Sustainable fashion is not a trend, it’s a necessity, says e-commerce platform chief

The first of its kind, the e-commerce platform  Plain Tiger curates leading ethical and sustainable fashion, beauty and home decor brands from across the world. Shutterstock
The first of its kind, the e-commerce platform Plain Tiger curates leading ethical and sustainable fashion, beauty and home decor brands from across the world. Shutterstock
Short Url
Updated 27 November 2021

Sustainable fashion is not a trend, it’s a necessity, says e-commerce platform chief

Sustainable fashion is not a trend, it’s a necessity, says e-commerce platform chief
  • E-commerce platform with environment at heart of its strategies

DUBAI: For many, sustainable fashion is an interest or trend. For the founders of global sustainable e-commerce platform Plain Tiger, it’s a necessity.
In the middle of the night, Oliver Baillie woke up in his new home in South Africa to find strange men in his house. He began thrashing, worried it was a robbery until his wife, Alexandra Baillie, explained it was the paramedics. He had had a seizure and needed to be taken to hospital immediately.
The prognosis wasn’t good; a brain tumor — with no prior symptoms – was the cause. Following surgery and treatment, it led to a year of healing practices for the entrepreneur, who had recently moved to Cape Town after a long career heading international operations at a leading British bank based in Dubai. 
“What I learned is that what’s good for the body is also good for the planet,” said Baillie, the co-founder and CEO, during the regional soft launch at the Mandarin Oriental Jumeirah in Dubai.

“A plain tiger is an orange butterfly found in the region and ‘they’ say seeing one signifies positive change. They kept landing on our conference room window as we were building the business. And so, we named the brand Plain Tiger: A global platform for conscious luxury lifestyle products.”
The first of its kind, the platform curates leading ethical and sustainable fashion, beauty and home decor brands from across the world. Many of the 185 brands are exclusively available through Plain Tiger in the Middle East and North Africa and represent the most carefully crafted products from over 20 countries across six continents. These are brands on the rise in cities like Paris, London, Milan, Sydney and New York.
“At a time when sustainability has such a strong focus in the region, it’s the perfect time to be launching in MENA,” said Baillie, who now moved back to Dubai with his wife. “Governments like those of the UAE and Saudi Arabia are driving positive change, and businesses are looking to improve their environmental impact.”  
Last month, Saudi Arabia’s crown prince launched a Middle East Green Initiative, aimed at raising $10.4 billion for an investment fund and clean energy projects to reduce carbon emissions. Meanwhile, the UAE will play host to global climate summit COP 28 in 2023. The steps are in place and brands like Plain Tiger have a true opportunity to make a difference.
The brand is also launching a sustainability accelerator in the region, inviting local startups to assess their ethical practices at early stages of building their businesses.
“Sustainability is a buzzword that can be thrown around, but we have really stringent requirements for brands hosted on our e-commerce platform,” said Baillie.
At a time when many businesses are still setting strategies to become net zero, Plain Tiger has already secured a “climate positive” status. Each order made has a positive impact on the environment thanks to Plain Tiger’s three-part strategy: Conscious product curation, minimizing company carbon emissions, and offsetting double the remaining carbon emissions by investing in reforestation projects in Uganda and Brazil through their partnership with leading offset provider Pachama. 
Plain Tiger also has a 70 percent female team. The featured designers and manufacturers are all selected for their expertise in their craft and commitment to ethical and sustainable practices, often leveraging processes steeped in tradition and indigenous ingredients or materials. Transparency and traceability is key to Plain Tiger’s ethos. 
“We believe you should know the hands that made your products,”  said co-founder and director, Alexandra Baillie. Her background in luxury retail includes Estee Lauder, La Mer and The Four Seasons spas.
From the packaging to the material, any product purchased on the site holds a promise of ethical luxury. Add to that the passion of the founders and you’ve got powerhouse potential with a lot of heart, too.


Electric car construction will drive aluminum prices to 30 year high: Mining company CEO

Electric car construction will drive aluminum prices to 30 year high: Mining company CEO
Updated 28 January 2022

Electric car construction will drive aluminum prices to 30 year high: Mining company CEO

Electric car construction will drive aluminum prices to 30 year high: Mining company CEO

Aluminum is set to reach its highest price for more than 30 years, according to the CEO of mining company Eurasian Resources Group.

