Global made-to-measure menswear retailer Indochino has reported a year-to-date growth of 67 percent following its biggest sales month ever this past May. To continue the growth trajectory, the company has initiated a retail expansion plan by opening a new showroom in Mississauga, Ontario’s Square One shopping center.
Growth performance highlighted by the company include: e-commerce sales have increased 58 percent year-over-year; retail sales have increased 80 percent year-over-year; new customer acquisition is up 72 percent year-over-year; and the brand’s repeat purchase rate has grown by 79 percent year-over-year.
“We set out to see if we could surpass the incredible Black Friday sales we achieved in November 2015, in May 2016, and we did it,” said Drew Green, CEO of Indochino. “We achieved these results without the addition of new stores or any major e-commerce enhancements, both of which are investments that we will announce throughout the second half of 2016. We are over 10 percent ahead of plan year to date across our showrooms, and are well on our way to achieving our 2016 one hundred percent year-over-year growth plan, which will be powered by our commitment to showroom expansion, especially given the impact our showrooms have on our online sales.”
The new Mississauga location marks the eighth showroom in the brand portfolio, just the first of several locations planned to open in North America in 2016. In New York, Indochino plans to open two new locations, relocating its Broome Street space and aiming to open an additional showroom later this summer. The relocated Broome Street location promises a 2,400 square-foot showroom with a Groom’s Lounge, an additional 500 square-foot devoted to in-house tailoring, and SoHo architecture with high ceilings and skylights at the back.
“The team’s hard work, focus and collaborative approach to daily efforts is paying off,” continued Green. “We’re one of the fastest growing apparel brands in the world and, given our plans for expansion, the best is yet to come. With retail sales representing 46 percent of the business approximately 21 months after we first entered the category in 2014, our continued retail expansion will play a crucial role in fueling our exponential growth, both online and overall.”
In March 2016, Indochino received a strategic $30 million investment by Dayang Group to help accelerate the company’s expansion plans, significantly enhance the product offering to its customers, and generate additional operating efficiencies.
In the first five months of 2016, Indochino has expanded its suit offering from 129 to 250 suit fabrics and similarly has increased its shirt fabric’s from 78 to 200 fabrics.