Primavera leads Series C for Southeast Asia's Love Bonito

Contributions also came from Adastria, a Japanese fashion brand, and Ondine Capital, a Greater China and Southeast Asia-focused VC firm established by professionals from CICC Capital, JD.com, and MediaTek. Primavera invests in China or in companies with scope to expand in the country.

Launched in 2010, Love Bonito’s core Southeast Asian markets where it operates physical stores as well as selling online are Singapore, Malaysia, Indonesia, and Cambodia. The company also ships to six more jurisdictions, and it has seen considerable traction in the Philippines, Hong Kong, Japan, and the US. The new funding will in part support omnichannel expansion in these markets.

Love Bonito has achieved revenue growth of 120% year-on-year in non-Southeast Asia markets since inception, while online sales across the entire platform have increased by 208%, according to a statement. Growth has been especially strong in the US, where the brand is said to resonate with Asian diaspora communities.

In addition to building out its omnichannel presence, the company wants to explore new business verticals – including categories outside of fashion, such as content and wellness – and enhance local community engagement to optimize user experience. The overarching goal is to create “a purpose-driven female ecosystem that supports Asian women around the world at every life stage.”

The expansion strategy is driven by data and insights drawn from Love Bonito’s existing loyalty and social impact programs. There are plans to apply artificial intelligence technology to these data streams with a view to personalizing product offerings.

"We have built a strong foundation in understanding the everyday Asian woman in order to be pre-emptive in catering to her needs,” said Dione Song, CEO of Love Bonito.

“We are primed to become a true life partner for our community of women, in and beyond fashion. We have yet to see a womenswear brand from the region stand proud on the world stage amongst industry heavyweights and we want to be the first brand to achieve that, by being purpose-driven, community-focused, and innovative.”

Openspace Ventures was responsible for Love Bonito’s Series A round in 2016, contributing an undisclosed sum. This was followed in 2018 by a $13 million Series B led by Japanese e-commerce platform Kakaku.com. Openspace re-upped in that round.

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• Topics
• Southeast Asia
• Consumer
• Expansion
• Singapore
• Primavera
• China
• Openspace Ventures
• Ondine Capital