjusted EBITDA		585			113			(315	)		(1,696	)		(1,313	)
Brand transition, restructure and transaction expenses		-			-			-			(8,326	)		(8,326	)
Finance expense		-			-			-			(4,158	)		(4,158	)
Impairment expense		-			-			-			(2,815	)		(2,815	)
Depreciation and amortisation		-			-			-			(4,560	)		(4,560	)
Unrealised foreign exchange gain/(loss)		-			-			-			2,759			2,759
Profit/(loss) after income tax		585			113			(315	)		(18,796	)		(18,413	)
Income tax expense		-			-			-			(41	)		(41	)
Profit/(loss) after income tax		585			113			(315	)		(18,837	)		(18,454	)

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

	Retail NZ $000’s			Wholesale NZ $000’s			e-commerce NZ $000’s			Unallocated NZ $000’s			Total NZ $000’s
For the 6 months ended 31 July 2019
Revenue from external customers		19,000			8,414			14,680			-			42,094
		19,000			8,414			14,680			-			42,094
Cost of sales		(9,827	)		(5,869	)		(10,417	)		(2,016	)		(28,129	)
Gross margin		9,173			2,545			4,263			(2,016	)		13,965
Other segment expenses*		(7,646	)		(3,365	)		(6,169	)		-			(17,180	)
Unallocated expenses
Administrative expenses		-			-			-			(558	)		(558	)
Corporate expenses		-			-			-			(5,656	)		(5,656	)
Other foreign exchange loss		-			-			-			(329	)		(329	)
Adjusted EBITDA		1,527			(820	)		(1,906	)		(8,559	)		(9,758	)
Brand transition, restructure and transaction expenses		-			-			-			(5,846	)		(5,846	)
Finance expense		-			-			-			(2,230	)		(2,230	)
Impairment expense		-			-			-			(6,849	)		(6,849	)
Depreciation and amortisation		-			-			-			(4,567	)		(4,567	)
Fair value gain on foreign exchange contracts		-			-			-			729			729
Unrealised foreign exchange gain/(loss)		-			-			-			553			553
Profit/(loss) after income tax		1,527			(820	)		(1,906	)		(26,769	)		(27,968	)
Income tax expense		-			-			-			(761	)		(761	)
Profit/(loss) after income tax		1,527			(820	)		(1,906	)		(27,530	)		(28,729	)

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

Property, Plant and Equipment (Tables)

6 Months Ended

Jul. 31, 2020

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

Disclosure of Detailed Information About Property, Plant and Equipment

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

Leasehold improvements
At cost		9,045			11,456
Accumulated depreciation		(8,195	)		(9,690	)
		850			1,766

Plant, furniture, fittings and motor vehicles
At cost		24,960			24,850
Accumulated depreciation		(23,724	)		(23,579	)
		1,236			1,271
		2,086			3,037

Disclosure of Detailed Information About Movements in Carrying Amounts of Property, Plant and Equipment

Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial period:

Leasehold improvements

NZ $000’s

Plant, furniture, fittings and motor vehicles

NZ$000’s

Total

NZ $000’s

For the 6 months ended 31 July 2020

Balance at the beginning of the period

1,766

1,271

3,037

Additions

157

180

Disposals

(131

)

(134

)

Depreciation expense

(500

)

(189

)

(689

)

Impairment

(341

)

(341

)

Foreign exchange movements

Closing value at 31 July 2020

850

1,236

2,086

	Leasehold improvements NZ $000’s			Plant, furniture, fittings and motor vehicles NZ$000’s			Total NZ $000’s
For the 6 months ended 31 January 2020
Balance at the beginning of the period		2,665			1,526			4,191
Additions		191			498			689
Disposals		(28	)		(295	)		(323	)
Depreciation expense		(220	)		(905	)		(1,125	)
Reclassification		(719	)		719			-
Impairment		(213	)		(278	)		(491	)
Foreign exchange movements		90			6			96
Closing value at 31 January 2020		1,766			1,271			3,037

Right-of-Use Assets (Tables)

6 Months Ended

Jul. 31, 2020

Right-of-use Assets

Disclosure of Right-of-Use Assets

Right-of-use assets related to leased properties that do not meet the definition of investment property are presented as property, plant and equipment (see note 8).

	Land & Buildings			Plant, furniture, fittings and motor vehicles			Total
	NZ $000’s			NZ $000’s			NZ $000’s
Balance as at 1 February		23,392			417			23,809
Additions to right-of-use-assets		2,344			-			2,344
Depreciation charge for the period		(3,582	)		(61	)		(3,643	)
Impairment of right-of-use assets		(1,221	)		-			(1,221	)
Foreign exchange movements		(6	)		-			(6	)
Balance at 31 July 2020		20,927			356			21,283

Disclosure of Amounts Recognised in Profit or Loss

Amounts recognised in profit or loss

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

Interest of lease liabilities (Note 6b)		713		857

Intangible Assets (Tables)

6 Months Ended

Jul. 31, 2020

Disclosure of detailed information about intangible assets [abstract]

Disclosure of Detailed Information About Intangible Assets

	31 July 2020 NZ $000’s			31 January 2020 NZ $000’s
Goodwill
Cost		5,901			6,091
Accumulated impairment		(5,901	)		(6,091	)
		-			-
Patents and licences
Cost		24,393			25,151
Accumulated amortisation and impairment		(3,623	)		(3,489	)
		20,770			21,662
Brands
Cost		12,303			12,032
Accumulated amortisation and impairment		(6,759	)		(5,401	)
		5,544			6,631
Software & Website
Cost		15,625			15,548
Accumulated amortisation and impairment		(15,542	)		(15,548	)
		83			-

Total intangible assets		26,397			28,293

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 & Website NZ $000’s			Total NZ $000’s
For the 6 months ended 31 July 2020
Balance at the beginning of the period		-		21,662			6,631			-			28,293
Additions		-		-			-			86			86
Amortisation expense		-		(228	)		-			-			(228	)
Impairment		-		-			(1,253	)		-			(1,253	)
Foreign exchange movements		-		(664	)		166			(3	)		(501	)
Closing value at 31 July 2020		-		20,770			5,544			83			26,397

	Goodwill NZ $000’s		Patents and licences NZ $000’s			Brands NZ $000’s			Software & Website NZ $000’s		Total NZ $000’s
For the 6 months ended 31 January 2020
Balance at the beginning of the period		-		24,202			8,229			-		32,431
Adjustments*		-		(2,310	)		-			-		(2,310	)
Amortisation expense		-		(589	)		-			-		(589	)
Impairment		-		-			(1,564	)		-		(1,564	)
Foreign exchange movements		-		359			(34	)		-		325
Closing value at 31 January 2020		-		21,662			6,631			-		28,293

Disclosure of Information for Cash-generating Units

For the purpose of impairment testing, goodwill is allocated to cash-generating units as below:

Description of cash-generating unit (CGU)

