As it develops its female ecosystem and house of brands, Singapore-based direct-to-consumer retailer Love Bonito has acquired the majority of the shares in local sportswear company Butter.
The D2C corporation withheld information about the amount of the investment.
Love Bonito believes that by 2024, 15% of its consolidated revenue will come from the rapidly expanding sportswear market, which it has already entered.
“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 told as per reports.
Co-founders Tiffany Chng and Olivia Yiong founded Butter in 2020 to fill a void in the market with high-quality, reasonably priced sportswear that fits Asian body shapes. The business claimed that in its first year of existence, it only sold five goods yet generated S$500,000 (US $350,700) in sales.
After the purchase, Butter will adopt the play on the term “cheeky” “Cheak” as its new name. Cheak will be available in Love Bonito’s international markets, which also include the US, Japan, the Philippines, and Hong Kong.
Just over a month ago, Love Bonito made a “small interest” investment in the Singapore-based healthtech company Moom Health. Now, the former is stepping up efforts to create and support a community of women beyond the realm of fashion.
Since Love Bonito’s Series C fundraising effort last year, when it noticed a rising demand for wellness-related products in wake of the Covid-19 outbreak, expansion into the wellness and activewear sectors has been on the rise.
“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.
