Singaporean fashion retailer Love, Bonito has axed approximately 6.9% or 29 employees of its global workforce, with 14 roles in Singapore impacted.
According to an article by CNA published today (October 17), the homegrown brand explained that the brand’s “immediate focus will be on helping impacted individuals as well as remaining employees through this transition phase”.
Dione Song, CEO of Love, Bonito, told CNA that affected employees will receive a supportive package “in line with local regulations”.
“This includes a payout based on length of service, including encashment of pro-rated annual leaves and notice period.”
The company will also extend impacted staff’s medical insurance, work with relevant agencies to provide career transition support, and write recommendation letters.
Currently, Love, Bonito has 26 stores across Asia: Singapore, Malaysia, Indonesia, Cambodia, Hong Kong, and the Philippines.
First launched as a blogshop in 2005 under Bonito, Chico, the brand has since adopted an omnichannel model and made a name locally and globally as one of Singapore’s recognisable brands.
In 2021, the company announced that it secured US$50 million in Series C funding as it eyed IPO listings and expansions into international markets like the United States.
In 2023, the brand opened its largest outlet in Hong Kong, where it saw a triple-digit year-on-year growth during the first half of that year.
Featured Image Credit: Love, Bonito