	6 months to 31 July 2020 NZ $000’s		6 months to 31 July 2019 NZ $000’s

United States		-		2,480
Impairment of goodwill		-		2,480

Disclosure of Impairment of Intangible Assets

	6 months to 31 July 2020 NZ $000’s		6 months to 31 July 2019 NZ $000’s

FOH licence		-		1,914
Naked patents & licence		-		123
Impairment of patents & licences		-		2,037

	6 months to 31 July 2020 NZ $000’s		6 months to 31 July 2019 NZ $000’s

Pleasure State		1,253		-
Naked		-		2,130
Impairment for indefinite-lived brand intangibles		1,253		2,130

	6 months to 31 July 2020 NZ $000’s		6 months to 31 July 2019 NZ $000’s

Software		-		202
Impairment of software		-		202

Disclosure of Detailed Information About Impairment of Indefinite-lived Brand Intangibles

The table below illustrates the impact on the carrying value following changes in the following assumptions:-

	NZ $000’s
- 33 basis points increase in discount rate		(164	)
- 70 basis points decrease in long-term sales growth		(66	)
- 500 basis points decrease in long-term sales forecast		(318	)

Trade and Other Payables (Tables)

6 Months Ended

Jul. 31, 2020

Trade And Other Payables

Disclosure of Detailed Information About Trade and Other Current Payables

	31 July 2020 NZ $000’s		31 January 2020 NZ $000’s
Current:
Trade payables		7,842		10,407
Accruals		5,007		8,593
Employee benefit liabilities		4,326		3,430
		17,175		22,430

Borrowings (Tables)

6 Months Ended

Jul. 31, 2020

Schedule Of Fair Value Measurement Of Assets And Liabilities [Text Block]

Disclosure of Detailed Information About Borrowings

	31 July 2020 NZ $000’s			31 January 2020 NZ $000’s
Amounts due in less than one year:
Bank loans		16,700			17,900
Debt issuance costs in relation to bank loan		(405	)		-
Other loan		-			1,315
		16,295			19,215

Amounts due after more than one year:
Convertible notes		22,387			19,698
		38,682			19,698
		38,682			38,913

Provisions (Tables)

6 Months Ended

Jul. 31, 2020

Provisions [abstract]

Disclosure of Detailed Information About Provisions

	31 July 2020 NZ $000’s		31 January 2020 NZ $000’s
Current:
Other provisions		8,841		5,205
Make good		602		639
		9,443		5,844

	31 July 2020 NZ $000’s		31 January 2020 NZ $000’s
Non-current:
Make good		1,391		1,796
		1,391		1,796

Disclosure of Detailed Information About Reconciliation of Changes in Other Provisions

	Other provisions NZ$000’s			Make good NZD$000’s			Total NZ$000’s

Opening balance at 1 February 2020		5,205			2,435			7,640
Additional provisions recognised		5,717			26			5,743
Amounts used during the year		(1,983	)		(439	)		(2,422	)
Exchange differences		(98	)		(29	)		(127	)
Balance at 31 July 2020		8,841			1,993			10,834

Opening balance at 1 August 2019		-			2,380			2,380
Additional provisions recognised		5,205			8			5,213
Amounts used during the year		-			(6	)		(6	)
Other movements		-			(69	)		(69	)
Exchange differences		-			122			122
Balance at 31 January 2020		5,205			2,435			7,640

Share Capital (Tables)

6 Months Ended

Jul. 31, 2020

Disclosure of classes of share capital [abstract]

Disclosure of Detailed Information About Share Capital

31 July 2020

NZ $000’s

31 January 2020

NZ $000’s

41,629,877 (31 January 2020: 4,697,204) Ordinary shares

194,465

170,193

Disclosure of Detailed Information About Ordinary Shares Explanatory

Ordinary shares

	6 months to 31 July 2019 NZ $000’s		6 months to 31 January 2020 NZ $000’s
At the beginning of the reporting period		170,193		155,536
Issuance of ordinary shares:
- Cash collected		-		2,631
- Shares issued in lieu of inventory payment		-		5,864
- Convertible notes converted to equity		22,583		5,979
- Conversion of debt		1,689		-
- Warrants issued		-		183
At the end of the reporting period		194,465		170,193

Disclosure of Warrants Outstanding

The following warrants were outstanding as at 31 July 2020 (31 January 2020: 610,122).

Average Exercise Price USD	Issue Date	Expiry Date	No of Warrants
$0.01 - $0.50	Mar-19	Mar-23		14,000
	Mar-19	Mar-24		3,921
	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
	Jul-20	Jul-25		19,136,364
$1.50 - $2.00	Nov-17	Nov-21		2,000
	Oct-18	Oct-21		20,000
$2.01 - $4.00	Dec-17	Dec-20		10,660
	Jun-18	Jun-23		8,000
$4.01+	May-18	May-21		2,820
Total number of outstanding warrants as at 31 July 2020				19,729,216

Earnings Per Share (Tables)

6 Months Ended

Jul. 31, 2020

Loss per share from loss from continuing operations attributable to the ordinary equity holders of Naked Brand Group Limited

Disclosure of Detailed Information About Earning Loss Per Share

(a) Basic and diluted loss per share

6 months to

31 July 2020

NZ $

6 months to

31 July 2019* NZ $

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

(1.43

)

(52.23

)

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

(1.43

)

(52.23

)

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

6 months to

31 July 2020

NZ $000’s

6 months to

31 July 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:

(18,454

)

(28,729

)

31 July 2020

Number

31 July 2019

Number*

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

12,921,978

550,071

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

Cash Flow Information (Tables)

6 Months Ended

Jul. 31, 2020

Cash Flow Information

Schedule of Cash Flow Information

(a) Reconciliation of cash flow from operations with loss are income tax

	6 months to 31 July 2020 NZ $000’s			6 months to 31 July 2019 NZ $000’s

Loss for the period		(18,454	)		(28,729	)
Cash flows excluded from loss attributable to operating activities
- interest paid on borrowings		3,721			1,025
- interest paid on lease liabilities		-			857
Non-cash flows in loss:
- depreciation and amortisation expense		4,560			4,567
- impairment expense		2,815			6,849
- Transaction expenses		6,748			-
Net changes in assets and liabilities		918			5,862
- net exchange differences		70			(120	)
Cash flow from operations		378			(9,689	)

Description of the Business (Details Narrative) - NZD ($)	Jan. 31, 2020	Jan. 28, 2020
Licence Agreement [Member] \| Heidi Klum [Member]
Statement Line Items [Line Items]
Termination fees	$ 3,500,000
Gogogo SRL [Member]
Statement Line Items [Line Items]
Sale of rights, title and interest		$ 600,000

Basis of Preparation of Half Year Report (Details Narrative) - NZD ($) $ in Thousands	5 Months Ended	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2020	Jul. 31, 2019
Basis Of Preparation Of Half Year Report
Profit/(loss) after income tax	$ 722	$ (18,454)	$ (28,729)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
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-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2020-en-r&anchor=para_18_b&doctype=Standard
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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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-Name IFRS
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-Note Effective on first application of IFRS 9
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2020-01-01

