Singaporean fashion retailer Love, Bonito is on its way to becoming profitable, according to its CEO Dione Song. The company is projected to cross S$100 million in revenue and reach profitability this year.
In a LinkedIn post published today (April 9), Song highlighted the brand’s strong financial performance in recent years. In 2023, it recorded S$88 million in revenue—a 37% increase from the previous year—while also cutting losses by 27%.
“Growth and efficiency aren’t mutually exclusive,” she wrote.
Speaking to Tech In Asia, the CEO shared that Love, Bonito’s success comes from “having products that stand out, knowing who its customers are, and selling effectively both online and offline.”
But how exactly did they do it?
Love, Bonito has a total of 27 stores in six markets across Asia: Singapore, Malaysia, Indonesia, Cambodia, Hong Kong, and the Philippines.
Aside from having country-specific strategies, the company has been implementing initiatives to make operations leaner, which involve streamlining its warehousing and increasing the efficiency of its marketing spend.
In a recent interview with Options, Song shared that the brand has leaned into a more “core-based” business model by leveraging data-driven insights.
Historical data revealed that 20% of its bestselling products were responsible for 80% of Love, Bonito’s sales. With this knowledge, it has doubled down on enhancing product thoughtfulness and functionality, focusing on the offerings that resonate the most with its customers.
The brand has now cut the production of new pieces by 60% and will continue to work on areas “that have proven to be successful.”
However, the journey hasn’t always been smooth for Love, Bonito.
In 2024, the company laid off about 7% of its total workforce, and out of the 29 roles affected, 14 roles in Singapore got the chop.
Moving forward, it is looking to enter new markets in Southeast Asia, such as Thailand and Vietnam.
Song also shared that while Love, Bonito is always open to new partnerships, their goal is not to raise capital, but to build a “great business.”
Our vision remains rock solid: to build Southeast Asia’s most iconic women-first brand—designed for women, by women—and eventually become the #1 women’s lifestyle group in the region.
Dione Song, CEO of Love, Bonito
As we always say internally: We’re not building for hype. We’re building to last. To build [a] world-class and enduring brand and organisation.
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Featured Image Credit: Love, Bonito
