Retailer to create a "holistic women's ecosystem with a house of brands designed for Asian women."
Singapore-based multichannel fashion retailer Love, Bonito announced the purchase of local activewear brand Butter. Once the deal closes, the clothing line will be renamed Cheak.
Love, Bonito said the deal to acquire the local brand is part of an ambitious program to create a "holistic women's ecosystem with a house of brands designed for Asian women."
"Our long-term vision is to be a true life partner for our community of women, in and beyond fashion, and activewear is a key category we've looked to venture into since two years ago," said Dione Song, CEO of Love, Bonito.
Earlier it was reported that Love, Bonito attracted more than $ 50 million of investment led by Chinese venture capital giant Primavera. This was also followed by the acquisition of a minority stake in the startup Moom Health business.
Activewear brand Butter was founded in 2020 by Singaporean entrepreneurs Olivia Yong and Tiffany Chng. The brand specializes in inexpensive activewear with a focus on Asian body types. The company had revenues of $500,000 in its first year with five products, and increased another 138% in 2021.