Retail News CRM

Tag: asia

  • Citi’s Victor Alexiev to Take on New Global Role

    Citi’s Victor Alexiev to Take on New Global Role

    He will lead a global team of former entrepreneurs, innovation strategists, product managers and venture builders to accelerate the development of new solutions at Citi’s internal incubation program.

    Citi has announced the appointment of Singapore-based Victor Alexiev as head of D10X for its Institutional Clients Group (ICG), effective immediately, the firm announced on Friday.

    Alexiev joined Citi in 2018 as the Asia head of D10X, which was launched in 2016 under Citi Ventures, and is focused on the exploration of new strategic opportunities for growth and value creation for the bank. His initial remit was focused on Citi’s markets and securities services business and in 2020, it was expanded to include all of Citi Ventures’ ICG-relevant programs and strategic partnerships across Asia.

    He will relocate next summer for the new role, which reports to Valla Vakili, global head of venture innovation for Citi Ventures. He will also have a matrix reporting line to Gulru Atak, managing director, ICG business development, innovation.

    Under his leadership, the D10X team in Asia has launched three products to market, with a combined obtainable market value of over $500 million, Citi said. One of the projects includes a fully automated securities lending solution for asset aggregators in partnership with fintech Sharegain.

    The D10X team in Asia has also supported industry initiatives such as the development of a blueprint for securities tokenization led by the Asia Securities Industry & Financial Markets Association (ASIFMA), and has also been actively involved in the continuous development of the entrepreneurial ecosystems in Asia.

    Lees ook:

    Lees ook:

  • Vietjet, Rolls Royce ink $400-mln engine deal

    Vietjet, Rolls Royce ink $400-mln engine deal

    Budget airline Vietjet has signed a $400-million agreement with British company Rolls Royce for aircraft engines for its wide-body fleet and engine servicing.

    The signing ceremony on Sunday was witnessed by Prime Minister Pham Minh Chinh, who is in the U.K. for the 26th United Nations Climate Change Conference, according to a statement from the airline.

    Rolls Royce Civil Aerospace’s chief customer officer, Ewen McDonald, said the company’s Trent 700 engine has the lowest lifetime fuel burn on its aircraft type, and has logged more than 60 million hours in service since its launch in 1995.

    It is the only engine specifically designed for Vietjet’s wide-body aircraft, he said without naming the model.

    The carrier’s managing director, Dinh Viet Phuong, said the new engines would improve flight range and quality and boost Vietjet aircraft’s technical reliability and operational efficiency.

    Vietjet has a fleet of 90 single-aisle aircraft.

    Rolls-Royce has more than 400 airline and leasing customers and 160 armed forces and navies.

    Vietjet, which began flying in 2011, also signed a $20-million reinsurance agreement with brokers Gallagher Co. and Willis Towers Watson Co. for its entire fleet, according to a separate statement it put out.

  • Twitter brings Super Follows to everyone with an iPhone

    Twitter brings Super Follows to everyone with an iPhone

    Twitter announced it has begun testing a new monetization feature aimed at Twitter iOS users in early September. The so-called Super Follows feature is meant to allow Twitter users with more than 10,000 followers to earn a monthly revenue by offering an extra level of content and interaction as a monthly subscription.

    Initially, Super Follows was only available to select users in the US and Canada, all Twitter users on iOS will have access to the new feature. As mentioned earlier, if you’re a Twitter user with more than 10k followers and you live in the United States, you can apply to become a “super followed” content creator.

    There are three types of monthly subscriptions content creators can choose to offer to their followers: $2.99, $4.99, and $9.99. You don’t have to be in the United States to “super follow” someone, but you must have an iPhone to be able to use the feature.

    According to Twitter, content creators can earn up to 97% of the revenue from Super Follows subscriptions, as the company won’t take more than 3% share until you exceed $50,000 in lifetime earnings. After that point, Twitter’s share will increase up to 20% of future earnings.

    Lees ook:

    Lees ook:

  • StanChart Inks Buy-Now-Pay-Later Deal in Indonesia

    StanChart Inks Buy-Now-Pay-Later Deal in Indonesia

    The bank’s branch in Indonesia has announced a partnership to offer Buy Now, Pay Later (BNPL) loans to the mass market segment via digital channels.

