Love, Bonito: She turned a loan into a multimillion-dollar fashion empire | Make It International
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- Опубліковано 1 бер 2020
- 32-year-old Rachel Lim’s multimillion-dollar women’s clothing line Love, Bonito is using technology to reinvent retail. CNBC Make It’s Karen Gilchrist met with the formidable fashionista to hear how she bet her mom’s savings on her big dream.
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Viola was my primary 5 PE teacher hahaha. I remember her telling us that she was quitting to do this
For one person who bet with their mother’s savings, there’s 200 people who lost their moms money
You said it before me and that's if your family can afford it
True. I really really wish there were more interviews of those unsuccessful stories.
Having a skewed representation of the reality, as above interviews, can give things a more romantic or atleast over-optimistic picture
@@abhishek.chakraborty Agreed. I remember a recent one where the son of a local bank magnate borrowed his father's money to start an online business only to lost millions. But I guess it's small money for them. And that got around because they're rich, I wonder how many entrepreneurs lost it all without anyone knowing
My father had a multimillion dollar business but lost it during crash and owed money to the mafia. No joke. We had to run away and separate our ways. They still tracked us down 20 years later and tried to sue our family. It can get crazy if you borrow money for your business. You can literally get killed or be sold off somewhere as a slave.
Just be glad that you live in America where there’s strong law enforcement like the FBI. Many countries have weak police or bad laws that don’t protect anyone.
She entered the fashion industry without any fashion or design background . WOW. Goes to show that your ideas can take you anywhere if you hire the right people.
I really liked her last line on “i grew up not the top in the class, i don’t come from a rich family; if i can have a chance to pursue my dreams, make a difference and an impact in this world - (then) anyone can” inspiring :)
rich enough to let her money
Trust me, there were millions of people who bet their parents saving on their business but they didn't get to be on CNBC because they didn't make it.
She made it work why is everyone so hung up on her borrowing money from her mom? Pretty sure the mom is proud of what she’s done.
Exactly, it’s better than borrowing from a bank or a private lender!
Some ppl are also jealous. They rather hear that she borrowed her mom’s money and failed the business.
Because she gambled with her parents savings and didn’t have a back up plan to replace the money in case of failure. She wasn’t risking her own saved money or money borrowed from a bank, but her mom’s money and I didn’t hear anything being said about that money being guaranteed back. What would’ve her mom had to do had she lost her savings? Go back to work post retirement? Selfish.
Lia McLean Well, we don’t know what was being said behind closed door. I’m sure her mom knows the risk and she was ok with it. Plus you have to keep in mind different culture has different outlook on things. Asian parents are willing to give everything to their kids, so they can success. And they don’t view it as being selfish if you need help.
Brian Pan thank god she and her parents are not like most people..
Lia McLean should’ve, could’ve, would’ve, sometimes you have to take risks in life. They did and it paid off well. Her mom knows that all too well.
Your mom will never fail you ☺️.
Awesome Rachael!!! Great to see your goals and dreams come true! Representing!!
Love Bonito has good design 🥰 I love their dresses!
I.like her outfit..great job Rachel,so inspiring
I appreciate they mention her mother's savings. Imagine the mother scrimping and saving and putting a few hundred dollars at a time into POSB to loan her the 5 figure sum.
That was such an inspiring video. Kudos 👏🏽
Beautiful. I'm really inspired by this. Thank for this great content CNBC !
Missy D r u gonna go borrow your moms money ?
So proud of you!!!!!! ❤️❤️❤️
Congrats!!
What a valuable story!
Solid business there. Love Bonito is the de facto online fashion leader in Singaoore and any aspiring internet biz looks up to them.
Very inspiring...
Love this story
i'm more inpressed by the mother's sacrifice. she needs that money for her life
I love their brand!! It’s high quality, very comfortable, great for work and a night out! Better than a lot of other brands in terms of quality 😍
Intresting one
Pretty sure a lot of "self made" millionairestook money from their parents to start too..
This is why I like that they made it clear she got her start from her mother's savings. It points to a clear step in which assistance helped propel her success. She still had to do the hard work of making the business work but it wouldn't have happened without that seed money. I wish we stopped using terms like "self made" and just be honest about where people got their starts. Demystify successful business people and actually make these stories acccessible to a new generation of would-be business owners. We do a disservice to society by making it seem like they have this special mystical power to succeed when really there is some strategic steps to it. Not everyone with access to mommy's money will find the same success, so I am in no way taking away the accomplishments of these individuals, but it's nice to know how people truly got their start. :)
This is something I think about A LOT, having started a business with no help. It opened my eyes to how limited my capacity was without capital and how difficult it is to get even a small business loan. A lot of millennial business owners I know by name have had financial assistance from their parents.
