Love, Bonito lays off dozens of staff; roles in Singapore impacted
The fashion retailer has cut 29 roles globally, including 14 in Singapore.
A view of the Love, Bonito flagship store at ION Ochard shopping mall, Singapore Oct 19, 2022. (Photo: Reuters/Yantoultra Ngui)
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SINGAPORE: Fashion retailer Love, Bonito has cut about 6.9 per cent of its total workforce, or 29 corporate roles globally.
Fourteen roles in Singapore were impacted, it said on Thursday (Oct 17) in response to CNA's query.
Impacted individuals will be provided a supportive package that is "in line with local regulations", Dione Song, CEO of Love, Bonito told CNA.
"This includes a payout based on length of service, including encashment of pro-rated annual leaves and notice period."
The employees' medical insurance will also be extended. Love, Bonito will also work with the relevant agencies to provide career transition support, alongside writing recommendation letters.
The homegrown organisation said that its "immediate focus will be on helping impacted individuals as well as remaining employees through this transition phase".
Love, Bonito has 26 stores across several locations in Asia: Singapore, Malaysia, Indonesia, Cambodia, Hong Kong and the Philippines.
The fashion label which initially started as a blogshop secured US$50 million in funding in 2021 as it eyed expansions into other markets like the United States.
Love, Bonito's retrenchments are the latest in a series of other layoffs in recent weeks.
Mixed martial arts promotion ONE Championship announced Wednesday that it was laying off "a few dozen" employees. Technology firm Dyson and electronics giant Samsung also conducted similar exercises.
