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.