In 2021, the price of the metal surged to a 13-year high, gaining over 40 percent year-on-year.

Benedikt Sobotka believes a combination of Chinese demand, a global focus on renewables, and rising electric vehicle production will further push up the cost of aluminum over the upcoming 12 months.

In a report, he said: “We believe that aluminum has strong potential to outperform other LME base metals in 2022, having again breached the important milestone of USD 3,000/tonne at the start of this year. The market will remain in a sizable deficit for the second consecutive year, with visible inventories at the lowest level since the global financial crisis.”

His comments came after a year in which the cost of metals and other commodities rose, with copper, iron ore and natural gas prices hitting all-time highs.  

“The main driving forces for these markets were supply chain disruptions, production restrictions in China, the energy crisis, a stimulus-led consumption boom in the US and depleted inventories,” said Sobotka.

As well as aluminum, Sobotka forecasts an increase in the cost of cobalt, saying that its 119 percent price surge through the course of 2021 emanates “a very loud and clear message: the market is severely short of the blue metal.”

“As we move into the New Year, there are no discernible signs of any fundamental easing, with prices remaining on an upward trajectory as consumers skirmish to secure sparsely available spot units – a situation that will undoubtedly persist throughout 2022 and beyond,” he added.


Gold demand hits highest level in more than two years

Gold demand hits highest level in more than two years
Updated 28 January 2022

Gold demand hits highest level in more than two years

Gold demand hits highest level in more than two years

Rising inflation and the post-pandemic economic uncertainty has sent demand for gold to a two year high, according to the World Gold Council.

The organisation’s latest report shows the appetite for the metal  reached 1,147 tonnes in the last three months of 2021, its highest level since the second quarter of 2019 and an increase of almost 50 percent year-on-year.

Gold bar and coin demand rose 31 percent to an eight-year high of 1,180 tonnes, while the  jewellery sector rebounded to match 2019’s pre-pandemic total of 2,124 tonnes.

For the twelfth consecutive year, central banks were net purchasers of gold, adding 463 tonnes to their holdings — 82 percent higher than 2020. 

Central banks from both emerging and developed markets added to their gold reserves, lifting the global total to a near 30-year high.

Louise Street, a senior analyst at the World Gold Council, said: “On the investment side, the tug of war between persistent inflation and rising rates created a mixed picture for demand. Increasing rates fuelled a risk-on appetite among some investors, reflected in ETF (exchange-traded fund) outflows. 

“On the other hand, a search for safe haven assets led to a rise in gold bar and coin purchases, buoyed by central bank buying.

“Declines in ETFs were offset by demand growth in other sectors. Jewellery reached its highest level in nearly a decade as key markets like China and India regained economic vibrancy.”

Street added that the World Gold Council is expecting demand to fluctuate in 2022, with how central banks deal with persistent high levels of inflation a key factor affecting the sector.

Likewise, the jewellery market’s strength could be hampered if new COVID variants once again restrict consumer access.

 


Alturki migrating recently-bought US drilling firm to Dhahran

Alturki migrating recently-bought US drilling firm to Dhahran
Updated 28 January 2022

Alturki migrating recently-bought US drilling firm to Dhahran

Alturki migrating recently-bought US drilling firm to Dhahran

DAMMAM: Investment firm Alturki Holding is shifting the base of a US drilling firm it recently acquired to Dhahran, according to the head of the company.

Speaking to Arab News, Alturki’s CEO Rami Alturki said the move was related to Newsco International Energy Services, which it snapped up in October 2021 for an undisclosed amount. 

The comments came on the sideline of the Saudi Aramco hosted In-Kingdom Total Value Add forum, held in Dhahran.

Referring to Newsco, Alturki said: “We are in the process of migrating the company to be based here in Dhahran.” 

Alturki also commented on another of his firm’s subsidiaries, Sawafi Borets, which was awarded a contract to create a $50 million facility in King Salman Energy Park, or SPARK, to assemble electrical submersible pumps.