Not limited to starting a business, buying a house these days is close to impossible without financial assistance from mum and dad, out of every millennial I know that bought a house only two did it without any mum and dad money.
She put in the hard word to ensure she succceded. She was probably always thinking about that as well because she had to ensure she doesn't fail as her mom was working 2 jobs to keep the family afloat. It's not easy to ensure sustainability of a business whether one gets the money from parents or the bank. Self made doesn't necessarily mean without assistance because many an entrepreneur probably got a small loan from a bank or parents. She didn't inherit a company and to me that makes her self made 😒🤷
Just bought a blouse there recently and it’s gorgeous ! Got my money’s worth
Love this ❤
owh now i know where Love, Bonito started
I am happy with my Uniqlo.
well thats cool!!
Early this year i bought 2 similar design sleeveless blouses, XS size as it fitted me almost perfectly, i chance across the Bonito blouse at Isetan KLCC, as i seldom can get sleeveless blouse that can fit me.ĺ
WHY IS THE TITLE OF THIS ABOUT BORROWING MONEY??? SAY HER NAME, TALK ABOUT HER PRODUCT!!! ffs
I need the full story of this.
At least she is honest~
Wednesday 6/30/2021 is my last day in the corporate world! I'm very excited to start my entrepreneurial journey. It's a passion that's going to tackle a huge marketplace problem. Any recommendations/advice is highly appreciated! 🤞
im 22, i borrowed my mum's lifesavings to move from a 3rd world country (ph) to new zealand. that was 2 years ago. today, i am unemployed, and have 1600 in my bank. but im gonna get there. because i came here not just for myself or my parents. i came here for my country.
And for any of you are facing a any setback from your dreams, keep going. You will get there.
Girl you really gambled away your moms money just to go broke? How are u doing during these covid times ?
@@MissJ000 🤣 i didnt gamble it away. I paid tuition for it, went to uni for a 1 yr course. Then i worked for a year and got money, then quit once i had the capital, to start my business :) it's on it's initial phase (gathering inventory, getting the ground work done, etc) launching in august
Rn i took the money i earned from the job to take additional classes in uni which is hella expensive 😩😂 and the rest for capital for the business, the 1600 is for living expenses ❤️
@@dianabanana08 what type of business are you launching?
@@dianabanana08 kakayanin mo yan!!
She borrowed her mom's......Every asian ever! :)
and multiplied it, every asian parents invest on their kids cus it’s the most prospective commodity with a high risks.
Good vid. More women successful stories should be share!! 👍
Karen u should make it more often
I like the point when she realised she could sell to the whole world not just her country.
Sometimes you make a bad decision and things work out
A lot of top businesses were started thanks to Mom's financing
Pizza Hut started in 1955 based on two kids getting $600 from Mom to open a restaurant
Not something to be proud of, but what's the difference getting money from a VC vs. a family member? As long as it gets done....
Everyone can, but not everyone willing to go through the grind.
Goods sold are not refundable in cash, only in credit note.
Tis is a very risky business ...
I'm happy with Chinese $2 tshirts off eBay 😎
THX_SKULLKR4K3N Dont be so ignorant. If that’s the case then we all have coronavirus bc most products are made in China!
@@PurpleFlower22 ....
After covid...
Honestly, DON'T SHOP AT LOVE, BONITO. It's all great until it's not with them. For one thing, their return policy sucks! (FYI they don't issue refunds for any returns, only store credit.) I've now had to write over 10 emails regarding a return which involved 2 mistakes made on their end. I am still waiting to see how they handle that. I think I am going to end up paying for it. $100 down the drain. Will update at conclusion. So far, I will never shop there again.
Wow! Super Woman!!
What makes this different from the shuttered down Nasty Gal?
0:16 her names is 😂 KAREN 😆
Maybe the title should be rich girl gets richer. Cos no one wears an outfit once if they are working class.
fashion
Why old people not brother or younger.
Asians and Indians are smart , full of fire ... i am from UK.. we love alcohol and love to swear FS....
I know this was a success story but I wouldn’t be that proud of having bet my mom’s savings because that’s such an entitled thing to do and for the hundreds or even thousands of people who attempt something like this every year in this country, successes like her are definitely the exception, and the rest are a bunch of parents with wasted lifetime savings. In fact, I know the burn first hand, as it happened within my family too. Definitely not something she should be all that proud of.
If successes like hers are the exception, as you stated, then that is the very reason she should be proud!
Starting and running a viable, full-time business, let alone guiding it to great success, is an extremely difficult thing to do.
And how is borrowing the funds from her mother any worse than borrowing from a bank or other investor(s)?
