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. Terms of the acquisition were not disclosed.
Butter, which will be rebranded as ‘Cheak’, a play on the word ‘cheeky’, was founded in 2020 by Singaporean entrepreneurs, Olivia Yiong and Tiffany Chng, to offer affordable activewear designed for Asian body types. The label recorded $500,000 in revenue in its first year of operation with just five products.
Love Bonito has also acquired a minority stake in healthcare startup Moom Health, founded by sisters Mili and Maya Kale offering formulated supplements combining traditional Chinese medicines with modern science. Moom raised $854,000 in a seed round last month led by DSG Consumer Partners, which was also joined by Love Bonito.
Dione Song, Love Bonito’s chief executive, says the acquisitions underline the brand’s ambition “to build a holistic female ecosystem with a house of brands curated 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,” Song added.
The predecessor to Love Bonito was called BonitoChico, founded in Singapore in 2005 by Rachel Lim, Viola Tan and Velda Tan.