+ Details

Summary of Significant Accounting Policies (Details Narrative) - NZD ($) $ in Thousands		5 Months Ended	6 Months Ended
	Mar. 12, 2020	Jul. 31, 2020	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020
Statement Line Items [Line Items]
Profit/(loss) after income tax		$ 722	$ (18,454)	$ (28,729)
Cash flows from (used in) operating activities			378	(9,689)
Net current liability		10,200	10,200
Assets (liabilities)		(1,708)	(1,708)		$ (6,284)
Rent concessions			700
Transaction expenses			10,631	5,588
Related to financial expenses			4,900
Other expenses			5,700
Sales and gross marging description	Under the terms of the facility, the Group must meet specific covenant obligations namely sales and gross margin adverse variances to budget to be no greater than 15% and inventory to cover bank debt 1.35 times (increasing to 1.65 times from and including 31 July 2020).
Proceeds from issuance of debt			19,300
Repayments for issuance of debt			1,200
Bank debt		$ 16,700	16,700		17,900
Other income			3,162
Received rent			$ 700
Goodwill percentage			100.00%
Bank of New Zealand [Member]
Statement Line Items [Line Items]
Loans payable	$ 16,700				$ 17,900
New Zealand [Member]
Statement Line Items [Line Items]
Profit/(loss) after income tax			$ 2,000
Australia [Member]
Statement Line Items [Line Items]
Profit/(loss) after income tax			$ 500

Summary of Significant Accounting Policies - Disclosure of Detailed Information About Estimated Useful Lives of Property, Plant and Equipment (Details)	6 Months Ended
	Jul. 31, 2020
Leasehold Improvements [Member]
Statement Line Items [Line Items]
Useful lives or depreciation rates, property, plant and equipment	1 - 10 years and where shorter over the lease term
Plant, Furniture, Fittings and Motor Vehicles [Member]
Statement Line Items [Line Items]
Useful lives or depreciation rates, property, plant and equipment	3 - 7 years

Profit and Loss Information (Details Narrative) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Profit And Loss Information
Applicable tax rate	28.00%	30.00%
Tax losses	$ 179,700	$ 166,900
De-recognised deferred tax assets	$ 701

Profit and Loss Information - Disclosure of Detailed Information About Revenue from Continuing Operations (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Statement Line Items [Line Items]
Gross revenue	$ 35,144	$ 47,809
Rebates	(580)	(5,715)
Revenue	34,564	42,094
Sale of goods	34,564	42,094
Retail [Member]
Statement Line Items [Line Items]
Sale of goods	14,863	19,000
Wholesale [Member]
Statement Line Items [Line Items]
Sale of goods	2,735	8,414
E-Commerce [Member]
Statement Line Items [Line Items]
Sale of goods	$ 16,966	$ 14,680

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2020-01-01

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
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-Name IFRS
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-URIDate 2020-01-01

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_34&doctype=Standard
-URIDate 2020-01-01

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-Name IAS
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-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2020-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
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-URIDate 2020-01-01

+ Details

Profit and Loss Information - Disclosure of Detailed Information About Profit Loss from Operating Activities (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Profit And Loss Information
Other income - Government subsides	$ 3,162
Interest expense on external borrowings	(958)	(496)
Interest expense on shareholder loans		(255)
Interest expense on convertible loan notes	(2,763)	(274)
Interest expense on leases	(713)	(857)
Amortisation of loan set up costs	276	(348)
Finance expenses	(4,158)	(2,230)
Fair value gain on foreign exchange contracts		729
Net foreign exchange gains/(losses)	1,914	224
Other foreign currency gains/(losses)	1,914	953
Impairment of intangible assets	(1,253)	(6,647)
Impairment of property, plant and equipment	(341)
Impairment of right-of-use assets	(1,221)
Impairment of software		(202)
Impairment expense	(2,815)	(6,849)
Brand transition expenses	2,343	(258)
Restructure expenses	(38)
Transaction expenses	(10,631)	(5,588)
Brand transition, restructure and transaction income/(expense)	$ (8,326)	$ (5,846)

Profit and Loss Information - Disclosure of Components of Income Tax Expenses (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Profit And Loss Information
Current tax on losses for the period	$ 2	$ 9
Adjustment for current tax on prior periods	39	51
Total current tax expense	41	60
Decrease in deferred tax asset		701
Income tax benefit for continuing operations	41	761
Loss before income tax	(18,413)	(27,968)
Tax at New Zealand tax rate 28%	(5,156)	(7,831)
Tax effect of - permanent differences	1,581	75
Tax effect of - adjustments in respect of current tax or prior periods	37	76
Tax effect of - effects of different tax rates of subsidiaries operating in other jurisdictions	(3)	(641)
Tax effect of - deferred tax assets relating to the current period not recognised	3,602	7,727
Tax effect of - other	(20)	1,355
Income tax expense	$ 41	$ 761

Profit and Loss Information - Disclosure of Components of Income Tax Expenses (Details) (Parenthetical)	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Profit And Loss Information
Tax rate	28.00%	28.00%

Operating Segment (Details Narrative)	6 Months Ended
Operating Segment (Details Narrative)	Jul. 31, 2020 Integer
Operating Segment
Number of reportable segments	3

Operating Segment - Disclosure of Reconciliation of Segment Revenue to Profit or Loss and Other Comprehensive Income (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Operating Segment
Total segment revenue	$ 38,202	$ 47,809
Intersegment eliminations	(3,638)	(5,715)
Total external revenue	$ 34,564	$ 42,094

- Definition

+ References

+ Details

Operating Segment - Disclosure of Reconciliation of Segment EBITDA to Profit or Loss and Other Comprehensive Income (Details) - NZD ($) $ in Thousands	5 Months Ended	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2020	Jul. 31, 2019
Operating Segment
Adjusted EBITDA		$ (1,313)	$ (9,758)
Other reconciling items		(17,100)	(18,210)
Income tax (expense)/benefit		(41)	(761)
Profit/(loss) after income tax	$ 722	$ (18,454)	$ (28,729)

- Definition

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

+ References

+ Details

Operating Segment - Disclosure of Detailed Information About Geographical Information (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Statement Line Items [Line Items]
Revenue	$ 34,564	$ 42,094
New Zealand [Member]
Statement Line Items [Line Items]
Revenue	13,644	14,876
Australia [Member]
Statement Line Items [Line Items]
Revenue	7,600	9,825
United States [Member]
Statement Line Items [Line Items]
Revenue	12,998	17,079
Europe [Member]
Statement Line Items [Line Items]
Revenue	$ 322	$ 314

- Definition

+ References

+ Details

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

5 Months Ended

6 Months Ended

Jul. 31, 2020

Jul. 31, 2019

Statement Line Items [Line Items]

Revenue

$ 34,564

$ 42,094

Cost of sales

(20,427)

(28,129)

Gross margin

14,137

13,965

Administrative expenses

(4,963)

(5,125)

Corporate expenses

(3,957)

(5,656)

Other income

3,162

Rent concessions received

700

Other foreign exchange loss

(1,914)

