Melissa Goh · · 2 min readD2C retailer Love Bonito acquires SG activewear brand Butter
Love Bonito, a direct-to-consumer retailer headquartered in Singapore, has taken a majority stake in local activewear brand Butter as it evolves its female ecosystem and house of brands.
The D2C company did not disclose the size of the investment.
The move marks Love Bonito’s expansion into the fast-growing activewear category, which it expects will contribute 15% of its consolidated revenue by 2024.
(From left) Love Bonito CEO Dione Song and co-founder Rachel Lim with Cheak co-founders Olivia Yiong and Tiffany Chng / Photo credit: Love Bonito
“We are expanding our range of offerings to include activewear as part of our long-term vision to address the holistic lifestyle needs of our Love Bonito community,” Love Bonito CEO Dione Song tells Tech in Asia.
Butter was established in 2020 by co-founders Olivia Yiong and Tiffany Chng to address a gap in high-quality and affordable activewear suitable for Asian body types. The company said that in its first year of operations, it recorded S$500,000 (US$350,700) in revenue with only five products.
Following the acquisition, Butter will be rebranded as Cheak – a play on the word “cheeky.” Love Bonito plans to bring Cheak to its global markets, which include Hong Kong, Japan, the Philippines, and the US.
The deal comes just over a month after Love Bonito’s “small stake” investment in Moom Health, a Singapore-based healthtech firm, as the former steps up on efforts to build and support its community of women beyond fashion.
Expansion into wellness and activewear categories has been on the charts since the time of Love Bonito’s series C fundraise last year, where it saw a growing demand for wellness-related offerings in light of the Covid-19 pandemic.
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“As Love Bonito evolves into the next stages of growth, we want to join forces with like-hearted female founders and brands to make a difference and impact the lives of Asian women globally,” Love Bonito co-founder Rachel Lim said in a statement.
Currency converted from Singapore to US dollar: US$1 = S$1.43.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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