Love, Bonito will use the capital injection to accelerate its international expansion. Love, Bonito
Singapore-based fashion brand, Love Bonito has announced the closing of its Series C funding round, raising a total of $50 million that it says will fuel category diversification and further international expansion.
The round was led by Primavera, a Chinese venture capital giant making its first foray into the Southeast Asian market with this investment. Though Love Bonito did not disclose post-funding valuation estimates, it says it can confidently claim the title of Southeast Asia’s largest omnichannel womenswear brand.
From the start this decade-old brand has focussed on products and fit that are particularly suitable for Asian women and says it will use funds to accelerate progress in high growth international markets, including Hong Kong, Japan, The Philippines and the US, where an Asian diaspora customer is increasingly discovering the Singapore-based Love Bonito online. In the US, online revenue growth for the brand exceeded 1,200 percent year-on-year for the nine months to September.
To date this year, Love Bonito says it has achieved overall growth of more than 120 percent compared to the same period in 2020 in international markets, and overall growth of 208 percent year-on-year in online sales.
“I am more excited than ever for what is to come in the next decade,” said co-founder, Rachel Lim, who added she is particularly thrilled about the prospect of this funding enabling the brand to expand beyond fashion, to categories such as wellness.
“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,” she said.
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