    Standard Chartered will offer small-ticket loans to customers in Indonesia via its partnership with Kredivo – one of the country’s largest and fastest-growing digital credit platforms, the bank announced on Thursday.

    While Standard Chartered already enjoys a strong position in the retail affluent segment, we are strengthening and expanding our distribution channels to serve mass-market customers more efficiently,» Jeffrey Tan, Standard Chartered head of Consumer, Private and Business Banking (CPBB), Indonesia, said,

    Customers can enjoy a fully digital onboarding and credit application process, with no face-to-face verification requirement, via Kredivo’s coverage of retailers and AI-driven credit scoring capabilities.

    The bank hopes to ride on the accelerating adoption of digital financial services in Southeast Asia’s most populous nation, as well as improving market sentiment and retail sales as vaccination and pandemic-related metrics continue to improve, leading to higher demand for loans.

    This announcement follows Standard Chartered’s recent partnership with BNPL platform Atome to deliver a wide range of financial services to consumers and merchants across key markets in Asia.

    Kredivo has also been expanding of late – in August, the company launched in Vietnam through a joint venture with Phoenix Holding, a family investment company based in the country. FinAccel, Kredivo’s parent company also announced plans to go public via a $2.5 billion SPAC merger. The firm had raised US$90 million in 2019 during a Series C funding round to double down on its Southeast Asian expansion plans.

    Lees ook:

    Lees ook:

  • Uber, Carrefour Expand Partnership To Speed Up Deliveries In Paris

    Uber, Carrefour Expand Partnership To Speed Up Deliveries In Paris

    U.S.-based ride-hailing app owner Uber Technologies and Europe’s largest retailer Carrefour are to launch a new rapid grocery delivery service in Paris, extending their 18-month partnership, the two companies said on Tuesday.

    Carrefour Sprint will offer a 15-minute grocery delivery service to Parisians exclusively via the Uber Eats mobile app from nine “dark stores” – shops closed to customers where workers prepare orders for delivery – operated by Carrefour’s partner Cajoo.

    Earlier this year, the French retailer agreed to take a minority stake in the newly founded start-up Cajoo, which operates “dark stores” across the country.

    Established retailers and food deliverers face intense competition from a crop of newer, well-funded start-ups running networks of “dark stores” that can dispatch groceries ordered on a smartphone app to the doorstep within minutes.

    “Over the past 18 months people have increasingly come to expect quick and reliable delivery … in Europe alone we’ve seen a triple-digit increase in demand for grocery delivery,” Eve Henrikson, Regional General Manager, Uber Delivery EMEA, said in a statement.

    Uber and Carrefour are already offering 30-minute deliveries in France from Carrefour’s almost 2,000 shops available on Uber’s app under a deal agreed last year.

    Both companies have also separately struck deals to speed up delivery with other market players like Britain’s Deliveroo and France’s supermarket chain Casino.

    Uber and Carrefour plan to expand the 15-minute service to other major French cities such as Lyon, Bordeaux, Toulouse, Lille and Montpellier in coming weeks, they said.

    Lees ook:

    Lees ook:

  • Vietnamese proptech startup raises $1.3 mln

    Vietnamese proptech startup raises $1.3 mln

    Citics, a Vietnamese property technology (proptech) startup, said it mobilized $1.3 million in its latest round of funding, to expand its existing business and invest in new technologies.

    In a recent Series A bridge round, Citics secured $1.3 million from Ho Chi Minh City-based Vietnam Investments Group, Singapore-based Vulpes Investment Management and Hanoi-based BHS Group. Before this round, it mobilized a total $1.7 million from local and foreign investors.

    Citics founder and CEO Tran Minh Long said the proptech startup would in December launch a new version of Citics Valuation to better valuate property and real estate projects.

    Citics has so far this year signed eight cooperative deals with banks, lifting the total number of banking customers to 17. Bankers can check the details and preliminary value of property on Citics’ platform.

