Singapore fashion brand Love, Bonito announced Wednesday the close of its series C funding round, raising a total of $50 million.

The round was led by Primavera Capital Group, a China-based investment firm whose previous investments include Alibaba, ByteDance, Yum China, and Mead Johnson China.

Japan’s major clothing firm Adastria and China-based venture capital firm Ondine Capital also participated in the round.

Proceeds from the fundraise will enable the brand to bolster efforts in existing omnichannel markets and supercharge international expansion in markets that collectively are experiencing triple digits year-on-year growth, Love, Bonito said in a statement.

According to the firm, these key markets include Hong Kong, Japan, the Philippines, and the US.

The company is also exploring categories outside of fashion as part of its plan to create a female ecosystem.

Since its launch in 2010, Love, Bonito has achieved impressive growth, expanding into 10 key markets which include those in Southeast Asia, namely Singapore, Malaysia, Indonesia, Philippines, Cambodia, and East Asia markets, namely Taiwan, Hong Kong, Japan as well as Australia and the US.

To date, Love, Bonito has achieved overall growth of over 120 percent year on year in international markets, and overall growth of 208 percent for its online sales. The company believes the Asian diaspora communities have extremely high potential, especially in the US, where online revenue growth exceeded 1,200 percent year-on-year as of September 2021.

With the latest funding, the brand will double down efforts within markets such as Singapore, Indonesia and Malaysia that have omnichannel presence, while other markets such as Hong Kong, Japan, the Philippines, and the US will see an expansion in omnichannels, new business verticals, strengthening of local community engagement and key collaborations, as well as the continuous optimization of user experiences.

“I am more excited than ever for what is to come in the next decade. The growth we see today would not have happened without #TeamLB and our #LBCommunity who consistently strive to support women in the different seasons of their lives. Being in the business of women has been our mission since day one, and we are finally venturing outside of fashion to bolster our offerings,” said Rachel Lim, Co-Founder of Love, Bonito.

In line with the brand’s mission to empower the everyday Asian woman, plans are in place to increase offerings within the fashion line to include active apparel and accessories. The brand is also looking to venture into a content platform (LiBrary) as well as exploration into new categories (LaB) which will include wellness.

The category and product expansion strategy is informed and driven by data and community feedback garnered from several platforms, including the brand’s soon-to-be-launched artificial intelligence that delivers personalization at scale for women globally, through data and machine-learning models.

Other existing platforms that contribute to the insights and knowledge gathering include LBCommunity+, Love, Bonito’s loyalty program that provides customers an all-access community and rewards experience, and LBCreate, Love, Bonito’s social impact program with the mission to bring women’s issues to the forefront and create actionable steps for the future.

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

Meanwhile, Primavera said that Love, Bonito has proven itself to be a one-of-a-kind, purpose-driven brand for women across all life stages.

“Consumers are drawn by what the brand stands for and its mission to empower women around the world. Primavera is deeply impressed by how much the team has achieved over the last decade and looks forward to tapping into our understanding and experience in the global consumer sector to help elevate Love, Bonito to the next level,” it said.

Love, Bonito’s current investors include Singapore-based venture capital firm Openspace Ventures and Japan-based price comparison website

“From day one, we believed in what the brand could achieve as a business led by women, for women. We are thrilled to now work alongside esteemed investors like Primavera to help write the brand’s next chapter,” said Openspace.

Series B lead investor also said it will continue to support the brand’s data and tech strategies, especially on their entry into the Japanese market.

In the next phase of its growth, Love, Bonito aims to shake up the fashion industry by creating a more meaningful impact on its community across all life stages. The brand is setting its sights on creating a thoughtful and well-rounded female ecosystem, supporting different facets of women’s needs within Asian countries, and reaching further into the Asian diaspora communities across the globe.

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