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.
“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 recently. “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.
Chinese private equity firm, Primavera Capital, led a USD50 million funding round in Lovebonito Holdings in October 2021.
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.
