Singaporean Fashion Brand Love, Bonito Wins $ 50 Million Series C Funding
Japanese retail firm Adastria and venture capital firm Ondine Capital also participated in the round. Love, Bonito is Primavera Capital’s first investment in South East Asia.
Love, Bonito, one of Singapore’s biggest womenswear brands, started in 2006 as a blogshop selling imported clothing. Since her rebranding in 2010 to a formal e-commerce platform, she designs and manufactures her own clothing for Asian women.
Singaporean fashion brand Love, Bonito (LB) recently said it had secured $ 50 million (S $ 67 million) in funding as it plans to open more domestic stores and expand on other markets such as the United States. The Series C funding round was led by Primavera Capital Group, China’s second-largest private equity firm that had previously invested in Alibaba and ByteDance.
The brand entered brick and mortar retail in 2017, opening its first physical store in Somerset. That number has since grown to 16 stores in Singapore, Malaysia, Indonesia and Cambodia. It also ships to 20 countries.
Love, Bonito’s chief executive Dione Song, said the latest funds would be used to “double” in existing markets, as well as accelerate its global expansion in Hong Kong, Japan, the Philippines and the United States. It’s been three years since the firm’s Series B financing, in which it raised $ 13 million.
“With this round of funding, we intend to improve our customer experience, delight our community even more, also expand customer acquisition, category offerings and community outreach to increase our share. market and our presence in the market, “Song said as quoted by the media. country reports.
More physical stores are in the works, as the brand still sees “a gap in the market”.
Fibre2Fashion Information Office (DS)