Photo credit: Love Bonito
Singapore-based ecommerce firm Love Bonito recorded S$44 million (US$32.8 million) in revenue across its markets in 2021, marking a 41% year-on-year growth, according to financial statements obtained from VentureCap Insights.
The company’s most popular market was Singapore, contributing US$20.8 million, which is a 34% bump from the previous year. Malaysia and Indonesia were the runners-up.
In 2021, the firm’s revenue from the rest of the world – minus the three markets – rose by nearly 80% to US$4.7 million.
Without giving any specific numbers for FY2022, Love Bonito CFO Will Vaya told Tech in Asia that the company’s business mix has been trending toward international markets, which now contribute over 50% of its ecommerce operations. “We are seeing high double-digit growth in all our markets, new and old,” he commented.
The company ships to 18 countries, with other key markets including Hong Kong and Cambodia.
Its net loss for the year was US$8.2 million, widening by over 2x compared to 2020, which Vaya attributed to the company’s market expansion efforts in 2021.
“We invested upfront in hiring for international expansion, where we have been successful in entering new markets including Hong Kong, the Philippines, and the US,” he explained.
In 2021, its cash and cash equivalents grew over 3x to US$43.3 million, due in large part to the US$50 million it raised in its series C funding round that year.
The direct-to-consumer brand, founded in 2010 by Rachel Lim and Viola Tan, sells its women’s fashion products through both online and offline channels.
The firm acquired activewear brand Butter in October 2022, a month after it purchased a stake in healthtech company Moom.
This year, Love Bonito recently opened a pop-up store in New York City, and is looking to eventually go public in the country. It is also continuing to open stores across all key markets in Asia, Vaya added.
See also: Can Love Bonito triumph over a D2C model under threat?
Update (June 15, 5:00 p.m. SGT): This article was updated to clarify that overall revenue grew 41% and to include comments from the company.
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