In fact, as she said, that obligation made her even MORE DETERMINED to stay completely focused and driven to become a success.
So yes, she should be proud of her success.
If she had failed, then obviously not much to be proud of, but she put a huge amount of time and effort in to bring her business to success.
I have a small business, and I know first-hand how demanding it is of your time.
Some say she still refuses to repay her mom, and her favourite flower is a potato.
AT 1:13 time you will see a slice of Fortune Cookie X)
AT 1:13 time you will see a slice of Fortune Cookie X)
AT 1:13 time you will see a slice of Fortune Cookie X)
AT 1:13 time you will see a slice of Fortune Cookie X)
AT 1:13 time you will see a slice of Fortune Cookie X)
AT 1:13 time you will see a slice of Fortune Cookie X)
Bruh! 😈🤣😎
One of the worst hiring processes tho. I was shortlisted for fashion stylist interview with this company back in 2016 when it was new and still upcoming. People in this company are boastful and show off. Overhyped. She just got lucky . Dresses range from 40$ and above.
Their office space is lacklustre to say the least. It started off as a blogshop here in Singapore until enough capital was made to open stores. Not a fan of their clothes. Too expensive. I rather shop at Zara
Honeymagmangospoof i thought i was the only one who thought this
I smell some jeopousy
Anyone can
Not many dare.
This would be great if she had started a sustainable fashion line, not another polluting fast fashion chain. That's the last thing the world needs.
Sustainable anything is a myth.
$10million funding doesn’t mean much. Everything can go wrong overnight. People just love being put in the light of ‘how successful they are’. For the desperate need of their ego to be fed, they go around acting like they are so successful they need to Empower other women. 🙄
Do you have 10 millions? Lol Dont let jealousy eat you up.
Asia people always show feelings sadness own life 🤣
"BORROWED"
Asia 100
whys her face darker than her arms?
I don’t think this is gonna grow bigger
I want to advice CNBC to replace CNBC awaaz (India) anchor ameesh devgan and many other, they are fully biased reporter or loyal to ruling party, which is harmful for our nation, decreasing your international reputation in India.
I wouldn’t bet any savings
🖐🔑 Mobile business meetings 💫 📽 😎 The one
At 0:16 why Karen Gilchrist has so long neck? It weird.
😀🇮🇳🇮🇳🇮🇳🇮🇳🇮🇳🇮🇳🇮🇳🇮🇳🇮🇳😃😃😀😀😀😃😀😀😃🪴🪴🪴😀😃😃🌼🌼🌼
So much wastage on fast fashion though. So much excess that just end up in landfills.
"She bet her Mom's savings on her business."
Not sure that is something to be proud of.....😕
Nice content! Keep it up! Would you like to be UA-cam friends? :)
It’s so easy anyone can become rich in America... my parents don’t even have savings to lend me. It’s easy if your parents can help you.
Irresponsible
never bought anything from there
Such an irony: Trying to cater to Asian women sizes but yet with a Spanish name?
Release Your Handbrake why not??
@@cebuinsider Why yes?
No surprise! This happens with all businesses of all races.
I need a mum who can let me money 💰 😩
She is like Trump, who borrowed a small amount of money (1 million!!) from his pap and made huge business even became a president of the US...
What's wrong with that!?
Nothing like trump that guy never worked a day in his life u flop everything was handed to him nothing like this lady
Unless you steal your mom’s life savings to gamble of an investment, you are never gonna make it
Why is this the headline? This isn’t impressive. If my mom had enough savings she’d invest in my business too. (The business is impressive. I’m just saying. Having an angel investor mom and bragging about it is not a good headline.)
Please change the host, she freaks me out..!! Give her something to eat
@@camouflageartist8897 really?!
That's a fucked up move.. if she was so confident she should've taken a loan instead of putting her mother's savings on the line.
I don't find Asian adults' "success" stories admirable or inspiring at all bc as a fellow Asian, I know vast majority of them get *tons* of help from their family/parents and then they go around boasting they're "self-made". Like, uh, no you're not. Try being the sole financial resource to keep your parents housed, fed, clothed, and healthy and then see if you can even afford to pursue a venture. 🙄 It's a dream for 99% of us to have a parent or two to financially lean on.
Are you upset your asian parents didn’t have money to loan you? Lol
Plus, it’s no different from borrowing money from the bank!
L P completely different
@@PurpleFlower22 It is a big difference. Get real!
nice..but not very innovative..we don't see many women making tech companies where you can earn billions
Canva a unicorn company by a woman
Why does everything have to be feminist?
Obsessed with women, this is sexist, what about men?
I hate slits talk 😑