(953)

Adjusted EBITDA

(1,313)

(9,758)

Brand transition, restructure and transaction expenses

(8,326)

(5,846)

Finance expense

(4,158)

(2,230)

Fair value gain on foreign exchange contracts

729

Profit/(loss) after income tax

(18,413)

(27,968)

Income tax expense

(41)

(761)

Profit/(loss) after income tax

$ 722

(18,454)

(28,729)

Operating segments [Member]

Statement Line Items [Line Items]

Revenue from external customers

34,564

42,094

Revenue

34,564

42,094

Cost of sales

(20,427)

(28,129)

Gross margin

14,137

13,965

Other segment expenses

^[1]

(14,129)

(17,180)

Administrative expenses

(403)

(558)

Corporate expenses

(3,957)

(5,656)

Other income

3,162

Rent concessions received

722

Other foreign exchange loss

(845)

(329)

Adjusted EBITDA

(1,313)

(9,758)

Brand transition, restructure and transaction expenses

(8,326)

(5,846)

Finance expense

(4,158)

(2,230)

Impairment expense

(2,815)

(6,849)

Depreciation and amortisation

(4,560)

(4,567)

Fair value gain on foreign exchange contracts

729

Unrealised foreign exchange gain/(loss)

2,759

553

Profit/(loss) after income tax

(18,413)

(27,968)

Income tax expense

(41)

(761)

Profit/(loss) after income tax

(18,454)

(28,729)

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

Statement Line Items [Line Items]

Revenue from external customers

14,863

19,000

Revenue

14,863

19,000

Cost of sales

(6,701)

(9,827)

Gross margin

8,162

9,173

Other segment expenses

^[1]

(7,577)

(7,646)

Administrative expenses

Corporate expenses

Other income

Rent concessions received

Other foreign exchange loss

Adjusted EBITDA

585

1,527

Brand transition, restructure and transaction expenses

Finance expense

Impairment expense

Depreciation and amortisation

Fair value gain on foreign exchange contracts

Unrealised foreign exchange gain/(loss)

Profit/(loss) after income tax

585

1,527

Income tax expense

Profit/(loss) after income tax

585

1,527

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

Statement Line Items [Line Items]

Revenue from external customers

2,735

8,414

Revenue

2,735

8,414

Cost of sales

(2,071)

(5,869)

Gross margin

664

2,545

Other segment expenses

^[1]

(551)

(3,365)

Administrative expenses

Corporate expenses

Other income

Rent concessions received

Other foreign exchange loss

Adjusted EBITDA

113

(820)

Brand transition, restructure and transaction expenses

Finance expense

Impairment expense

Depreciation and amortisation

Fair value gain on foreign exchange contracts

Unrealised foreign exchange gain/(loss)

Profit/(loss) after income tax

113

(820)

Income tax expense

Profit/(loss) after income tax

113

(820)

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

Statement Line Items [Line Items]

Revenue from external customers

16,966

14,680

Revenue

16,966

14,680

Cost of sales

(11,280)

(10,417)

Gross margin

5,686

4,263

Other segment expenses

^[1]

(6,001)

(6,169)

Administrative expenses

Corporate expenses

Other income

Rent concessions received

Other foreign exchange loss

Adjusted EBITDA

(315)

(1,906)

Brand transition, restructure and transaction expenses

Finance expense

Impairment expense

Depreciation and amortisation

Fair value gain on foreign exchange contracts

Unrealised foreign exchange gain/(loss)

Profit/(loss) after income tax

(315)

(1,906)

Income tax expense

Profit/(loss) after income tax

(315)

(1,906)

Operating segments [Member] | Unallocated [member]

Statement Line Items [Line Items]

Revenue from external customers

Revenue

Cost of sales

(375)

(2,016)

Gross margin

(375)

(2,016)

Other segment expenses

^[1]

Administrative expenses

(403)

(558)

Corporate expenses

(3,957)

(5,656)

Other income

3,162

Rent concessions received

722

Other foreign exchange loss

(845)

(329)

Adjusted EBITDA

(1,696)

(8,559)

Brand transition, restructure and transaction expenses

(8,326)

(5,846)

Finance expense

(4,158)

(2,230)

Impairment expense

(2,815)

(6,849)

Depreciation and amortisation

(4,560)

(4,567)

Fair value gain on foreign exchange contracts

729

Unrealised foreign exchange gain/(loss)

2,759

553

Profit/(loss) after income tax

(18,796)

(26,769)

Income tax expense

(41)

(761)

Profit/(loss) after income tax

$ (18,837)

$ (27,530)

[1]	Other segment expenses relate to brand management expenses and some corporate expenses.

Property, Plant and Equipment - Disclosure of Detailed Information About Property, Plant and Equipment (Details) - NZD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Jul. 31, 2019
Statement Line Items [Line Items]
Property, plant and equipment	$ 2,086	$ 3,037	$ 4,191
Leasehold Improvements [Member]
Statement Line Items [Line Items]
Property, plant and equipment	850	1,766	2,665
Leasehold Improvements [Member] \| At Cost [Member]
Statement Line Items [Line Items]
Property, plant and equipment	9,045	11,456
Leasehold Improvements [Member] \| Accumulated Amortisation and Impairment [Member]
Statement Line Items [Line Items]
Property, plant and equipment	(8,195)	(9,690)
Plant, Furniture, Fittings and Motor Vehicles [Member]
Statement Line Items [Line Items]
Property, plant and equipment	1,236	1,271	$ 1,526
Plant, Furniture, Fittings and Motor Vehicles [Member] \| At Cost [Member]
Statement Line Items [Line Items]
Property, plant and equipment	24,960	24,850
Plant, Furniture, Fittings and Motor Vehicles [Member] \| Accumulated Amortisation and Impairment [Member]
Statement Line Items [Line Items]
Property, plant and equipment	$ (23,724)	$ (23,579)

Property, Plant and Equipment - Disclosure of Detailed Information About Movements in Carrying Amounts of Property, Plant and Equipment (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jan. 31, 2020
Statement Line Items [Line Items]
Balance at the beginning of the period	$ 3,037	$ 4,191
Additions	180	689
Disposals	(134)	(323)
Depreciation expense	(689)	(1,125)
Reclassification
Impairment	(341)	(491)
Foreign exchange movements	33	96
Balance at the end of the period	2,086	3,037
Leasehold Improvements [Member]
Statement Line Items [Line Items]
Balance at the beginning of the period	1,766	2,665
Additions	23	191
Disposals	(131)	(28)
Depreciation expense	(500)	(220)
Reclassification		(719)
Impairment	(341)	(213)
Foreign exchange movements	33	90
Balance at the end of the period	850	1,766
Plant, Furniture, Fittings and Motor Vehicles [Member]
Statement Line Items [Line Items]
Balance at the beginning of the period	1,271	1,526
Additions	157	498
Disposals	(3)	(295)
Depreciation expense	(189)	(905)
Reclassification		719
Impairment		(278)
Foreign exchange movements		6
Balance at the end of the period	$ 1,236	$ 1,271

