Taking the garbage out: SG firm’s profitable play

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Hello there,

I’ve become an avid thrifter in the past few years. With platforms such as Depop, Vestiaire Collective, Carousell, and Huntstreet gaining momentum, I’ve found that vintage clothing is often more affordable, durable, and unique.

Much of Gen Z seems to feel the same, especially in Indonesia, where the government has even sought to block online shops that sell imported second-hand goods out of fear that these may impact the local economy.

With the popularity of TikTok and Instagram, fashion trend cycles have accelerated over the past few years. Popular articles of clothing can be deemed “cheugy” less than three months after they came into fashion. It seems that we’re now past the idea of the aesthetically defined trend decades like that of the 70s or even the noughties.

Along with this comes overconsumption, and sites such as Shein and Alibaba have made this all too easy.

Though a lot of my generation (Gen Z) contributes to this, a growing segment is opting for more sustainable options, hence the resurgence of thrifted goods as a way to lessen one’s impact on the climate crisis.

This growing consciousness not only comes from consumers but also from corporations, as waste management has become crucial in facing climate change. One of those leading the pack in Southeast Asia is Singapore-headquartered Blue Planet.

In this week’s Big Story, my colleague Nikita details the firm’s road to its US$321 million valuation.

So far, Blue Planet has acquired 10 firms engaged in recycling and waste management, with more deals in the pipeline. In 2020 to 2021, the profitable firm grew its revenue by 6x. Even amid last year’s startup slump, the company managed to increase this figure by 24%.

Seeking profitability, another Singapore firm, RedDoorz, has laid off close to 90 employees. My colleague has more details on the hospitality firm’s move in an exclusive story. Meanwhile, our reporter, Collin, has an updated map detailing Temasek’s role in the startup space.

In our AI segment, AI Odyssey, I dive into generative AI’s effect on the music industry and unpack the impact behind the tracks made by Fake Drake and Counterfeit Kanye.

— Shadine

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THE BIG STORIES

1️⃣ SG firm mints profits from waste management

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MAKING WAVES

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AI ODYSSEY

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FYI

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NEWS YOU SHOULD KNOW

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