Fraud hits shave shop

SHAVER Shop has revealed it was defrauded $327,000 by a store manager who sold stock through daigou channels at prices significantly below cost.

In its annual report released yesterday, the company said it had been defrauded by the former manager in the second half of the 2017/18 financial year.

“The manager falsified transactional records,” the report said.

The manager sold stock to daigou – shoppers who buy to sell to clients in China.

The fraud contributed to a 27 per cent drop in the full-year profit to $6.6 million.