"Admiring Others Gifts without Questioning Your Own" with Rachel Lim, LoveBonito

SOME NOTABLE QUOTABLES FROM RACHEL:

1. TAKE THAT LEAP OF FAITH

“I knew that I needed to strike when the iron is hot. I’ve always believed in this concept that before we fire the cannonball, we fire bullets.”

Despite her father facing bankruptcy, her mother already juggling multiple jobs to keep the family afloat, and a huge sum owed to the Singaporean government that she had a scholarship from should she drop out of university,

Rachel decided to do so to pursue what she saw as a business opportunity.

2. REALLY UNDERSTANDING THE PRODUCT – BEYOND FASHION

“Fashion is just a vehicle for us and an important vehicle for us to reach out to women.

But ultimately, at the end of the day, what we’re really interested in is helping women discover who she is through their style, through expressing themselves, to embracing all of themselves, whether is it physical or whatever insecurities we might have of ourselves, and then to finally step into the largest versions of ourselves, the highest potential of ourselves.”

3. RACH DECIDING TO STEP DOWN AS CEO, AND HIRE DIONE

“And for me, it’s just a very objective decision that I just want to do what’s best for the company.”

But it took her a moment to get over her jealousy:

“In her role as CEO, I could not use this term enough, ‘like a fish in water’. She commanded the room, she commanded everything and everyone. And I was like ‘Wow, Dione’. I needed to excuse myself and in the corner of the office, let it all out. I was the co-founder, wasn’t I supposed to be good at this or better at this?”

She acknowledged the need to surround herself with people smarter than her and built a team based on complementary strengths. Rachel’s decision to bring in Dione as Love Bonito’s CEO has been instrumental in propelling the company’s growth and reaching its true potential.

4. THE IMPORTANCE OF STRATEGIC INVESTORS

“Money is just one of the benefits that you get from having a VC or investor on board. I think what’s important is also that strategic help that they can bring to the table to propel your business in a shorter amount of time than you could have done it by yourself.”

TIMESTAMPS:

00:28 - Love Bonito: From Secondhand Clothes Blog to Multimillion-Dollar Empire

05:44 - Family struggles, financial crisis, Rach dropping out and betting on herself

14:50 - Bonito Chico to Love Bonito. The business of women beyond fashion, building with co-founders

23:22 - Rach bringing in a CEO, accepting her limitations, hiring to scale

34:29 - "Everything rises and falls on leadership"

40:33 - Taking venture money, the pressure for an investor return

About Rachel Lim

Rachel Lim is the co-founder of Love, Bonito, one of the first fashion labels with an online presence in Singapore. The brand debuted in its current guise in 2010, offering a range of women’s clothing that quickly attracted a following with its Asian fits, style, affordability and sheer variety—the omni-channel fashion brand launches more than 100 new designs every month. The brand recently announced the closure of a Series C funding round, securing US$50 million, led by global investment firm Primavera Capital Group.

Lim started Love, Bonito in her final year at university in collaboration with two friends, when e-commerce was in its infancy. Since then, it has grown into a multi-million-dollar clothing empire. The brand designs its wares in-house, putting its fashion-forward stamp on everything from activewear and maternity wear to tops, dresses and swimwear. Overseas, Love, Bonito also operates retail outlets in Malaysia and Indonesia, and has an online presence in the US, Australia, the UAE, the Philippines and Greater China.

Lim’s business has also won a number of accolades, including the SME Asia Award 2013/2014 by The Asian Business Journal and Singapore’s Trade & Industry Association.