Fashion retailer Love, Bonito has laid off approximately 6.9% of its global workforce, impacting 29 corporate roles. The company confirmed that 14 of these positions were in Singapore.
In a statement responding to CNA’s query on Thursday (Oct 17), CEO Dione Song said that affected employees will receive a severance package in line with local regulations. This includes payouts based on the length of service, encashment of pro-rated annual leave, and payment for the notice period. Additionally, medical insurance for impacted staff will be extended, and the company will offer career transition support, including recommendation letters and partnerships with relevant agencies.
Love, Bonito operates 26 stores across Asia, including in Singapore, Malaysia, Indonesia, Cambodia, Hong Kong, and the Philippines. The company, which started as a blogshop, raised US$50 million in 2021 to fuel its expansion into markets like the United States.
These layoffs follow similar recent job cuts across industries, with companies like ONE Championship, Dyson, and Samsung announcing staff reductions in recent weeks.
