NA-KD

In 2015 the serial entrepreneur Jarno Vanhatapio founded NA-KD in Gothenburg, Sweden, as an online-only fashion retailer for young women. It grew fast on influencer collections and heavy social media marketing, ran up losses for most of a decade, went through a court-supervised reconstruction that wiped out its original investors, and in 2026 reported a profit for the first time. Lingerie and swimwear are a sizable part of what it sells.

Built on influencers

NA-KD's founding idea was distribution, not design. According to Swedish Wikipedia, the company built much of its growth on offering influencers and celebrities the chance to create their own clothing collections. Each collaboration came with a ready-made audience, and the influencer's followers became the company's customers.

The model suited a pure online retailer. Without stores, NA-KD could launch capsule collections quickly, test them on social media and reorder what sold.

Venture money and a hard landing

Investors liked the story. In early 2018 NA-KD raised 360 million Swedish kronor and announced ambitious international expansion plans. Its early backers included the venture firm Northzone, alongside Swedish business figures such as Lena Apler and Filip Engelbert. The investment firm Salica Investments also lists NA-KD among companies it has backed, describing it as one of Europe's fastest-growing fashion e-commerce businesses.

Growth did not bring profit. Swedish Wikipedia sums up the decade plainly: despite high sales and strong social media reach, the company struggled to become profitable. Mattias Jacobsson became chief executive in September 2023.

At the end of 2024 NA-KD applied for company reconstruction, the Swedish court-supervised process for restructuring debts. The district court approved the outcome in December 2025. Many of the company's investors were left with nothing, and Triplepoint Capital became the sole owner.

The figures since then are better. In 2025 NA-KD had revenue of 1.9 billion kronor, and in 2026 it was able to file a positive annual result for the first time.

The lingerie range

Lingerie at NA-KD is a full category, not an afterthought. The current range covers bras in balconette, lace, push-up, soft and padded T-shirt styles, a large choice of bralettes, and briefs from full cuts to the brazilian, tanga and thong. Bodies, corsets and bustiers, sleepwear, socks and tights sit in the same section, along with multipacks of basics.

The brand describes the line as built on "clean design, soft materials, and thoughtful fits", using cotton, satin and lace. Colors follow the fashion calendar more than a lingerie house's would: neutrals in beige, black, cream and brown, and seasonal shades such as dusty lilac, dark red and rose brown. Prices on the US site run from about $16 to $40 a piece, which places NA-KD alongside fast fashion intimates rather than specialist lingerie brands.

A separate swimwear section offers bikinis and swimsuits. For a retailer that grew through creators posting holiday pictures, swimwear is a natural fit.

Where it sits

In a Scandinavian context NA-KD is closer to H&M than to a dedicated lingerie label: the underwear is part of an outfit-led shop, designed to be bought with a dress or a pair of jeans. What made it distinctive was the speed of its online model and its use of creators as designers.

NA-KD timeline
2015	Founded in Gothenburg by Jarno Vanhatapio
2018	Raises 360 million kronor, plans international expansion
2023	Mattias Jacobsson becomes CEO
Late 2024	Applies for company reconstruction
December 2025	Reconstruction approved; Triplepoint Capital sole owner
2025	Revenue of 1.9 billion kronor
2026	First positive annual result

After a decade of venture-funded growth, the company that once sold the influencer dream now has a single owner and, for the first time, a profit to report.

Last updated October 7, 2026