Love Bonito to receive extra US$13 million funding
Singapore online fashion label Love Bonito has raised US$13 million in a series-B round led by Japanese comparison shopping site Kakaku.
Existing investor NSI Ventures also participated.
Started as a “blogshop” in 2010, Love Bonito has ventured into designing its own line of clothes and opening physical stores. It is believed to have made about $7.6 million in revenue in 2016. Its revenue last year grew 85 per cent to about $14 million.
Love Bonito co-founder Rachel Lim attributes much of the growth to its boosted digital marketing efforts, with series-A backer NSI contributing its expertise.
The startup touts several achievements:
- Average customer makes at least four purchases a year.
- Average sell-through rate (inventory actually sold) of more than 70 per cent within one month.
- Marketing spend less than 10 per cent of revenue.
- More than half a million packages delivered last year.
- 80 employees and an online and retail presence in Malaysia, Singapore, Indonesia and Cambodia.
While Love Bonito’s average price tag is around $30, it designs and distributes its own goods to a loyal customer base, keeping a larger share of revenue for itself, says Tech in Asia. The brand also stocks products in Zalora and FashionValet in Malaysia, as well as JD in Indonesia.
Lim says the company also tries to build a rapport with customers.
With a flagship store in Singapore, physical retail is a big part of its strategy. Lim says she plans to set up more stores in the region that will serve as avenues for customer engagement with workshops on styling and other topics.
Love Bonito takes inspiration from American cult brands like skincare specialist Glossier and yoga-gear firm Lululemon, says COO Dione Song, who was previously MD of Zalora Singapore.