- Southeast Asia’s largest omnichannel womenswear model has its eyes set on evolving right into a purpose-driven feminine ecosystem that helps Asian girls all over the world at each life stage
- Fundraising spherical led by Primavera Capital Group with participation from Adastria and Ondine Capital
- The funds will likely be used to bolster efforts in current omnichannel markets and speed up excessive progress worldwide markets together with Hong Kong, Japan, Philippines and america (US)
SINGAPORE – Media OutReach – 27 October 2021 – Love, Bonito immediately introduced the shut of its Sequence C funding spherical, elevating a complete of US$50Million. The spherical was led by Primavera Capital Group, a world funding agency whose earlier investments embrace Alibaba, ByteDance, Yum China and Mead Johnson China. Adastria and Ondine Capital participated in the spherical too. Love, Bonito’s present buyers embrace Openspace Ventures and Kakaku.com.
Proceeds from the fundraising will allow the model to bolster efforts in current omnichannel markets and supercharge worldwide enlargement in markets that collectively are experiencing triple digits year-on-year (YoY) progress. These key markets embrace Hong Kong, Japan, Philippines and the US. Moreover, the corporate is exploring classes exterior of vogue as a part of its plan to create a feminine ecosystem.
(Above: Love, Bonito Senior Management Crew)
Supercharging Worldwide Enlargement
Since its launch in 2010, Love, Bonito has achieved spectacular progress, increasing into 10 key markets which embrace these in Southeast Asia, specifically Singapore, Malaysia, Indonesia, Philippines, Cambodia, and East Asia markets, specifically Taiwan, Hong Kong, Japan in addition to Australia and the US.
Up to now, Love, Bonito has achieved general progress of over 120 per cent YoY in worldwide markets, and general progress of 208 per cent for its on-line gross sales. The corporate believes the Asian diaspora communities have extraordinarily excessive potential, particularly within the US, the place on-line income progress exceeded 1,200 per cent YoY as of September 2021.
With the most recent funding, the model will double down efforts inside markets corresponding to Singapore, Indonesia and Malaysia which have omni-channel presence, whereas different markets corresponding to Hong Kong, Japan, Philippines and the US will see an enlargement in omni-channels, new enterprise verticals, strengthening of area people engagement and key collaborations, in addition to the continual optimisation of consumer experiences.
“I’m extra excited than ever for what’s to come back within the subsequent decade,” stated Rachel Lim, Co-Founder of Love, Bonito. “The expansion we see immediately wouldn’t have occurred with out #TeamLB and our #LBCommunity who persistently try to assist girls within the totally different seasons of their lives. Being within the enterprise of ladies has been our mission since day one, and we’re lastly venturing exterior of vogue to bolster our choices.”
Enterprise of Ladies vs Enterprise of Vogue
According to the model’s mission to empower the on a regular basis Asian girl, plans are in place to extend choices throughout the vogue line to incorporate energetic attire and equipment. The model can also be trying to enterprise right into a content material platform (LiBrary) in addition to exploration into new classes (LaB) which is able to embrace wellness.
The class and product enlargement technique is knowledgeable and pushed by information and group suggestions garnered from a number of platforms, together with the model’s soon-to-be-launched synthetic intelligence that delivers personalisation at scale for girls globally, by way of information and machine-learning fashions. Different current platforms that contribute to the insights and information gathering embrace:
- LBCommunity+: Love, Bonito’s loyalty programme that offers clients an all-access group and rewards expertise
- LBCreate: Love, Bonito’s social impression programme with the mission to deliver girls’s points to the forefront and create actionable steps for the long run
“We’ve got constructed a robust basis in understanding the on a regular basis Asian girl so as to be pre-emptive in catering to her wants,” stated Dione Track, CEO of Love, Bonito. “We’re primed to grow to be a real life accomplice for our group of ladies, in and past vogue. We’ve got but to see a womenswear model from the area stand proud on the world stage amongst business heavyweights and we need to be the primary model to obtain that, by being purpose-driven, community-focused and progressive.
“We need to lengthen our heartfelt due to our current and new buyers who deliver deep shopper funding expertise and recognise the potential of the Asian shopper, each inside and outdoors of the area,” added Dione.
Lead investor Primavera offered an announcement: “Love, Bonito has confirmed itself to be a one-of-a-kind, purpose-driven model for girls throughout all life-stages. Shoppers are drawn by what the model stands for and its mission to empower girls round the world. Primavera is deeply impressed by how a lot the staff has achieved over the final decade and appears ahead to tapping into our understanding and expertise within the international shopper sector to assist elevate Love, Bonito to the subsequent degree. We’re thrilled to hitch Dione and the remainder of the staff on this path-breaking journey.”
Love, Bonito’s first exterior institutional investor, Openspace stated: “From day one, we believed in what the model may obtain as a enterprise led by girls, for girls. We’re thrilled to now work alongside esteemed buyers like Primavera to assist write the model’s subsequent chapter.”
Sequence B lead investor Kakaku.com added: “We’re delighted to be on the worldwide stage with Love, Bonito, and can proceed to assist the model’s information and tech methods, particularly on their entry into the Japanese market.”
In the subsequent section of its progress, Love, Bonito goals to shake up the style business by making a extra significant impression on its group throughout all life levels. The model is setting its sights on making a considerate and well-rounded feminine ecosystem, supporting totally different sides of ladies’s wants inside Asian nations and reaching additional into the Asian diaspora communities throughout the globe.
About Love, Bonito
Designing for the important thing moments and milestones of a girl’s life, Love, Bonito’s complete assortment options fashionable and comfy items for the fashionable Asian girl at house, work and play. Love, Bonito is the biggest vertically built-in, omni-channel girls’s vogue model within the area immediately. We stay dedicated to relationship constructing and nurturance, imbuing soul into innovation with considerate design and devoted group outreach.
For extra data, please go to https://www.lovebonito.com/sg/about-us