Right-of-Use Assets (Details Narrative)	6 Months Ended
Right-of-Use Assets (Details Narrative)	Jul. 31, 2020
Right-of-use Assets
Lease term	3 years

Right-of-Use Assets - Disclosure of Right-of-Use Assets (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Statement Line Items [Line Items]
Balance as at 1 February	$ 23,809
Additions to right-of-use-assets	2,344
Depreciation charge for the period	(3,643)
Impairment of right-of-use assets	(1,221)
Foreign exchange movements	(6)
Balance at 31 July 2020	21,283
Land and Buildings [Member]
Statement Line Items [Line Items]
Balance as at 1 February	23,392
Additions to right-of-use-assets	2,344
Depreciation charge for the period	(3,582)
Impairment of right-of-use assets	(1,221)
Foreign exchange movements	(6)
Balance at 31 July 2020	20,927
Plant, Furniture, Fittings and Motor Vehicles [Member]
Statement Line Items [Line Items]
Balance as at 1 February	417
Additions to right-of-use-assets
Depreciation charge for the period	(61)
Impairment of right-of-use assets
Foreign exchange movements
Balance at 31 July 2020	$ 356

Right-of-Use Assets - Disclosure of Amounts Recognised in Profit or Loss (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Right-of-use Assets
Interest of lease liabilities (Note 6b)	$ 713	$ 857

Intangible Assets (Details Narrative) - NZD ($) $ in Thousands		6 Months Ended		12 Months Ended
	Jan. 28, 2020	Jul. 31, 2020	Jul. 31, 2019	Jan. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Impairment loss recognised in profit or loss, goodwill			$ 2,480
Gogogo SRL [Member]
Disclosure of detailed information about intangible assets [line items]
Sale of rights, title and interest	$ 600
FOH License [Member]
Disclosure of detailed information about intangible assets [line items]
Cash flow forecast period		48 years 6 months	49 years 6 months
Post-tax discount rate		10.50%
FOH License [Member] \| FY2022 [Member]
Disclosure of detailed information about intangible assets [line items]
Sales growth		14.00%
FOH License [Member] \| FY2023 and FY2026 [Member]
Disclosure of detailed information about intangible assets [line items]
Sales growth		10.00%
FOH License [Member] \| FY2022 and FY2026 [Member] \| Minimum [Member]
Disclosure of detailed information about intangible assets [line items]
Net margin		37.00%
EBITDA margin		16.00%
FOH License [Member] \| FY2022 and FY2026 [Member] \| Maximum [Member]
Disclosure of detailed information about intangible assets [line items]
Net margin		45.00%
EBITDA margin		29.00%
FOH License [Member] \| Beyond Year 5 [Member]
Disclosure of detailed information about intangible assets [line items]
Long term sales growth rate		1.00%
Brands [Member]
Disclosure of detailed information about intangible assets [line items]
Long term sales growth rate		1.00%		2.00%
Fair value less costs		$ 1,300
Royalty rate		5.00%		5.00%
Brands [Member] \| FY2022 [Member] \| Minimum [Member]
Disclosure of detailed information about intangible assets [line items]
Sales growth		12.00%
Brands [Member] \| FY2022 [Member] \| Maximum [Member]
Disclosure of detailed information about intangible assets [line items]
Sales growth		138.00%
Brands [Member] \| FY2023 and FY2026 [Member]
Disclosure of detailed information about intangible assets [line items]
Sales growth				2.50%
Brands [Member] \| FY2023 and FY2026 [Member] \| Minimum [Member]
Disclosure of detailed information about intangible assets [line items]
Sales growth		3.00%
Brands [Member] \| FY2023 and FY2026 [Member] \| Maximum [Member]
Disclosure of detailed information about intangible assets [line items]
Sales growth		8.00%
US Brands [Member]
Disclosure of detailed information about intangible assets [line items]
Cash flow forecast period		5 years		5 years
Post-tax discount rate		0.00%		10.50%
NZ Brands [Member]
Disclosure of detailed information about intangible assets [line items]
Post-tax discount rate		13.85%		11.75%
Software & Website [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment loss recognised in profit or loss, goodwill			$ 200

Intangible Assets - Disclosure of Detailed Information About Intangible Assets (Details) - NZD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Jul. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	$ 26,397	$ 28,293	$ 32,431
Goodwill [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill
Goodwill [Member] \| At Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	5,901	6,091
Goodwill [Member] \| Accumulated Impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	(5,901)	(6,091)
Patents and Licences [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	20,770	21,662	24,202
Patents and Licences [Member] \| At Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	24,393	25,151
Patents and Licences [Member] \| Accumulated Amortisation and Impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	(3,623)	(3,489)
Brands [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	5,544	6,631	8,229
Brands [Member] \| At Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	12,303	12,032
Brands [Member] \| Accumulated Amortisation and Impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	(6,759)	(5,401)
Software & Website [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	83
Software & Website [Member] \| At Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	15,625	15,548
Software & Website [Member] \| Accumulated Amortisation and Impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Total intangible assets and goodwill	$ (15,542)	$ (15,548)

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

6 Months Ended

Jul. 31, 2020

Jan. 31, 2020

Jul. 31, 2019

Disclosure of detailed information about intangible assets [line items]

For the 6 months ended 31 July 2020

$ 28,293

$ 32,431

Additions/Adjustments

(2,310)

^[1]

Amortisation expense

(228)

(589)

Impairment

(1,253)

(1,564)

Foreign exchange movements

(501)

325

Closing value at 31 July 2020

26,397

28,293

$ 32,431

Goodwill [Member]

Disclosure of detailed information about intangible assets [line items]

For the 6 months ended 31 July 2020

Additions/Adjustments

^[1]

Amortisation expense

Impairment

Foreign exchange movements

Closing value at 31 July 2020

Patents and Licences [Member]

Disclosure of detailed information about intangible assets [line items]

For the 6 months ended 31 July 2020

21,662

24,202

Additions/Adjustments

(2,310)

^[1]

Amortisation expense

(228)

(589)

Impairment

Foreign exchange movements

(664)

359

Closing value at 31 July 2020

20,770

21,662

24,202

Brands [Member]

Disclosure of detailed information about intangible assets [line items]

For the 6 months ended 31 July 2020

6,631

8,229

Additions/Adjustments

^[1]

Amortisation expense

Impairment

(1,253)

(1,564)

(2,130)

Foreign exchange movements

166

(34)

Closing value at 31 July 2020

5,544

6,631

8,229

Software & Website [Member]

Disclosure of detailed information about intangible assets [line items]

For the 6 months ended 31 July 2020

Additions/Adjustments

^[1]

Amortisation expense

Impairment

(202)

Foreign exchange movements

(3)

Closing value at 31 July 2020

$ 83

[1]

During the second half of last 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 de-recognised 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 which was NZ$0.2m.

