Just in:
Arvind Kejriwal Gets International Heft Against The Deshi Vishwaguru // In Lok Sabha Polls In Punjab, AAP Is Advantageously Placed As Against Its Three Rivals // Hong Kong Seen Granting Mainland Investors Access to Crypto via ETFs // Emirates Post Speeds Up Deliveries for GCC with Special Day // 2024 Lok Sabha Election Is A Historic Battle Against The Advent Of Fascism In India // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Universal Language for Healthcare: General Authority Embraces Global Coding System // Party Nominees Refusing To Contest: Major Perception Threat For BJP // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Near Miss at Kolkata Airport: IndiGo Plane Makes Contact with Stationary Air India Express // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // Employer Obligations Tighten: 30-Day Deadline for Emirati Employee Registration with GPSSA // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // HSBC Streamlines Gold Investment for Hong Kong Residents with Tokenized Product // Andertoons by Mark Anderson for Wed, 27 Mar 2024 // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Renewables Surge Sets Record, But Global Equity Lags // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened //
HomeAsian News by Media-OutreachLove, Bonito raises US$50MILLION in Series C funding to fuel category and international expansion

Love, Bonito raises US$50MILLION in Series C funding to fuel category and international expansion

  • Southeast Asia’s largest omnichannel womenswear brand has its eyes set on evolving into a purpose-driven female ecosystem that supports Asian women around the world at every life stage
  • Fundraising round led by Primavera Capital Group with participation from Adastria and Ondine Capital
  • The funds will be used to bolster efforts in existing omnichannel markets and accelerate high growth international markets including Hong Kong, Japan, Philippines and the United States (US)

SINGAPORE – Media OutReach – 27 October 2021 – Love, Bonito today announced the close of its Series C funding round, raising a total of US$50Million. The round was led by Primavera Capital Group, a global investment firm whose previous investments include Alibaba, ByteDance, Yum China and Mead Johnson China. Adastria and Ondine Capital participated in the round too. Love, Bonito’s current investors include Openspace Ventures and Kakaku.com.

ADVERTISEMENT

Proceeds from the fundraising will enable the brand to bolster efforts in existing omnichannel markets and supercharge international expansion in markets that collectively are experiencing triple digits year-on-year (YoY) growth. These key markets include Hong Kong, Japan, Philippines and the US. Furthermore, the company is exploring categories outside of fashion as part of its plan to create a female ecosystem.

(Above: Love, Bonito Senior Leadership Team)

 

ADVERTISEMENT

Supercharging International Expansion

Since its launch in 2010, Love, Bonito has achieved impressive growth, expanding into 10 key markets which include those in Southeast Asia, namely Singapore, Malaysia, Indonesia, Philippines, Cambodia, and East Asia markets, namely Taiwan, Hong Kong, Japan as well as Australia and the US.

 

To date, Love, Bonito has achieved overall growth of over 120 per cent YoY in international markets, and overall growth of 208 per cent for its online sales. The company believes the Asian diaspora communities have extremely high potential, especially in the US, where online revenue growth exceeded 1,200 per cent YoY as of September 2021.

 

With the latest funding, the brand will double down efforts within markets such as Singapore, Indonesia and Malaysia that have omni-channel presence, while other markets such as Hong Kong, Japan, Philippines and the US will see an expansion in omni-channels, new business verticals, strengthening of local community engagement and key collaborations, as well as the continuous optimisation of user experiences.

 

“I am more excited than ever for what is to come in the next decade,” said Rachel Lim, Co-Founder of Love, Bonito. “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. Being in the business of women has been our mission since day one, and we are finally venturing outside of fashion to bolster our offerings.”

 

Business of Women vs Business of Fashion

In line with the brand’s mission to empower the everyday Asian woman, plans are in place to increase offerings within the fashion line to include active apparel and accessories. The brand is also looking to venture into a content platform (LiBrary) as well as exploration into new categories (LaB) which will include wellness.

 

The category and product expansion strategy is informed and driven by data and community feedback garnered from several platforms, including the brand’s soon-to-be-launched artificial intelligence that delivers personalisation at scale for women globally, through data and machine-learning models. Other existing platforms that contribute to the insights and knowledge gathering include:

  • LBCommunity+: Love, Bonito’s loyalty programme that provides customers an all-access community and rewards experience
  • LBCreate: Love, Bonito’s social impact programme with the mission to bring women’s issues to the forefront and create actionable steps for the future

“We have built a strong foundation in understanding the everyday Asian woman in order to be pre-emptive 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.

 

“We want to extend our heartfelt thanks to our existing and new investors who bring deep consumer investment experience and recognise the potential of the Asian consumer, both within and outside of the region,” added Dione.

 

Lead investor Primavera provided a statement: “Love, Bonito has proven itself to be a one-of-a-kind, purpose-driven brand for women across all life-stages. Consumers are drawn by what the brand stands for and its mission to empower women around the world. 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. We are thrilled to join Dione and the rest of the team on this path-breaking journey.”

 

Love, Bonito’s first external institutional investor, Openspace said: “From day one, we believed in what the brand could achieve as a business led by women, for women. We are thrilled to now work alongside esteemed investors like Primavera to help write the brand’s next chapter.”

Series B lead investor Kakaku.com added: “We are delighted to be on the global stage with Love, Bonito, and will continue to support the brand’s data and tech strategies, especially on their entry into the Japanese market.”

 

In the next phase of its growth, Love, Bonito aims to shake up the fashion industry by creating a more meaningful impact on its community across all life stages. The brand is setting its sights on creating a thoughtful and well-rounded female ecosystem, supporting different facets of women’s needs within Asian countries and reaching further into the Asian diaspora communities across the globe.

 

About Love, Bonito

Designing for the key moments and milestones of a woman’s life, Love, Bonito’s comprehensive assortment features stylish and comfortable pieces for the modern Asian woman at home, work and play. Love, Bonito is the largest vertically integrated, omni-channel women’s fashion brand in the region today. We remain committed to relationship building and nurturance, imbuing soul into innovation with thoughtful design and dedicated community outreach.

For more information, please visit https://www.lovebonito.com/sg/about-us

#LoveBonito

ADVERTISEMENT

ADVERTISEMENT
Just in:
Renewables Surge Sets Record, But Global Equity Lags // Arvind Kejriwal Gets International Heft Against The Deshi Vishwaguru // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Universal Language for Healthcare: General Authority Embraces Global Coding System // Party Nominees Refusing To Contest: Major Perception Threat For BJP // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // AI Boost for Galaxy Devices: Samsung Expands One UI 6.1 Update // The World’s First & Wettest Party: “S2O Hong Kong Songkran Music Festival” proudly returns Get an immersive water and music experience on 8-9 June during Dragon Boat Festival long weekend at Central Harbourfront Event Space! // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Emirates Post Speeds Up Deliveries for GCC with Special Day // In Lok Sabha Polls In Punjab, AAP Is Advantageously Placed As Against Its Three Rivals // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Employer Obligations Tighten: 30-Day Deadline for Emirati Employee Registration with GPSSA // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Near Miss at Kolkata Airport: IndiGo Plane Makes Contact with Stationary Air India Express // HSBC Streamlines Gold Investment for Hong Kong Residents with Tokenized Product // 2024 Lok Sabha Election Is A Historic Battle Against The Advent Of Fascism In India //