    Lees ook:

    Lees ook:

  • Sun Life names new president of Sun Life Asia

    Sun Life names new president of Sun Life Asia

    Ingrid Johnson has been named the new president of Sun Life Asia, responsible for one of Sun Life’s strategic pillars encompassing life, health and wealth management businesses in eight Asian markets, including Vietnam.

    Johnson became the new President of Sun Life Asia on Oct. 26. She succeeds Léo Grépin, who left Sun Life on Oct. 15 to pursue other opportunities.

    “Johnson will continue to foster growth and build scale in our Asia businesses where we are focused on providing protection, health and wealth management solutions to clients in the fast-growing middle class and high net worth markets,” Kevin Strain, President and Chief Executive Officer of Sun Life, said.

    Johnson has more than 25 years of international commercial experience in the insurance and financial services industries. Most recently, she was the Group Finance Director of dual London- and South Africa-listed Old Mutual Plc and a member of its various subsidiary boards.

    Prior to this, Johnson spent 21 years with South African-listed Nedbank Group, a 53 percent subsidiary of Old Mutual Plc, where she held several progressively senior roles encompassing both the technical aspects of governance, finance, treasury, risk and capital management with large-scale international, corporate, business and retail clients.

    As an executive, she led 20,000 colleagues in delivering best-in-class client, culture and risk metrics, in addition to achieving sustainable financial performance and advancing leadership diversity.

    While at Nedbank Group, Johnson led business transformation of Business Banking Cluster (servicing commercial clients) with results of such note as to merit a 2009 Harvard Business School case study that is still taught in business and leadership courses today.

    Originally from Johannesburg, South Africa, Johnson is a chartered accountant, holds Bachelor of Commerce and Bachelor of Accounting degrees from the University of the Witwatersrand in South Africa and completed the Advanced Management Program at the Harvard Business School.

    Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate clients.

    Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2021, Sun Life had total assets under management of $1.36 trillion. For more information please visit www.sunlife.com.

    Sun Life Vietnam (Sun Life) is a life insurance company with 100 percent capital from Sun Life Financial, a leading international financial service organization with 156 years of experience from Canada. Sun Life is an established industry pioneer and market leader in pensions for both individual and corporate clients in Vietnam.

    Lees ook:

    Lees ook:

  • Rolls-Royce Announces Black Badge Ghost

    Rolls-Royce Announces Black Badge Ghost

    The Black Badge has been a highly successful alter ego of Rolls-Royce and it now represents more than 27 percent of commissions worldwide. Rolls-Royce debuted Black Badge with Wraith and Ghost in 2016, followed by Dawn in 2017 then Cullinan in 2019. And now another joins this elite club – the Black Badge Ghost. Conceived in response to a group of clients who requested a Rolls-Royce that was agile, discreet, highly connected and free of any superfluous design, the new Ghost is not just the most technologically advanced Rolls-Royce yet, but also the most aesthetically pure.

    In the twelve months since this motor car has been available, it has become one of the fastest-selling products in the marque’s history, having sold more than 3500 examples worldwide. With the Black Badge Ghost, Rolls-Royce is giving its customers a choice to select any of the marque’s 44,000 colours or create their own entirely unique Bespoke hue.

    To match this dramatic coachwork, the marque’s Bespoke Collective of designers, engineers and craftspeople collaborated to create an entirely customizable process that allows Rolls-Royce hallmarks such as the high-polished Spirit of Ecstasy and Pantheon Grille to be subverted. Instead of simply painting these components, a specific chrome electrolyte is introduced to the traditional chrome plating process that is co-deposited on the stainless-steel substrate, darkening the finish. Its final thickness is just one micrometer – around one-hundredth of the width of a human hair. Each of these components is precision-polished by hand to achieve a mirror-black chrome finish before it is fitted to the motor car.

    The exterior treatment resolves with a Bespoke 21-inch composite wheelset. Designed in the Black Badge house style and reserved for Black Badge Ghost, the barrel of each wheel is made up of 22 layers of carbon fibre laid on three axes, then folded back on themselves at the outer edges of the rim, forming a total of 44 layers of carbon fiber for greater strength. A 3D-forged aluminum hub is bonded to the rim using aerospace-grade titanium fasteners and finished with the marque’s hallmark Floating Hubcap, ensuring the Double R monogram remains upright at all times. To celebrate the material substance and remarkable surface effect, a lightly tinted lacquer is applied to protect the finish but still allow clients to observe the technical complexity of the wheel’s unique carbon fibre construction.