Intangible Assets - Disclosure of Detailed Information About Movements in Carrying Amounts of Intangible Assets (Details) (Parenthetical) $ in Thousands	Jul. 31, 2020 NZD ($)
Disclosure of detailed information about intangible assets [abstract]
Accrued and capitalised interest	$ 200

Intangible Assets - Disclosure of Information for Cash-generating Units (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Impairment of expense		$ 2,480
United States [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of expense		$ 2,480

Intangible Assets - Disclosure of Impairment of Intangible Assets (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jan. 31, 2020	Jul. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets	$ 1,253	$ 1,564
FOH License [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets			$ 1,914
Naked Patents & Licence [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets			123
Patents & Licence [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets			2,037
Pleasure State [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets	1,253
Brands - Naked [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets			2,130
Brands [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets	1,253	1,564	2,130
Software & Website [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets			202
Impairment of Software [Member]
Disclosure of detailed information about intangible assets [line items]
Impairment of intangible assets			$ 202

Intangible Assets - Disclosure of Detailed Information About Impairment of Indefinite-lived Brand Intangibles (Details) $ in Thousands	6 Months Ended
	Jul. 31, 2020 NZD ($)
Disclosure of detailed information about intangible assets [abstract]
33 basis points increase in discount rate	$ (164)
70 basis points decrease in long-term sales growth	(66)
500 basis points decrease in long-term sales forecast	$ (318)

Trade and Other Payables - Disclosure of Detailed Information About Trade and Other Current Payables (Details) - NZD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Trade and other payables [abstract]
Trade payables	$ 7,842	$ 10,407
Accruals	5,007	8,593
Employee benefits liabilities	4,326	3,430
Trade and other current payables	$ 17,175	$ 22,430

Borrowings (Details Narrative) $ / shares in Units, $ in Thousands, $ in Thousands		1 Months Ended														6 Months Ended		12 Months Ended
	Mar. 12, 2020 NZD ($)	Jul. 31, 2020 NZD ($) shares	Jul. 31, 2020 USD ($) $ / shares shares	Apr. 30, 2020 NZD ($)	Apr. 30, 2020 USD ($)	Feb. 29, 2020 NZD ($) shares	Feb. 29, 2020 USD ($) shares	Jan. 31, 2020 NZD ($)	Jan. 31, 2020 USD ($)	Dec. 31, 2019 NZD ($)	Dec. 31, 2019 USD ($)	Nov. 30, 2019 NZD ($)	Nov. 30, 2019 USD ($)	Oct. 31, 2019 NZD ($)	Oct. 31, 2019 USD ($)	Jul. 31, 2020 NZD ($) shares	Jul. 31, 2020 USD ($) shares	Jan. 31, 2020 USD ($)	Jul. 31, 2020 USD ($)	Apr. 30, 2020 USD ($)	Feb. 29, 2020 USD ($)	Jan. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Nov. 30, 2019 USD ($)	Oct. 31, 2019 USD ($)	Jan. 31, 2019 NZD ($)
Statement Line Items [Line Items]
Borrowings		$ 38,682						$ 38,913								$ 38,682
Principal liability		21,700														21,700
Interest liability		700														700
Guarantees and Financial Instruments [Member]
Statement Line Items [Line Items]
Current borrowing amount																										$ 700
Bank of New Zealand [Member]
Statement Line Items [Line Items]
Pricipal and interest of borrowings on other loans		$ 1,600
Converted shares of other loans \| shares		1,666,667	1,666,667
Ordinary shares price per share \| $ / shares			$ 0.66
Bank of New Zealand [Member] \| Guarantees and Financial Instruments [Member]
Statement Line Items [Line Items]
Current borrowing amount		$ 800														$ 800
US [Member]
Statement Line Items [Line Items]
Pricipal and interest of borrowings on other loans																		$ 1,100
Bank of New Zealand [Member]
Statement Line Items [Line Items]
Loans payable	$ 16,700							17,900
Guarantees and financial instruments	$ 1,345
Description of borrowings	Under the terms of the facility, the Group must meet specific covenant obligations namely sales and gross margin adverse variances to budget to be no greater than 15% and inventory to cover bank debt 1.35 times (increasing to 1.65 times from and including 31 July 2020).
Bank of New Zealand [Member] \| Minimum [Member]
Statement Line Items [Line Items]
Borrowings, interest rate	4.60%
Bank of New Zealand [Member] \| Maximum [Member]
Statement Line Items [Line Items]
Borrowings, interest rate	5.26%
Prior Note [Member]
Statement Line Items [Line Items]
Converted shares \| shares						1,875,670	1,875,670
Notes interest				20.00%	20.00%	20.00%	20.00%
Prior Note [Member] \| Securities Purchase Agreement [Member] \| Affiliated Holder [Member]
Statement Line Items [Line Items]
Purchase price				$ 235,000		$ 235,000		$ 235,000		$ 235,000		$ 235,000		$ 235,000
Original issue discount rate				5.00%		5.00%		5.00%		5.00%		5.00%		5.00%						5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
Borrowings				$ 248,000		$ 248,000		$ 248,000		$ 248,000		$ 248,000		$ 248,000
Notes payable								$ 227,000		$ 227,000		$ 227,000		$ 227,000
Converted shares \| shares																35,746,486	35,746,486
Converted amount																$ 500
Prior Note [Member] \| Securities Purchase Agreement [Member] \| Affiliated Holder [Member] \| US [Member]
Statement Line Items [Line Items]
Purchase price					$ 155,000		$ 155,000		$ 155,000		$ 155,000		$ 155,000		$ 155,000
Borrowings																				$ 164,000	$ 164,000	$ 164,000	$ 164,000	$ 164,000	$ 164,000
Notes payable																						$ 15,000	$ 15,000	$ 15,000	$ 15,000
Converted amount																	$ 400
Convertible Promissory Note [Member] \| 90 Days [Member]
Statement Line Items [Line Items]
Borrowings, interest rate		2.00%														2.00%			2.00%
Convertible Promissory Note [Member] \| Next 90 Days [Member]
Statement Line Items [Line Items]
Borrowings, interest rate		10.00%														10.00%			10.00%
Convertible Promissory Note [Member] \| Thereafter [Member]
Statement Line Items [Line Items]
Borrowings, interest rate		15.00%														15.00%			15.00%
Convertible Promissory Note [Member] \| US [Member]
Statement Line Items [Line Items]
Principal liability																			$ 14,500
Interest liability																			$ 500
Convertible Promissory Note [Member] \| Securities Purchase Agreement [Member] \| July Purchase Warrant [Member] \| Bank of New Zealand [Member]
Statement Line Items [Line Items]
Borrowings, interest rate		5.00%														5.00%			5.00%
Description of borrowings		The July Note accrues interest at the following rates: (i) for a period of 90 days starting on its issuance date, 2.0% per annum, (ii) for the next 90 days, 10.0% per annum and (iii) thereafter, 15.0% per annum. The July Note matures on the second anniversary of its issuance.	The July Note accrues interest at the following rates: (i) for a period of 90 days starting on its issuance date, 2.0% per annum, (ii) for the next 90 days, 10.0% per annum and (iii) thereafter, 15.0% per annum. The July Note matures on the second anniversary of its issuance.
Purchase price		$ 10,900
Borrowings		128,000														$ 128,000
Notional amount		$ 12,100														$ 12,100
Convertible Promissory Note [Member] \| Securities Purchase Agreement [Member] \| US [Member] \| July Purchase Warrant [Member]
Statement Line Items [Line Items]
Purchase price			$ 7,200
Borrowings																			$ 8,400
Notional amount																			$ 8,000

