Singapore omnichannel fashion brand Love, Bonito has secured US$50 million during its Series C funding round led by Primavera Capital Group, with the participation of Adastria and Ondine Capital.
The company said the fundraising will allow the brand to double down effort in its existing omnichannel markets, including Singapore, Indonesia and Malaysia, while other markets such as Hong Kong, Japan, Philippines and the US will see an expansion in omni-channels.
“Love, Bonito has proven itself to be a one-of-a-kind, purpose-driven brand for women across all life-stages,” lead investor Primavera said in a statement.
“Primavera is deeply impressed by how much the team has achieved over the last decade and looks forward to tapping into our understanding and experience in the global consumer sector to help elevate Love, Bonito to the next level.”
The retailer also aims to expand into categories outside fashion, including a content platform ‘LiBrary’ and wellness, creating an ecosystem for female customers. The expansion in categories is managed by data and community feedback from its existing platforms, LBCommunity+ and LBCreate, together with its upcoming artificial intelligence.
“We have built a strong foundation in understanding the everyday Asian woman in order to be preemptive in catering to her needs,” said Dione Song, CEO of Love, Bonito. “We are primed to become a true life partner for our community of women, in and beyond fashion.
“We have yet to see a womenswear brand from the region stand proud on the world stage amongst industry heavyweights and we want to be the first brand to achieve that, by being purpose-driven, community-focused and innovative.”
The funding round follows the brand’s launch in Japan last week, where it will start full-scale business development in the future.
“Next year, we will actively create opportunities for Japanese people to actually pick up and experience Love, Bonito products, such as collaborations with Japanese brands and influencers, and the launch of hands-on pop-up stores and showrooms,” said Dione Song.
Founded in 2010, Love, Bonito has presence in 10 markets, including five Southeast Asian countries, Hong Kong, Australia and the US. The brand has achieved overall growth of more than 120 per cent year on year in international markets, and overall growth of 208 per cent for its online sales.
As of last September, the company recorded more than 1200 per cent year-on-year growth in revenue in the US.
“The growth we see today would not have happened without #TeamLB and our #LBCommunity who consistently strive to support women in the different seasons of their lives,” said Rachel Lim, co-founder of Love, Bonito.
