- Love Bonito’s revenue surges 45%, but losses double.
- Omnichannel strategy drives growth in international markets.
- Company plans global expansion, focusing on versatile, quality apparel.
Revenue soars, but at what cost?
Love Bonito, Singapore’s darling of direct-to-consumer fashion, has reported a stunning 45% revenue jump in 2022.
Their international push, fueled by a $50 million fundraise in 2021, saw significant growth in Hong Kong and the US markets.
However, this expansion came at a price, with losses doubling to $17.1 million. The company’s spokesperson reassures that 2023 saw narrowing losses and improved EBITDA, though specific figures are yet to be released.
The fashion brand has embraced an omnichannel strategy, achieving a 50/50 revenue split between online and offline operations in 2023.
This shift included opening physical stores in Hong Kong and a pop-up in New York’s SoHo district. Love Bonito’s CEO, Dione Song, emphasized how this approach has diversified their revenue streams, contributing to a “double-digit growth year” in 2023.
Sewing seeds of success across borders
Looking ahead, Love Bonito is refreshing its brand image to focus on sophisticated, versatile apparel with greater longevity. This aligns with current consumer trends favoring quality and functionality.
The company is also set to open its first brick-and-mortar store in the Philippines, five years after entering the market online.
As Love Bonito continues its global expansion, they’re keeping an eye out for strategic opportunities, including the possibility of raising new capital.
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