Singapore’s Love Bonito Acquires Activewear Label Butter

The deal follows the fashion brand’s Series C funding round last year, which raised $50 million and was led by Chinese venture capital firm Primavera. The terms of the acquisition were not disclosed.

Butter, to be renamed Cheak, a play on the word cheeky, was founded in 2020 by Singaporean entrepreneurs Olivia Yun and Tiffany Chng to offer affordable sportswear designed for Asian body types. The label recorded $500,000 in revenue in its first year with just five products.

Love Bonito has also acquired a minority stake in health startup Moom Health, founded by sisters Millie and Maya Kale, which offers nutritional supplements that combine traditional Chinese medicine with modern science. Moom raised $854,000 last month in a seed round led by DSG Consumer Partners, which was also joined by Love Bonito.

Diona Song, chief executive of Love Bonito, says the acquisition underlines the brand’s ambition to “build a holistic women’s ecosystem with a home of brands designed for Asian women”.

“Our long-term vision is to be a true life partner for our women’s community, both in fashion and beyond, and athleisure is a key category we’ve been looking into for two years now,” Song added.

Love Bonito’s predecessor was called BonitoChico, founded in Singapore in 2005 by Rachel Lim, Viola Tan and Velda Tan.

Learn more:

Singapore-based Love Bonito raises $50 million in new funding round

The round was led by Primavera, the Chinese venture capital giant, which is making its first foray into the Southeast Asian market with this investment.

https://www.businessoffashion.com/news/global-markets/singapores-love-bonito-acquires-activewear-label-butter/ Singapore’s Love Bonito Acquires Activewear Label Butter

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