    Advanced luxury materials have been meticulously created and crafted for a unique ambiance in the interior suite. While recalling the dramatic mechanical intent of Black Badge Ghost, the materials are true to Ghost’s Post Opulent design philosophy – one defined by authenticity and material substance rather than overt statement. In this spirit, a complex but subtle weave that incorporates a deep diamond pattern rendered in carbon and metallic fibres has been created by the marque’s craftspeople.

    Multiple wood layers are pressed onto the interior component substrates, using black Bolivar veneer for the uppermost base layer. This forms a dark foundation for the Technical Fibre layers that follow. Leaves woven from resin-coated carbon and contrasting metal-coated thread laid in a diamond pattern are applied by hand to the components in perfect alignment, creating a three-dimensional effect. To secure this extraordinary veneer, each component is cured for one hour under pressure at 100 degrees Celsius.

    The Black Badge Ghosts comes with a twin-turbocharged 6.75-litre V12 engine pushing out 592 bhp and total torque is now up by 50 Nm to 900 Nm. The powertrain has also received Bespoke transmission and throttle treatments to further enhance the engine’s increased power reserves. The ZF eight-speed gear box and both front- and rear-steered axles work collaboratively to adjust the levels of feedback to the driver, depending on throttle and steering inputs.

    As with all products in the marque’s Black Badge portfolio, the ‘Low’ button situated on the gear selection stalk unlocks Black Badge Ghost’s full suite of technologies. This is asserted by the amplification of the motor car’s engine through an entirely new exhaust system, subtly announcing its potency. All 900Nm of torque is available from just 1700rpm and, once underway in Low Mode, gearshift speeds are increased by 50% when the throttle is depressed to 90%, delivering Black Badge Ghost’s abundant power reserves with dramatic immediacy.

    Lees ook:

  • Google Fi is fi-nally getting end-to-end encryption for phone calls

    Google Fi is fi-nally getting end-to-end encryption for phone calls

    If you’re concerned about the privacy of your voice communications, Google has a new way to guarantee that no one can snoop in on your calls anymore.
    Of course, there’s only so much the search giant can control, so the newly announced end-to-end encryption feature will merely work on the company’s own Fi MVNO (mobile virtual network operator) starting sometime “in the coming weeks.”

    Both the caller and the callee will need to be Google Fi subscribers and use Android phones for everything to work as advertised, at least to begin with. There’s not a lot to the technology that Big G plans to deploy before long, and all you have to know is that everything discussed during fully encrypted one-to-one voice calls will stay between you and the person you’re talking to.

    To avoid potential confusion or misunderstandings, a bunch of new “audio and visual cues” will make it crystal clear both before engaging in and during end-to-end encrypted calls that you’re wholly and entirely protected from spying ears.

    Namely, look for a lock symbol and straightforward “Encrypted by Google Fi” text on your phone’s screen or be aware of a “unique ringing tone” to make sure the functionality is indeed up and running. Obviously, the feature itself is hardly groundbreaking, as Google points out by highlighting that end-to-end encryption has become an “industry standard” in recent years for messaging apps.

    Slowly but surely, things are moving in the right direction from a privacy and security perspective as far as voice services are concerned as well, thanks to the likes of Facebook and now Google. The search giant’s Duo app actually launched with built-in end-to-end encryption for audio and video calls all the way back in 2016, so if anything, we’re surprised it took so long to implement this for Fi users.

    Lees ook:

    Lees ook:

  • Twitter users get the ability to record and share Spaces on iPhone

    Twitter users get the ability to record and share Spaces on iPhone

    If you’ve been using Spaces on Twitter, you’ll be happy to know that the feature has just been improved with the addition of the ability to record and share them. For the time being, the new and improved Spaces are available for some Twitter users on iPhone, but the new enhancements will slowly expand to all other users in the coming weeks.

