HOME-GROWN fashion retailer Love, Bonito has laid off 29 employees globally, 14 of whom are from Singapore.
This accounts for 6.9 per cent of the company’s total workforce.
Affected employees will receive a support package in line with local regulations, said Dione Song, chief executive of Love, Bonito.
“This includes a payout based on length of service, including encashment of pro-rated annual leave and notice period,” she said.
In addition, Love, Bonito will extend the affected employees’ medical insurance, and work with relevant agencies to provide career transition support, alongside recommendation letters, she added.
Song said: “Our immediate focus will be on helping impacted individuals, as well as the remaining employees, through this transition phase.”
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The company did not respond when asked which job functions were affected and if the layoffs would affect its expansion plans.
Love, Bonito opened its first brick-and-mortar store in the Philippines in July 2024.
In June 2023, the company launched its first pop-up store in New York City, which had remained open until the end of the year.
Love, Bonito has more than 20 stores in several locations in Asia, including Singapore, Malaysia, Indonesia, Cambodia, Hong Kong and the Philippines.
The company, which started as an online fashion blog shop that sold pre-loved clothes, had secured US$50 million in funding in 2021 as it eyed expansion into other markets, such as the US. THE STRAITS TIMES