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Hello reader,
It’s hard to swim against the tide, a truth that’s evident in both of our featured stories in today’s newsletter.
It’s fair to say that Singapore isn’t exactly a bastion of sporting success, yet Olympic medalist Joseph Schooling managed to overcome the odds in the pool on the way to gold. Now, he faces perhaps even longer odds of trying to make a dent in venture capital investing.
Meanwhile, Una Brands also faces a great deal of adversity. After all, the ecommerce roll-up industry isn’t awash with good news these days, as many similar firms are struggling to make ends meet.
Yet the Singapore-headquartered company says it turned profitable by one metric in the fourth quarter of last year, after making some hard decisions to reallocate resources and cut costs.
Today we look at:
- Una Brands’ journey from down year to EBITDA profitability
- Joseph Schooling steps out of the pool and into the boardroom
- Other newsy highlights such as Carousell deepening its push into the luxury segment and Shein recording a huge profit surge.
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Una Brands hits profit in tough industry
Newsletter GIF – Una Brands hits profit in tough industry – 1200×640
Despite a 10x uptick in net loss in 2022 compared to the year prior, Una Brands says it turned EBITDA profitable in the fourth quarter of 2023.
The firm, which is backed by Lazada Group founder and former CEO Maximilian Bittner, says the turnaround was brought about by measures to reallocate resources and cut costs.
- Tough measures for tough times: Una Brands CFO Cho Weihao told Tech in Asia that the firm “had to make difficult decisions regarding reallocation of resources towards more profitable initiatives and products, and selective staff cost reductions.”
- Sea change: In 2022, Una Brands focused mainly on growth and scaling up operations, said Cho. The year included the acquisitions of ergonomic chair brand ErgoTune and adjustable desk retailer EverDesk+, both Singapore-based companies. However, 2023 brought a change of course, with an eye on profitability and cost efficiencies.
- TikTok impact: The labels Una Brands works with sell on various platforms, including TikTok Shop, Shopee, Lazada, and Amazon. According to Cho, TikTok Shop has become particularly important for Una Brands in Indonesia. Since TikTok Shop made a comeback in the country following its temporary ban, Una Brands has experienced a 2x surge in revenue from the channel, particularly in the beauty and wellness category.
Read more: Ecommerce roll-up firm Una Brands hits EBITDA profitability as industry struggles
Schooling tests the VC waters
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