Naked Brands CEO Justin Davis-Rice finishes his Reddit rollercoaster on a high.
For his efforts, and through a madly devoted following of retail investors who gather in Telegram groups to “ape” themselves into buying more and more parcels of shares, Davis-Rice has just walked away from his freshly re-branded company with a $US4.85 million payday.
It’s still fairly astounding that Naked Brands couldn’t turn a decent profit from its Bendon Lingerie business. It had the stock, it had the brand power, it had the relationships with department stores and, like all of us, it had access to the internet. Scrambling to avoid delisting in late 2020, Davis-Rice was sharpening the internal financials to begin raising capital when he struck gold.a passionate group of retail investors, who sent the share price soaring more than 2700 per cent in a bid to squeeze out the hedge funds.
Some keywords around “technical shapewear innovation” and “real-time software-enabled design” cemented a new group of shareholders on the register, while three hedge funds that lent Davis-Rice toxic debt at the start of the rally cashed out.
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