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Hi readers,
Updating my closet has always been difficult for me, given how picky I am. That’s why I often lose interest in buying new clothes and default to a plain black tee, plain black shorts, and whatever footwear’s suitable for what I’ll be doing (mostly hanging out with my dog).
It seems that I’m part of the minority, though. The continued growth of clothing brands like Love Bonito highlights a market for people who love refreshing their wardrobes with the latest styles.
Love Bonito’s revenue has been on the rise in the past few years. Riding on this growth, the Singapore firm also made big moves to bolster its offline presence – it has been opening physical stores in major overseas markets like Hong Kong and the US since 2022.
Of course, this expansion came at a hefty price. The fashion platform’s cash and cash equivalents and investment securities narrowed at the end of 2022.
This investment is well worth it for the company, however, as it plans to double down on global expansion. Yesterday, the brand launched its debut brick-and-mortar store in the Philippines. We’ll be keeping an eye out if these international bets pay off for Love Bonito, of course.
— Miguel Cordon, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. Love Bonito sees 45% revenue growth in 2022 amid costly expansion bet
The Singapore company’s total losses more than doubled in 2022.
2. Behind India’s race to deliver everything, everywhere under 15 minutes
Diversifying product categories and revenue streams are key drivers fueling the resurgence of quick commerce in India.
3. Singapore’s data center crunch could drive sector’s AI focus
Tech firms will likely leverage their presence in Singapore for AI workloads while shifting more traditional workloads to Malaysia and Indonesia.
4. The Malaysian battery replacement startup supercharging to IPO
Bateriku has attracted some of Malaysia’s largest institutional investors and is set on making larger bets, one of which is expansion to Indonesia.
5. AI startup founder Anne Cheng said she has a Ph.D. from Stanford. She admits it’s not true
Cheng’s doctorate in “behavioral economics” turned out to be a misrepresentation of her educational background, based on records and her own admission.
This time it’s different – come see it for yourself.
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