Borrowings - Disclosure of Detailed Information About Borrowings (Details) - NZD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Schedule Of Fair Value Measurement Of Assets And Liabilities [Text Block]
Bank loans	$ 16,700	$ 17,900
Debt issuance costs in relation to bank loan	(405)
Other loan		1,315
Amounts due in less than one year	16,295	19,215
Convertible notes	22,387	19,698
Amounts due after more than one year	38,682	19,698
Borrowings	$ 38,682	$ 38,913

Provisions (Details Narrative) - NZD ($) $ in Thousands	6 Months Ended	12 Months Ended
Provisions (Details Narrative) - NZD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020	Mar. 24, 2020	Jul. 31, 2019
Statement Line Items [Line Items]
Other provisions	$ 10,834	$ 7,640		$ 2,380
Pre-tax discount rate applied to provisions calculations	2.00%	2.00%
Mr. Davis-Rice [Member]
Statement Line Items [Line Items]
Other provisions			$ 5,700

Provisions - Disclosure of Detailed Information About Provisions (Details) - NZD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Statement Line Items [Line Items]
Current provisions	$ 9,443	$ 5,844
Non-current provisions	1,391	1,796
Other Provisions [Member]
Statement Line Items [Line Items]
Current provisions	8,841	5,205
Make Good [Member]
Statement Line Items [Line Items]
Current provisions	602	639
Non-current provisions	$ 1,391	$ 1,796

Provisions - Disclosure of Detailed Information About Reconciliation of Changes in Other Provisions (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jan. 31, 2020
Statement Line Items [Line Items]
Opening balance	$ 7,640	$ 2,380
Additional provisions recognised	5,743	5,213
Amounts used during the year	(2,422)	(6)
Other movements		(69)
Exchange differences	(127)	122
Ending Balance	10,834	7,640
Other Provisions [Member]
Statement Line Items [Line Items]
Opening balance	5,205
Additional provisions recognised	5,717	5,205
Amounts used during the year	(1,983)
Other movements
Exchange differences	(98)
Ending Balance	8,841	5,205
Make Good [Member]
Statement Line Items [Line Items]
Opening balance	2,435	2,380
Additional provisions recognised	26	8
Amounts used during the year	(439)	(6)
Other movements		(69)
Exchange differences	(29)	122
Ending Balance	$ 1,993	$ 2,435

Share Capital (Details Narrative) - shares	Jul. 31, 2020	Jan. 31, 2020
Disclosure of classes of share capital [abstract]
Number of warrants outstanding	19,729,216	610,122

Share Capital - Disclosure of Detailed Information About Share Capital (Details) - NZD ($) $ in Thousands	Jul. 31, 2020	Jan. 31, 2020
Disclosure of classes of share capital [abstract]
Shares Outstanding Value	$ 194,465	$ 170,193

Share Capital - Disclosure of Detailed Information About Share Capital (Details) (Parenthetical) - shares	Jul. 31, 2020	Jan. 31, 2020
Ordinary share [Member]
Disclosure of classes of share capital [line items]
Number of shares outstanding	41,629,877	4,697,204

Share Capital - Disclosure of Detailed Information About Ordinary Shares Explanatory (Details) - NZD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2020	Jan. 31, 2020
Disclosure of classes of share capital [line items]
Balance, beginning	$ 170,193
Balance, ending	194,465	$ 170,193
Ordinary share [Member]
Disclosure of classes of share capital [line items]
Balance, beginning	170,193	155,536
Issuance of ordinary shares, Cash collected		2,631
Issuance of ordinary shares, Shares issued in lieu of inventory payment		5,864
Issuance of ordinary shares, Convertible notes converted to equity	22,583	5,979
Issuance of ordinary shares, Conversion of debt	1,689
Issuance of ordinary shares, Warrants issued		183
Balance, ending	$ 194,465	$ 170,193

Share Capital - Disclosure of Warrants Outstanding (Details)	6 Months Ended
	Jul. 31, 2020 $ / shares shares	Jul. 31, 2020 $ / shares shares	Jan. 31, 2020 shares
Disclosure of classes of share capital [line items]
Number of warrants outstanding	19,729,216	19,729,216	610,122
Warrants One [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Mar-19
Expiry date	Mar-23
Number of warrants outstanding	14,000	14,000
Warrants One [Member] \| Minimum [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares	$ 0.01
Warrants One [Member] \| Maximum [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares	$ 0.50
Warrants Two [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Mar-19
Expiry date	Mar-24
Number of warrants outstanding	3,921	3,921
Warrants Three [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Apr-19
Expiry date	Apr-22
Number of warrants outstanding	500	500
Warrants Four [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	May-19
Expiry date	May-21
Number of warrants outstanding	10,000	10,000
Warrants Four [Member] \| Minimum [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares	$ 0.50
Warrants Four [Member] \| Maximum [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares	$ 0.01
Warrants Five [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Jul-19
Expiry date	May-25
Number of warrants outstanding	170,100	170,100
Warrants Six [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Aug-19
Expiry date	Feb-25
Number of warrants outstanding	285,714	285,714
Warrants Seven [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Aug-19
Expiry date	Aug-24
Number of warrants outstanding	22,857	22,857
Warrants Eight [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Mar-19
Expiry date	Mar-21
Number of warrants outstanding	42,280	42,280
Warrants Eight [Member] \| Minimum [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares		$ 0.50
Warrants Eight [Member] \| Maximum [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares		$ 1.00
Warrants Nine [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Jul-20
Expiry date	Jul-25
Number of warrants outstanding	19,136,364	19,136,364
Warrants Ten [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Nov-17
Expiry date	Nov-21
Number of warrants outstanding	2,000	2,000
Warrants Ten [Member] \| Minimum [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares		$ 1.50
Warrants Ten [Member] \| Maximum [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares		$ 2.00
Warrants Eleven [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Oct-18
Expiry date	Oct-21
Number of warrants outstanding	20,000	20,000
Warrants Twelve [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Dec-17
Expiry date	Dec-20
Number of warrants outstanding	10,660	10,660
Warrants Twelve [Member] \| Minimum [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares		$ 2.01
Warrants Twelve [Member] \| Maximum [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares		$ 4.00
Warrants Thirteen [Member]
Disclosure of classes of share capital [line items]
Issuance date of warrants	Jun-18
Expiry date	Jun-23
Number of warrants outstanding	8,000	8,000
Warrants Fourteen [Member]
Disclosure of classes of share capital [line items]
Average exercise price \| $ / shares		$ 4.01
Issuance date of warrants	May-18
Expiry date	May-21
Number of warrants outstanding	2,820	2,820

