Love, Bonito team
Love, Bonito — an omnichannel womenswear brand based in Singapore — has announced the closing of its US$50 million Series C investment round.
Chinese VC firm Primavera Capital Group, an investor in Alibaba and ByteDance, led this round. Adastria (a public-listed Japanese retail giant) and Ondine Capital (China) also joined.
In 2018, Love, Bonito had raised US$13 million from investors led by Japanese comparison shopping site Kakaku.com. Openspace Ventures is also an investor in the startup.
Also Read: Be authentic in crowded industries says Love, Bonito Co-founder Rachel Lim
The new capital will enable the brand to bolster its efforts in existing omnichannel markets and supercharge its international expansion in markets, including Hong Kong, Japan, the Philippines and the US. It is also exploring categories outside of fashion as part of its plan to create a female ecosystem.
The company will also double down efforts within markets such as Singapore, Indonesia and Malaysia that have an omnichannel presence. The brand will expand its omnichannel and new business verticals in Hong Kong, Japan, the Philippines, and the US.
Launched in 2010, Love, Bonito has since expanded into ten markets. They include Singapore, Malaysia, Indonesia, the Philippines, and Cambodia in Southeast Asia; Taiwan, Hong Kong, Japan, Australia in East Asia; and the US.
To date, the brand claims it has achieved over 120 per cent growth y-o-y in international markets and 208 per cent growth for its online sales. It believes the Asian diaspora communities have extremely high potential, especially in the US, where online revenue growth exceeded 1,200 per cent y-o-y as of September 2021.
It also plans to increase offerings within the fashion line to include active apparel and accessories. In addition, it will look to venture into a content platform (LiBrary) and explore new categories (LaB), including wellness.
Also Read: Singapore’s Love, Bonito raises US$13M to expand its online womenswear business in APAC
“We have built a strong foundation in understanding the everyday Asian woman 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. We want to be the first brand to achieve that by being purpose-driven, community-focused and innovative.
In the next phase of its growth, Love, Bonito aims to create 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.
—
Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.
Image Credit: Love Bonito
The post Alibaba investor Primavera leads Love, Bonito’s US$50M Series C round appeared first on e27.