    Starting today, some Twitter hosts will be able to record Spaces and share them across the social network, further extending the value of their work beyond live sessions. On top of that, followers will now be able to replay any of these recorded Spaces how many times they wish, as well as share them via their timelines.

    Using the new record Spaces features is quite easy, as you’ll only need to enable the “Record Space” setting before launching your content on the internet. Everyone participating will see a red REC button that will appear in the Space window, so they’ll know it’s being recorded.

    Space recordings will be kept for 30 days after the initial broadcast, so hosts and their followers will be able to share them on Twitter. Although hosts can delete their recorded Spaces at any time they wish, Twitter will still keep a copy for 30-120 days.

    Lees ook:

    Lees ook:

  • Facebook has a new corporate name and vision

    Facebook has a new corporate name and vision

    As expected, Facebook today announced a new corporate name. Earlier today during the Facebook Connect event, the company said that it will now be known as Meta. Keep in mind that the website and the app will not have a new name and will still be known as Facebook.

    CEO Mark Zuckerberg said that the Facebook name isn’t a valid reflection of what the company does now and said that Facebook is only one of its products. “We are a company that builds technology to connect. Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.”

    The executive added that “But over time, I hope we are seen as a metaverse company.” A metaverse is “a virtual-reality space in which users can interact with a computer-generated environment and other users.”

    In a blog post disseminated today, Zuckerberg wrote, “The next platform will be even more immersive — an embodied internet where you’re in the experience, not just looking at it. We call this the metaverse, and it will touch every product we build.”

    Zuckerberg added, “The defining quality of the metaverse will be a feeling of presence — like you are right there with another person or in another place. Feeling truly present with another person is the ultimate dream of social technology. That is why we are focused on building this. In the metaverse, you’ll be able to do almost anything you can imagine — get together with friends and family, work, learn, play, shop, create — as well as completely new experiences that don’t really fit how we think about computers or phones today.”

    In the blog, the beleaguered executive writes about a future where you can teleport as a hologram and arrive at your office without a commute. Or attend a concert, or even visit your parents without losing the time it takes to travel and deal with traffic. Many of the things that are part of the physical world right now could end up being holograms in the future such as “your TV, your perfect work setup with multiple monitors, your board games and more — instead of physical things assembled in factories, they’ll be holograms designed by creators around the world.”

    According to the Facebook co-founder, “You’ll move across these experiences on different devices — augmented reality glasses to stay present in the physical world, virtual reality to be fully immersed, and phones and computers to jump in from existing platforms. This isn’t about spending more time on screens; it’s about making the time we already spend better.” He repeated a comment made in his original founder’s letter: “We don’t build services to make money; we make money to build better services.”

    That last comment may not be sincere. Recently, Facebook whistleblower Frances Haugen said that the company would rather make money than change its algorithm and make the world a safer place. Haugen stated, “Facebook makes more money when you consume more content. People enjoy engaging with things that elicit an emotional reaction. And the more anger that they get exposed to, the more they interact and the more they consume.”

    Zuckerberg appears to realize the need for change, and not just changing the company’s name. He says that privacy and safety need to be built into the metaverse from the beginning. And from now on, the company will be metaverse first instead of Facebook first. Eventually, you won’t need to have a Facebook account to use the company’s other services. He says, “As our new brand starts showing up in our products, I hope people around the world come to know the Meta brand and the future we stand for.”

    By the way, for you Facebook stock traders, the company’s stock symbol will change from FB to MVRS.

  • Citi Names Regaional Co-Heads of BCMA

    Citi Names Regaional Co-Heads of BCMA

    They will replace David Biller, who will be relocating to Europe at the end of the year to take on a broader role as co-head of industrials for EMEA, Asia and Japan.

    Citi has appointed Matthew Nimtz and Jonathan Quek as co-heads of Asean banking, capital markets and advisory (BCMA), effective immediately, according to an internal memo seen.

    Nimtz and Quek are long-time Citi veterans and have worked together in Singapore for the past 10 years, Citi said. Nimtz leads the ASEAN M&A franchise, while Quek is co-head of real estate investment banking, Asia, as well as head of investment banking, Singapore.

