Chic in black: Love Bonito expected to be profitable in 2025

“Growth and efficiency aren’t mutually exclusive,” says Dione Song, CEO of womenswear brand Love Bonito.

The Singapore-based company demonstrated this with its strong financial performance in 2023, with revenue growing 37% compared to the previous year.

It did so while cutting its loss before taxes by around 27% year on year.

Song says the company’s success comes from having products that stand out, knowing who its customers are, and selling effectively both online and offline.

She adds that Love Bonito is on track to generate over US$75 million in revenue and hit EBITDA profitability for 2025.

But things haven’t been entirely smooth sailing.

In October 2024, the retailer cut 7% of its total workforce. Of the 29 roles that got the axe, 14 were based in Singapore.

The company declined to provide more details on its layoffs.

Expansion

Love Bonito has been expanding its presence regionally over the past couple of years. In January 2023, the brand reopened its revamped store in Jakarta, while September of the same year marked the opening of its largest flagship store in Hong Kong, situated in the shopping mecca Causeway Bay.

The expansion continued in 2024, when it entered the Philippines with an opening in August followed by a second branch in December.

This contrasts the strategy of most Singaporean D2C brands, which tend to favor more developed markets like the US for expansion.

Photo credit: Love Bonito

The company currently has a total of 27 physical stores in six markets, according to its website. But its strategy differs across markets.

In middle-income countries like Malaysia, Indonesia, and the Philippines, Love Bonito targets the “growing middle class” with products that are “versatile” and “of quality,” Song says. However, in Singapore and Hong Kong, which have a more affluent demographic, its pieces are targeted at professionals who may wear them “for the office and beyond.”

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