Singapore’s Love, Bonito expected to be profitable by 2025

Singaporean vogue retailer Love, Bonito is on its solution to turning into worthwhile, in line with its CEO Dione Music. The corporate is projected to cross S$100 million in income and attain profitability this 12 months.

In a LinkedIn publish printed at present (April 9), Music highlighted the model’s sturdy monetary efficiency in recent times. In 2023, it recorded S$88 million in income—a 37% improve from the earlier 12 months—whereas additionally chopping losses by 27%.

“Development and effectivity aren’t mutually unique,” she wrote.

Talking to Tech In Asia, the CEO shared that Love, Bonito’s success comes from “having merchandise that stand out, realizing who its prospects are, and promoting successfully each on-line and offline.”

However how precisely did they do it?

Love, Bonito has a complete of 27 shops in six markets throughout Asia: Singapore, Malaysia, Indonesia, Cambodia, Hong Kong, and the Philippines.

Other than having country-specific methods, the corporate has been implementing initiatives to make operations leaner, which contain streamlining its warehousing and rising the effectivity of its advertising spend.

In a latest interview with Choices, Music shared that the model has leaned right into a extra “core-based” enterprise mannequin by leveraging data-driven insights.

Historic information revealed that 20% of its bestselling merchandise had been answerable for 80% of Love, Bonito’s gross sales. With this information, it has doubled down on enhancing product thoughtfulness and performance, specializing in the choices that resonate probably the most with its prospects.

The model has now lower the manufacturing of recent items by 60% and can proceed to work on areas “which have confirmed to achieve success.”

Nonetheless, the journey hasn’t all the time been clean for Love, Bonito.

In 2024, the corporate laid off about 7% of its complete workforce, and out of the 29 roles affected, 14 roles in Singapore bought the chop.

Transferring ahead, it’s seeking to enter new markets in Southeast Asia, comparable to Thailand and Vietnam.

Music additionally shared that whereas Love, Bonito is all the time open to new partnerships, their purpose is to not elevate capital, however to construct a “nice enterprise.”

Our imaginative and prescient stays rock stable: to construct Southeast Asia’s most iconic women-first model—designed for ladies, by ladies—and ultimately grow to be the #1 ladies’s way of life group within the area.

As we all the time say internally: We’re not constructing for hype. We’re constructing to final. To construct [a] world-class and enduring model and organisation.

Dione Music, CEO of Love, Bonito