“We're also very involved on the construction side, building facilities for Aramco across the Kingdom,” he added. 


Iraqi ‘super app’ Baly raises $10.5m in funding round

Iraqi ‘super app’ Baly raises $10.5m in funding round
Updated 28 January 2022

Iraqi ‘super app’ Baly raises $10.5m in funding round

Iraqi ‘super app’ Baly raises $10.5m in funding round

RIYADH: Iraq’s first super app Baly raised an historic $10.5 million in its latest funding round — the most ever for a tech startup in the country. 

Baly launched ride-hailing as its first service in Baghdad last month, and already boasts thousands of rides each day, according to a press release. 

Additional services, like food and grocery delivery, will go live in the next few weeks, and Baly will expand to cover more cities in the country.

The startup will be able to use the new funds to support its scaling efforts in operations and market growth, the company said.

Baly Managing Director Matteo Mantovani said: “Iraq is home to 40 million people, with over 90 percent smartphone penetration amongst those aged 17-40. 

“With a young, urbanized population, it is the perfect place to revolutionize the economy through digital services.

Arnd Lodowicks, chief financial officer of investor Rocket Internet, said: “Baly is for us a world-class team in an extremely exciting and promising market. We are looking forward to supporting  the company on its mission to become the leading super app of Iraq.”

Venture capital funding in Iraq reached record highs in 2021, despite the political and socio-economic challenges in the region, according to Baly.

It crossed the $5 million mark over five deals in 2021, recording a 170 percent year-on-year jump in VC funding.

Kingsway Capital, MSA Capital, Global Founders Capital, Vostok Ventures, Majid Al Futtaim, and March Holding all participated in the funding round for Baly.


HP wins fraud case against UK tech tycoon Mike Lynch

HP wins fraud case against UK tech tycoon Mike Lynch
Updated 28 January 2022

HP wins fraud case against UK tech tycoon Mike Lynch

HP wins fraud case against UK tech tycoon Mike Lynch

LONDON: Hewlett-Packard won the majority of its civil case against British tech tycoon Mike Lynch over its acquisition of Autonomy in 2011, a London judge said on Friday, though damages will be considerably less than the $5 billion claimed.
The court’s decision comes on the same day as Britain has to decide whether or not to extradite Lynch to the United States after almost a decade of bitter wrangling over who was to blame for the failure of Hewlett-Packard’s $11 billion takeover of Lynch’s Autonomy.
HP had sued Lynch, arguing that he had fraudulently inflated the value of Autonomy before he sold it to the US tech giant. Lynch had argued that HP mismanaged the acquisition.
High Court Justice Robert Hildyard said HP had substantially succeeded in their case but the damages would be less than they were demanding.
Lynch faces separate criminal charges in the US, including wire fraud and securities fraud.
A year after acquiring Autonomy, HP threw out the architect of the deal which was supposed to help transform the computer and printer maker, one of Silicon Valley’s original companies, into a more profitable group centered on business software and services.
It wrote down the value of Autonomy by $8.8 billion and sought damages of around $5 billion from Lynch and his colleague Sushovan Hussain, alleging they inflated the value of Autonomy before selling it. Hussain was convicted in the United States in 2019.
Lynch has denied all the allegations.
Lynch is due to hear on Friday whether Britain’s interior minister Priti Patel has approved the extradition request to the United States.
A court has given Patel until midnight on Friday to make a decision, although Lynch could appeal any ruling that goes against him. The US charges carry a maximum term of 20 years imprisonment.
Lynch is one of Britain’s leading tech bosses. He founded Autonomy which was capable of searching and organizing unstructured information, such as telephone conversations.
The 56-year-old’s doctoral thesis remains one of the most consulted at Cambridge University and his success, including the around $800 million he made from his stake in Autonomy, elevated his position in Britain, giving him a place on government advisory boards.
Lynch was also central to the creation of DarkTrace , a cybersecurity firm that listed on the stock market last year. Lynch and his wife Angela Bacares own nearly 16 percent of DarkTrace, according to Refinitiv