According to the company’s top executive, Singapore’s Lovebonito Holdings aims to open its first physical store in the United States by 2023, with investors including Chinese buyout firm, Primavera Capital Group.
SEE ALSO: “Love, ESPRIT” debuts in Hong Kong
“The US is really one of the big bet markets for us that we want to double down on,” Lovebonito Holdings CEO Dione Song told Reuters on Tuesday.
“There is a huge Asian diaspora market there – they really want the right products that can really fit them well, that really speak to them” the firm’s US strategy team said.
Lovebonito Holdings was founded in 2010 and operates 16 stores in Singapore, Malaysia, Indonesia, Cambodia and Hong Kong.
Chinese private equity firm, Primavera Capital, led a USD 50 million (SGD 71.3 million) funding round in Lovebonito Holdings in October 2021.
SEE ALSO: Love, Bonito acquires Singaporean activewear label, Butter
The company counts billionaire Jack Ma’s Ant Group as one of its investors. With other investors including Singapore-based Openspace Ventures, Kakaku.com and Ondine Capital.