Singapore’s brand owner Love, Bonito will open first US store in 2023 and plans to go public
SINGAPORE, Oct 19 (Reuters) – Singapore’s Lovebonito Holdings, owner of female fashion brand Love, Bonito and backed by investors including Chinese buyout firm Primavera Capital Group, is aiming to open its first physical store in the US next year , said his top manager.
“The US is really one of the big betting markets for us to double down on,” Lovebonito Holdings CEO Dione Song told Reuters on the sidelines of an event on Tuesday.
“There’s a huge Asian diaspora market there, Asian expats, Asian population — they really want the right products that fit them really well, that really appeal to them,” she said, adding that the company has a team for its US put together strategy.
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Founded in 2010, Lovebonito Holdings has 16 stores in Singapore, Malaysia, Indonesia, Cambodia and Hong Kong.
The company counts Primavera Capital, an early investor in billionaire Jack Ma’s Ant Group, among its investors. The Chinese private equity firm led a $50 million funding round for Lovebonito Holdings in October 2021.
Other investors include Singapore-based Openspace Ventures, Japanese price comparison website Kakaku.com (2371.T), Shanghai-based venture capital firm Ondine Capital and Japanese fashion chain Adastria (2685.T).
Other brands in Singapore operating in the womenswear market include The Editor’s Market, established in 2010.
Song, 33, said Lovebonito Holdings’ plans for an IPO are “definitely medium-term,” but declined to give details. “We’re moving in that direction,” she said.
Reuters couldn’t immediately get a rating for the company or its financials.
This week, Lovebonito Holdings announced the acquisition of Butter., a women-led activewear brand, and a small investment in Moom Health, a healthcare startup in Singapore. It delivered no commercial value.
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Reporting by Yantultra Ngui; Edited by Anshuman Daga and Muralikumar Anantharaman
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