Love, Bonito, a well-known fashion retailer based in Singapore, has recently made the tough decision to lay off some of its employees. The company has cut approximately 6.9% of its global workforce, which translates to 29 corporate roles being eliminated. Out of the affected roles, 14 are based in Singapore. In response to a query by CNA, Dione Song, the CEO of Love, Bonito, emphasized the company’s commitment to providing support for those impacted by the workforce reduction:
“Impacted individuals will be provided a supportive package that is ‘in line with local regulations.’ This includes a payout based on length of service, including encashment of pro-rated annual leaves and notice period.”
In addition to financial assistance, the company has extended medical insurance coverage for the affected employees and pledged to assist them in transitioning to new career opportunities. Love, Bonito aims to ensure the well-being of both the impacted individuals and the remaining employees during this period of transition. The CEO further stated:
“Our immediate focus will be on helping impacted individuals as well as remaining employees through this transition phase.”
Love, Bonito, which has a presence across multiple Asian countries, including Singapore, Malaysia, Indonesia, Cambodia, Hong Kong, and the Philippines, began as a blogshop and has since expanded its operations. In 2021, the fashion label secured US$50 million in funding as part of its efforts to enter new markets, such as the United States.
The company’s decision to downsize its workforce reflects the challenges faced by businesses amid evolving market conditions. While this move may bring about short-term adjustments, Love, Bonito remains committed to supporting its employees through these changes and ensuring a smooth transition for all parties involved.
