Love Bonito eyes Middle East’s long-term prospects as losses trim
Driving its reduced losses in 2024 were measures to make operations more efficient
SINGAPORE-based fashion retailer Love Bonito felt the effects as consumers in the city-state pulled back on discretionary spending in 2025.
Last year, the company’s top line came down “modestly” in 2025 compared to 2024 as it exited unprofitable channels and segments to focus on more lucrative customer cohorts, Love Bonito CEO Dione Song tells Tech in Asia, without sharing specific figures.
That said, it broke even in terms of ebitda (earnings before interest, taxes, depreciation and amortisation) for that year, as it moved toward local fulfillment with the growth of its regional markets and wound down operations in markets like the US to focus more on South-east Asia. Net losses also improved by roughly 36 per cent year on year, the CEO shares.
According to its audited financial statements, total revenue reached S$91.4 million (US$72.2 million) in 2024, up from US$70 million the year before. Loss before taxes fell by 34.7 per cent to US$8.7 million over the same period.
Revenue in Singapore, which contributes about 50 per cent of its total business, declined 10 per cent year on year in 2024, according to Song. However, this decline was offset by growth in Love Bonito’s international markets like Hong Kong and the Philippines.
“Singapore remained a challenging market in 2025 … What gives us confidence heading into this year is that the tide appears to be turning,” Song says. In the first quarter of 2026, revenue from its Singapore business grew over 10 per cent year on year.
The CEO adds that in the year ahead, the company plans to expand into more “high-opportunity, underpenetrated markets” like Thailand and the Middle East to hit its targets of US$79 million in annual revenue and ebitda profitability by year-end.
A leaner wardrobe
Love Bonito is a womenswear brand specialising in clothing for Asian women. Its items are available online as well as in 28 retail stores across Asia at the time of writing.
Since its establishment in 2010, the company has raised a total of US$63 million from investors like Primavera Capital Group, Ondine Capital, and Openspace Capital.
Driving Love Bonito’s reduced losses in 2024 were measures to make operations more efficient.
Song says the firm streamlined its warehouse operations and optimised marketing spend. It also opened local distribution centers in its regional markets, which “significantly” reduced its cost of last-mile fulfillment for both online and offline distribution.
She adds that the company grew more disciplined with marketing spend while doubling down on online content and loyalty programs.
In total, Love Bonito’s administrative expenses in 2024 declined by around 3 per cent to US$50.3 million.
Its lowered loss before tax also reduced its net cash flows used in operating activities by over half to US$1.8 million.
Meanwhile, its cash and cash equivalents stood at US$8 million in 2024, down from US$11.6 million in the prior year. Assuming the firm maintains its level of cash flow used in operating activities, this gives the firm a runway of about four and a half years.
From Singapore with love
While Singapore remains Love Bonito’s largest market, the company saw most of its growth in other markets in 2024.
According to Song, the brand recorded about 30 per cent in year-on-year revenue growth across Malaysia, Indonesia, and Hong Kong. In the Philippines, revenue surged 70 per cent following the opening of its first two physical stores in the country.
The company plans to open two more stores in the Philippines in the third quarter of this year, Song says. She adds that the market registered a 40 per cent year-on-year growth in 2025.
The CEO attributes these increases to product differentiation, market positioning, and the brand’s focus on both online and offline channels.
In Malaysia, Indonesia, and the Philippines, Love Bonito caters more to the middle class, who typically look for versatility in their clothing. In Singapore and Hong Kong, it gears its offerings more toward consumers looking for “elevated” office apparel, according to Song.
While its physical stores helped bolster its presence in the Philippines, Love Bonito also recently released an app to reach more of its online audience.
Currently, 45 per cent of its sales come through online channels, while the remainder comes from its offline stores.
Franchising and beyond
As the company sets its sights on US$79 million revenue and ebitda profitability in 2026, Love Bonito is working on clinching wholesale and franchise partnerships.
These efforts include a partnership with Thai retail conglomerate Central Group to open three locations in Bangkok this year and a franchise-led expansion into the Middle East, beginning in Dubai.
While a planned opening in Dubai has been delayed as a result of the ongoing conflict in the Middle East, Song reiterates the company’s “firm” commitment to the region, where it sees “strong long-term potential.”
Love Bonito is also focusing on proprietary product lines tailored to Asian proportions and tropical climates to differentiate its core offerings. These include lines such as Leggy, which focuses on high-waisted pants, and RuchedReady, which provides blazers with elasticated bands within the sleeves.
While capital raising is not an immediate goal, Song says the firm is evaluating opportunities such as acquisitions to expand its capabilities and evolve into a broader lifestyle group.
“Our ambition is to be the largest women’s lifestyle group when it comes to fashion and beyond,” she adds. TECH IN ASIA
