Love, Bonito bags US$50 million in funding, planning more stores in Singapore and global expansion

Beyond Southeast Asia, it is usually seeking to increase in East Asia akin to Hong Kong, Taiwan and Japan the place it has seen “good organic traction”, in addition to Western international locations just like the United States.

Initial steps embody deepening partnerships, increase native groups and organising pop-up stores.

Explaining why it's taking a look at Western markets, Ms Song mentioned: “We’re not just reaching out to Asian women in Asia, but beyond that we see a good traction and a good resonance with the Asian female community, especially in markets like the United States and Australia.”

Online income progress from the United States, for instance, was up 1,200 per cent in September on a year-on-year foundation, fuelled by Asian customers in key states like California and New York, she added.

In a separate press launch, the corporate mentioned it has achieved total progress of more than 120 per cent year-on-year in worldwide markets, and total progress of 208 per cent for online gross sales so far. About half of its e-commerce revenues and transactions come from markets outdoors of Singapore.

Meanwhile, Love, Bonito has plans to extend its choices to incorporate lively put on and equipment, in addition to discover new classes akin to wellness on the again of pandemic-induced demand. More particulars on the latter will likely be introduced subsequent 12 months, Ms Song instructed reporters.

The firm can also be investing in information science to create a more personalised expertise for purchasers. For one, there's the “potential for (the brand) to be expanding into a subscription programme, especially catering to the busy working women and those who truly appreciate convenience”, famous the CEO.

While the pandemic has taken a toll on the native retail business, Love, Bonito mentioned income for the primary half of this 12 months grew 62 per cent on a year-on-year foundation.

Ms Song famous that the model tried to stay nimble in its choices over the previous 12 months, akin to diversifying into loungewear the place it noticed rising demand with more folks working from house.

“COVID-19 definitely had an impact to the broader retail landscape but for us at Love, Bonito, because of our omni-channel presence, it has allowed us to really diversify and focus on the right platform,” she mentioned.

“So in light of the pandemic, we’ve really doubled down more on the e-commerce expansion … For us it's really about picking the right channels and being omni channel gives us the flexibility and versatility to be doing that.”