Love, Bonito, a Singapore-based womenswear company backed by the private equity firm Primavera Capital Group, announced on Monday that it has acquired butter, a women-led activewear brand, for an undisclosed amount.

The acquisition marks Love, Bonito’s positioning as an industry player in the direct-to-consumer space and a destination for fashion, health, and wellness for Asian women globally, according to the announcement.

In the latest announcement, Love, Bonito also disclosed that it made a small stake investment in Moom Health, a natural healthcare startup in Singapore.

“Our long-term vision is to be a true-life partner for our community of women, in and beyond fashion, and activewear is a key category we’ve looked to venture into since two years ago,” said Dione Song, CEO of Love, Bonito.

During the last quarter of 2021, the company, which has its roots as a blog-based shop set up over a decade ago, announced raising $50 million in Series C funding, led by Primavera Capital, which has backed Chinese tech giants Alibaba and ByteDance. The deal was Primavera’s first in Southeast Asia. The Chinese PE firm had opened a Singapore office in December 2021 looking to secure more investments in the region.     

Love, Bonito had announced the completion of a $13 million Series B funding round led by Japanese price comparison site Kakaku.com in 2018.

Love, Bonito is also backed by Yum China, Mead Johnson China, Adastria, Ondine Capital, Openspace Ventures and NSI Ventures.

Besides Singapore, the firm also counts Indonesia and Malaysia among its key Southeast Asian markets. It has adopted a click-and-mortar model with an e-commerce website and also a handful of physical stores.

butter was founded in 2020 by Olivia Yiong and Tiffany Chng. It achieved “growth of $500,ooo in revenue within its first year of operations with only five products, and was on track to achieve 138% YoY growth”, according to a statement.