MONTHLY HIGHLIGHT - JUL 2025 Building Trust, Backing Vision!
- Hyuktae Kwon
- Aug 7
- 5 min read
Updated: 5 days ago
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Dear friends and partners,
Welcome to the first edition of the Pine Capital newsletter — a space where we’ll be sharing insights, updates, and opportunities as we grow our community and continue supporting families and founders around the world.
In the midst of our international outreach and fundraising journey, I had the chance to spend a few days in Helsinki — a stop that turned out to be unexpectedly memorable.
Finland is a small country that punches well above its weight. It’s home to global tech names like Supercell, Rovio, and Oura. It boasts over 3.3 million saunas and some of the world’s cleanest drinking water. But what left the deepest impression on me was something less visible — the quiet strength of trust that underpins Finnish society.
Despite a complex geopolitical past, Finland has built one of the most resilient, least corrupt, and most stable societies in the world. It’s no wonder it has been ranked the happiest country globally for seven years in a row. That kind of national wellbeing doesn’t happen by chance — it’s the product of intentional systems, long-term planning, and deep-rooted cultural values.
In many ways, it reminded me of what we’re striving to build at Pine: a firm that goes beyond performance metrics to deliver clarity, alignment, and peace of mind. Trust isn’t just something we earn — it’s something we choose to build, every day.
I look forward to sharing more reflections from this journey — and some exciting updates on the partnerships and progress we’re making — in the weeks to come.
Stay tuned on our LinkedIn and YouTube, where I’ll be posting updates and short reels throughout the trip.
Warm Regards,
Hyuk-Tae Kwon
Founder and CEO
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Retykle: Small Clothes, Big Impact
Global textile waste reaches an astonishing 92 million tonnes annually—equivalent to a garbage truck full of discarded clothes every single second. Meanwhile, rapidly shifting fashion trends have shortened the average lifespan of garments by 36%.
At Pine, we confronted the pressing question: What can be done better—and how? This inquiry led us to discover Retykle, a simple yet powerful solution that had somehow eluded many, including ourselves, for so long.
Founded in 2016 in Hong Kong by Sarah Garner, a former luxury fashion executive, Retykle was born from a personal insight—her children quickly outgrew clothes that were still perfectly wearable. Retykle is Asia’s first and now leading global online consignment platform dedicated to secondhand children’s and maternity fashion. It empowers parents to buy and sell quality pre-owned designer clothes for babies through teens, extending the life of garments and creating a truly circular fashion loop. With 2 billion children worldwide outgrowing roughly 2,000 clothing items each, the waste creation is staggering. However, waste only becomes waste when it is wasted. With $500 billion worth of kids’ clothing and toys produced annually, there is immense value to reclaim through circular solutions.
Since its inception, Retykle has expanded beyond Hong Kong to Singapore and the UAE, and recently resumed shipping to the USA under Duty Free secondhand classifications, overcoming previous tariff barriers. The US market is poised to be their next major growth area, driven by strong consumer demand.
Retykle’s success goes far beyond online sales. Their pop-up stores in two of Singapore’s premier shopping centers have proven that consumers eagerly embrace Retykle’s value proposition when given the opportunity. In May, Retykle expanded its physical presence by opening a permanent offline store within their new 10,000-square-foot office in Hong Kong’s vibrant Wong Chuk Hang neighborhood. Meanwhile, in Dubai, Retykle has been actively engaging families by participating in various community-focused events across the city, including a high-profile Gulf News event that garnered significant press attention.
What excites us most is Retykle’s relentless drive for improvement. The company has integrated AI technology to streamline operations—automating product tagging, descriptions, and quality control—reducing processing times to as little as 30 seconds. They are also developing AI-powered pricing models to optimize inventory liquidity, which will be incorporated into their circularity-as-a-service platform, seamlessly linking firsthand and secondhand sales at scale.
Retykle exemplifies how straightforward solutions, combined with visionary innovation and strong execution, can create lasting impact when driven by passionate founders and teams. As investors, we prioritize companies with clear missions that generate sustainable value and positive change. We are committed to partnering with founders who share this vision, working together toward a better world—and we invite everyone to join us on this journey.
📉 A technical pullback in mid-July?
The S&P 500 gained +4.96% in June, setting a new record high. Gains were driven by the AI-related stocks with Nvidia’s market capitalization surpassing $3.8 trillion. Equity markets have shown remarkable resilience and for good reasons – Despite the US led global tariff war and geopolitical escalations between Israel and Iran, economic indicators suggest the global economy is able to withstand the current 10% baseline tariff regime without slipping into a recession.
A constructive “Goldilocks” backdrop of moderating growth and disinflation underpinned risk assets as expectations for monetary easing intensified. As anticipated, the Federal Reserve left its target rate unchanged at the 18 June FOMC meeting, with Powell sticking to a “wait and see” approach. However, softening labour market and inflation data prompted regional Fed governors Christopher Waller and Michelle Bowman to signal openness for a rate cut as early as the July FOMC meeting.
With S&P 500 currently trading at 22x forward P/E, we think the market is susceptible to a technical pullback around mid-July, especially if the ongoing rally pushes the index further into overbought territory. The three rate cuts for 2025 currently priced in by the markets could also face a reality check as we expect June headline CPI to re-accelerate, putting downward pressure on current valuations.
This material is provided for general information purposes only and does not take into account the specific investment objectives, financial circumstances, or particular needs of any individual. You are encouraged to consult a qualified financial adviser before making any investment decisions. Historical performance and any forward-looking statements regarding the economy, stock, bond market, economic or industry trends should not be relied upon as indicators of future results. Past performance is not indicative of future returns. Opinions expressed may change without notice and should not be interpreted as personalised advice or a recommendation. Any references to specific securities (if applicable) are for illustrative purposes only. This publication has not been reviewed by the Monetary Authority of Singapore.
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