- Love Bonito lays off 29 employees
- The fashion retailer previously raised $50 million for expansion
- This move indicates a strategic shift amid market challenges
Singapore’s Fashion Darling Trims Down
Love Bonito, the Singapore-based fashion retailer, has announced a reduction of 29 positions across its operations, including 14 in its home market.
CEO Dione Song confirmed that affected employees will receive severance packages aligned with local regulations, featuring tenure-based payments and extended medical coverage.
From Blogshop to Big Player
The company, which began as a humble blogshop, secured a substantial $50 million in funding back in 2021. This capital injection was earmarked for ambitious market expansion plans, particularly eyeing entry into the United States market. Love Bonito’s journey from online startup to fashion powerhouse has been closely watched in the regional e-commerce scene.
Navigating Turbulent Waters
This move comes amidst a backdrop of challenging times for many e-commerce players. Despite reporting a 45% revenue growth in 2022, Love Bonito’s recent staffing decisions suggest a strategic realignment to navigate the current economic climate.
The company’s next steps will be crucial in determining its trajectory in the competitive fashion retail landscape.
