SINGAPORE, Oct 17 — Fashion retailer Love, Bonito has laid off about 6.9 per cent of its global workforce, totalling 29 corporate roles, with 14 of those jobs cut in Singapore, the company confirmed.
According to a statement reported by Singapore-based CNA, CEO Dione Song said that affected employees will receive a supportive package, including payouts based on their length of service, encashment of pro-rated annual leaves, and extended medical insurance.
The Singapore-based brand will also work with local agencies to offer career transition support.
Love, Bonito, which started as a blogshop, has grown into a significant fashion label with 26 stores across Asia, including in Singapore, Malaysia, and Hong Kong.
After securing US$50 million (RM237 million) in funding in 2021, it aimed to expand into the US market.