Earnings Per Share - Disclosure of Detailed Information About Earning Loss Per Share (Details) - NZD ($)
$ / shares in Units, $ in Thousands

6 Months Ended

Jul. 31, 2020

Jul. 31, 2019

Loss per share from loss from continuing operations attributable to the ordinary equity holders of Naked Brand Group Limited

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

$ (1.43)

$ (52.23)

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

$ (1.43)

$ (52.23)

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

$ (19,696)

$ (27,215)

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

^[1]

12,921,978

550,071

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

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

Related Parties (Details Narrative) $ in Thousands	6 Months Ended
Related Parties (Details Narrative) $ in Thousands	Jul. 31, 2020 NZD ($)
Way Store Pty [Member]
Statement Line Items [Line Items]
Purchases of goods, related party transactions	$ 500

Cash Flow Information - Schedule of Cash Flow Information (Details) - NZD ($) $ in Thousands	5 Months Ended	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2020	Jul. 31, 2019
Cash Flow Information
Loss for the period	$ 722	$ (18,454)	$ (28,729)
Cash flows excluded from loss attributable to operating activities - interest paid on borrowings		3,721	1,025
Cash flows excluded from loss attributable to operating activities - interest paid on lease liabilities		(713)	(857)
Non-cash flows in loss: - depreciation and amortisation expense		4,560	4,567
Non-cash flows in loss: - impairment expense		2,815	6,849
Non-cash flows in loss: - Transaction expenses		6,748
Net changes in assets and liabilities		918	5,862
- net exchange differences		70	(120)
Cash flow from operations		$ 378	$ (9,689)

Events Occurring After the Reporting Date (Details Narrative) $ / shares in Units, $ in Thousands											1 Months Ended	6 Months Ended
	Oct. 19, 2020 USD ($)	Oct. 05, 2020 USD ($)	Sep. 25, 2020 USD ($)	Sep. 03, 2020 USD ($) shares	Sep. 02, 2020 USD ($) shares	Aug. 31, 2020 USD ($) shares	Aug. 25, 2020 USD ($) shares	Aug. 20, 2020 USD ($) shares	Aug. 18, 2020	May 14, 2020 USD ($)	Sep. 30, 2020 USD ($) shares	Jul. 31, 2020 NZD ($)	Jul. 31, 2019 NZD ($)	Oct. 31, 2020 shares	Sep. 03, 2020 $ / shares	Sep. 02, 2020 $ / shares	Aug. 31, 2020 $ / shares	Aug. 25, 2020 $ / shares	Aug. 20, 2020 $ / shares	Jan. 31, 2020 NZD ($)	Jan. 31, 2019 NZD ($)
Disclosure of non-adjusting events after reporting period [line items]
Shareholder's equity												$ (1,708)	$ 4,018							$ (6,284)	$ 10,519
Minimum price per shares required, description										However the Group remains out of compliance with the requirement to have a minimum bid price of at least US$1.00 per share for continued listing under Nasdaq Listing Rule 5550(a)(2).
Proceeds from sale of stock													$ 9,923
Events occurring after reporting date [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of share sold \| shares														138,252,413
Events occurring after reporting date [Member] \| Convertible Promissory Note dated February 11, 2020 [Member]
Disclosure of non-adjusting events after reporting period [line items]
Debt conversion price per share \| $ / shares																			$ 0.1866
Events occurring after reporting date [Member] \| Convertible Promissory Note dated July 24, 2020 [Member]
Disclosure of non-adjusting events after reporting period [line items]
Debt conversion price per share \| $ / shares															$ 0.2424	$ 0.2424	$ 0.2424	$ 0.2424
Number of warrant exercised \| shares											7,251,581			7,251,581
Number of warrants converted into shares \| shares											31,253,032			31,253,032
Events occurring after reporting date [Member] \| Convertible Promissory Note dated July 24, 2020 [Member] \| Pre-funded Warrants Member
Disclosure of non-adjusting events after reporting period [line items]
Debt conversion price per share \| $ / shares															$ 0.0001
Events occurring after reporting date [Member] \| Bendon Conversion Shares [Member]
Disclosure of non-adjusting events after reporting period [line items]
Conversion price per share, description		The Bendon conversion shares constitute a separate share class in Bendon and confer no voting rights, have no rights to distributions. The Bendon conversion shares are convertible into the Naked Brand Group Limited ordinary shares at a conversion price equal to the closing market price of the Company's ordinary shares on the trading day immediately preceding the date the Lender or Bendon, as applicable, delivers a notice of conversion subject to floor of $0.05 per share. Bendon may not require more than US$0.1m Bendon conversion shares to be converted on any day.
Number of shere issued value		$ 3,800,000
Events occurring after reporting date [Member] \| Maxim Group LLC [Member]
Disclosure of non-adjusting events after reporting period [line items]
Percentage of gross proceeds retained											3.00%			3.00%
Events occurring after reporting date [Member] \| St. George Investments [Member]
Disclosure of non-adjusting events after reporting period [line items]
Conversion price per share, description									Pursuant to the Amendment, subject to the Company's approval, the Holder may convert the outstanding balance of the Amended Note into the Company's ordinary shares at a conversion price per share that is equal to (i) a percentage of not less than 75%, multiplied by (ii) the lowest daily volume weighted average price of the Company's ordinary shares in the preceding 20 trading days, but in any event not less than the floor price specified in the Amendment.
US [Member]
Disclosure of non-adjusting events after reporting period [line items]
Shareholder's equity										$ 2,500,000
US [Member] \| Events occurring after reporting date [Member]
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from sale of stock											$ 17,500,000
US [Member] \| Events occurring after reporting date [Member] \| Convertible Promissory Note dated February 11, 2020 [Member]
Disclosure of non-adjusting events after reporting period [line items]
Debt conversion, converted instrument, shares issued \| shares								1,875,670
Debt conversion, converted instrument, amount								$ 350,000
US [Member] \| Events occurring after reporting date [Member] \| Convertible Promissory Note dated July 24, 2020 [Member]
Disclosure of non-adjusting events after reporting period [line items]
Debt conversion, converted instrument, shares issued \| shares				3,316,521	2,050,000	2,100,000	3,197,195
Debt conversion, converted instrument, amount				$ 4,557,747	$ 496,920	$ 509,040	$ 775,000
US [Member] \| Events occurring after reporting date [Member] \| Convertible Promissory Note dated July 24, 2020 [Member] \| Pre-funded Warrants Member
Disclosure of non-adjusting events after reporting period [line items]
Debt conversion, converted instrument, shares issued \| shares				15,492,344
Debt conversion, converted instrument, amount				$ 1,549
US [Member] \| Events occurring after reporting date [Member] \| Equity Distribution Agreement [Member] \| Maxim Group LLC [Member] \| Maximum [Member]
Disclosure of non-adjusting events after reporting period [line items]
Aggregate offering price	$ 50,000,000		$ 18,500,000					$ 5,000,000
Compensation of services percentage																			3.00%