    The pair will report to Jan Metzger for BCMA and Amol Gupte for ASEAN.  They will also maintain their existing roles in M&A (reporting to Colin Banfield) and real estate (reporting to Tom Flexner), respectively. Asean corporate banking country heads will report into Nimtz and Quek, in addition to their current reporting lines into Kaleem Rizvi for corporate banking and the respective CCOs, According to an internal memo seen.

    Matt and Jon’s leadership will be instrumental in continuing the strong momentum in the increasingly important Asean market,» Citi said.

    We are running at record levels for capital raising and advisory for clients across Asean. This is a mix of balance sheet strengthening and financing to support growth. There is massive transformation happening across all industries in Asean and with a global network, this has helped sharpen our dialogue with clients as they increasingly want a global perspective,» said the memo.

    Lees ook:

  • HCMC restaurants reopen with caution

    HCMC restaurants reopen with caution

    HCMC restaurants and coffee shops are resuming on-site dining with caution due to concerns of staff contracting Covid-19 and post-social-distancing tightened spending. Starting Thursday, over 20 outlets of bubble tea chain Gong Cha started resuming on-site services after five months of suspension.

    As the city allows food and beverage facilities to serve 50 percent of their capacity and close before 9 p.m., the Cong Coffee chain is also testing the waters with five outlets reopening.

    aCoffee-Bike also reopened five stores on the same day. On Friday, Japanese-style hotpot chain Kichi Kichi will resume dining for customers who have made reservations.

    Some companies, however, choose to delay their reopening to be better prepared.

    Dau Homemade, which sells traditional Vietnamese food, needs another two or three days to get ready.

    Lagom Cafe won’t open for another two weeks, as its CEO Do Thi Ly Na said the store needs more time to observe market reactions and to complete a new look.

    The cautious decisions of food and beverage facilities in Ho Chi Minh City came as shop owners are concerned their staff might be infected with Covid-19 as the city still recorded over 1,000 new cases in the last seven days.

    It would be dangerous to immediately bring back business to pre-pandemic status as the coronavirus is still spreading, said Hoang Tien, founder of Coffee Bike.

    Dau Homemade, which is offering take-aways and deliveries, is still testing its employees once every three days even though the city does not require it.

    A spokesperson for the company said another concern is tightened spending as consumers have grown used to five months of staying mostly home.

    Sales are not likely to cover costs as the company will have to spend big on marketing to urge customers to return.

    Deliveries will continue to be the life source of the company, the spokesperson said.

    Tran Ngoc An, a spokesperson for Gong Cha, expressed optimism as the city has decided to live with Covid-19 and authorities vocalized not imposing another citywide social distancing campaign.

    This will give food and beverage businesses confidence to offer services amid the remaining months of the year.

    “We really want to see the city become vibrant again in the upcoming holidays.”

  • Razer opens retail store and cafe inside its new Southeast Asia HQ

    Razer opens retail store and cafe inside its new Southeast Asia HQ

    Global lifestyle brand for gamers, Razer, has launched its Southeast Asia headquarters in Singapore: home to the country’s first Razer retail store and café.  The building façade features the brand’s signature black and striking neon green, while the store offers the brand’s full range of products, allowing gaming fans to sample and experience Razer’s latest innovations and creations.

    Meanwhile, the new technology-focused F&B concept serves beverages made by a state-of-the-art robotic barista arm. At the RazerCafe, guests can order a beverage at the store or pre-order a cup of coffee via the RazerCafe App and collect it in-store.

    “Our gamer-centric ecosystem has redefined the gaming experience for more than a decade with the introduction of innovative solutions and whole new product categories, and we’re not planning on slowing down,” said Min-Liang Tan, co-founder and CEO of Razer.

    “The new regional hub represents everything that Razer stands for, from innovation, to design, to sustainability, and will not only be home to Razer’s growing staff, but to up-and-coming entrepreneurs, and even gamers looking for a place to train and learn as well.”

    As part of the expansion, the company has increased its staff number in Singapore from 600 to 1000.

