Southeast Asia’s largest omnichannel womenswear model, Love, Bonito, introduced at this time (October 27) the closing of its Collection C funding spherical, wherein it raised a complete of US$50 million.
The spherical was led by Primavera Capital Group, a worldwide funding agency whose earlier investments embrace Alibaba, ByteDance, Yum China and Mead Johnson China. Different traders that participated within the spherical embrace Adastria and Ondine Capital.
Based on the corporate, the brand new injection of funds will allow the model to bolster efforts inpresent omnichannel markets and supercharge worldwide growth in markets that collectively are experiencing triple digits year-on-year (YoY) development.
These key markets embrace Hong Kong, Japan, Philippines and the US. Moreover, the corporate is exploring classes outdoors of vogue as a part of its plan to create a feminine ecosystem.
Love Bonito’s key milestones through the years
Previously referred to as Bonito, Chico, Love, Bonito began out unofficially as a vogue blogshop again in 2005 by former CEO Rachel Lim and buddies to promote pre-loved garments on-line for “further pocket cash”.
From importing garments abroad to promote in Singapore, they pivoted to manufacturing their very own garments after realising that ready-to-made garments didn’t meet their requirements. Rachel then dropped out of faculty to focus to rebrand and develop Love, Bonito, which formally launched in 2010.
They made their foray onto the worldwide stage in 2015 when it participated in SG Style Week, in collaboration with Indonesian designer Tex Saverio.
Love, Bonito has since achieved spectacular development, increasing into 10 key markets which embrace these in Southeast Asia, particularly Singapore, Malaysia, Indonesia, Philippines, Cambodia, and East Asia markets, particularly Taiwan, Hong Kong, Japan in addition to Australia and the US.
Thus far, it has achieved general development of over 120 per cent YoY in worldwide markets, and general development 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 development exceeded 1,200 per cent YoY as of September 2021.
With the most recent funding, the model will double down efforts inside markets similar to Singapore, Indonesia and Malaysia which have omni-channel presence, whereas different markets similar to Hong Kong, Japan, Philippines and the US will see an growth in omni-channels, new enterprise verticals, strengthening of local people engagement and key collaborations, in addition to the continual optimisation of person experiences.
“I’m extra excited than ever for what’s to come back within the subsequent decade,” stated Rachel Lim, co-Founding father of Love, Bonito. “The expansion we see at this time wouldn’t have occurred with out #TeamLB and our #LBCommunity who constantly try to assist girls within the totally different seasons of their lives. Being within the enterprise of girls has been our mission since day one, and we’re lastly venturing outdoors of vogue to bolster our choices.”
It’s greater than only a vogue line now
According to the model’s mission to empower the on a regular basis Asian lady, Love, Bonito stated that plans are in place to extend choices inside the vogue line to incorporate lively attire and equipment. The model can be seeking to enterprise right into a content material platform (LiBrary) in addition to exploration into new classes (LaB) which can embrace wellness.
The class and product growth technique is knowledgeable and pushed by knowledge and neighborhood suggestions garnered from a number of platforms, together with the model’s soon-to-be-launched synthetic intelligence (AI) that delivers personalisation at scale for ladies globally, by way of knowledge and machine-learning fashions.
Different present platforms that contribute to the insights and information gathering embrace LBCommunity+, Love, Bonito’s loyalty programme that gives prospects an all-access neighborhood and rewards expertise; and LBCreate, Love, Bonito’s social impression programme with the mission to deliver girls’s points to the forefront and create actionable steps for the longer term.
“We have now constructed a robust basis in understanding the on a regular basis Asian lady with a view to be pre-emptive in catering to her wants,” stated Dione Tune, CEO of Love, Bonito.
“We’re primed to turn into a real life accomplice for our neighborhood of girls, in and past vogue. We have now but to see a womenswear model from the area stand proud on the world stage amongst trade heavyweights and we need to be the primary model to realize that, by being purpose-driven, community-focused and progressive.”
Within the subsequent section of its development, Love, Bonito goals to shake up the style trade by making a extra significant impression on its neighborhood throughout all life phases. The model is setting its sights on making a considerate and well-rounded feminine ecosystem, supporting totally different aspects of girls’s wants inside Asian international locations and reaching additional into the Asian diaspora communities throughout the globe.
Featured Picture Credit score: Love, Bonito