    Lees ook:

  • Love Bonito seals $50 million funding round expands into multiple countries

    Love Bonito seals $50 million funding round expands into multiple countries

    Love, Bonito today announced the close of its Series C funding round, raising a total of US$50Million. The round was led by Primavera Capital Group, a global investment firm whose previous investments include Alibaba, ByteDance, Yum China and Mead Johnson China. Adastria and Ondine Capital participated in the round too. Love, Bonito’s current investors include Openspace Ventures and Kakaku.com.

    Proceeds from the fundraising will enable the brand to bolster efforts in existing omnichannel markets and supercharge international expansion in markets that collectively are experiencing triple digits year-on-year (YoY) growth. These key markets include Hong Kong, Japan, Philippines and the US. Furthermore, the company is exploring categories outside of fashion as part of its plan to create a female ecosystem.

    Since its launch in 2010, Love, Bonito has achieved impressive growth, expanding into 10 key markets which include those in Southeast Asia, namely Singapore, Malaysia, Indonesia, Philippines, Cambodia, and East Asia markets, namely Taiwan, Hong Kong, Japan as well as Australia and the US.

    To date, Love, Bonito has achieved overall growth of over 120 percent YoY in international markets, and overall growth of 208 percent for its online sales. The company believes the Asian diaspora communities have extremely high potential, especially in the US, where online revenue growth exceeded 1,200 percent YoY as of September 2021.

    With the latest funding, the brand will double down efforts within markets such as Singapore, Indonesia, and Malaysia that have an omnichannel presence, while other markets such as Hong Kong, Japan, the Philippines, and the US will see an expansion in omni-channels, new business verticals, strengthening of local community engagement and key collaborations, as well as the continuous optimization of user experiences.

    “I am more excited than ever for what is to come in the next decade,” said Rachel Lim, Co-Founder of Love, Bonito. “The growth we see today would not have happened without #TeamLB and our #LBCommunity who consistently strive to support women in the different seasons of their lives. Being in the business of women has been our mission since day one, and we are finally venturing outside of fashion to bolster our offerings.”

    In line with the brand’s mission to empower the everyday Asian woman, plans are in place to increase offerings within the fashion line to include active apparel and accessories. The brand is also looking to venture into a content platform (LiBrary) as well as an exploration into new categories (LaB) which will include wellness.

    The category and product expansion strategy is informed and driven by data and community feedback garnered from several platforms, including the brand’s soon-to-be-launched artificial intelligence that delivers personalization at scale for women globally, through data and machine-learning models. Other existing platforms that contribute to the insights and knowledge gathering include:

    “We have built a strong foundation in understanding the everyday Asian woman in order to be pre-emptive in catering to her needs,” said Dione Song, CEO of Love, Bonito. “We are primed to become a true life partner for our community of women, in and beyond fashion. We have yet to see a womenswear brand from the region stand proud on the world stage amongst industry heavyweights and we want to be the first brand to achieve that, by being purpose-driven, community-focused and innovative.

    “We want to extend our heartfelt thanks to our existing and new investors who bring deep consumer investment experience and recognize the potential of the Asian consumer, both within and outside of the region,” added Dione.

    Lead investor Primavera provided a statement: “Love, Bonito has proven itself to be a one-of-a-kind, purpose-driven brand for women across all life-stages. Consumers are drawn by what the brand stands for and its mission to empower women around the world. Primavera is deeply impressed by how much the team has achieved over the last decade and looks forward to tapping into our understanding and experience in the global consumer sector to help elevate Love, Bonito to the next level. We are thrilled to join Dione and the rest of the team on this path-breaking journey.”

    Love, Bonito’s first external institutional investor, Openspace said: “From day one, we believed in what the brand could achieve as a business-led by women, for women. We are thrilled to now work alongside esteemed investors like Primavera to help write the brand’s next chapter.”

    Series B lead investor Kakaku.com added: “We are delighted to be on the global stage with Love, Bonito, and will continue to support the brand’s data and tech strategies, especially on their entry into the Japanese market.”

    In the next phase of its growth, Love, Bonito aims to shake up the fashion industry by creating a more meaningful impact on its community across all life stages. The brand is setting its sights on creating a thoughtful and well-rounded female ecosystem, supporting different facets of women’s needs within Asian countries and reaching further into the Asian diaspora communities across the globe.

    Lees ook: