Global apparel manufacturer Dayang Group has invested $30 million in Vancouver-based apparel brand Indochino. This investment will help accelerate the company’s expansion plans, including expanding its North American footprint, significantly enhance the product offering to its customers, and generate additional operating efficiencies within the company’s 2016-2020 plan.
In conjunction with the investment, Indochino has signed a five-year alliance agreement with Dayang Group that will enable Indochino to introduce three new suit silhouettes, to triple suit and shirt fabric selection, and to quadruple the range of suit personalization options for customers, both online and in its retail stores.
“My objective as incoming CEO of Indochino was to create a five-year business plan and associated investment strategy that would position the company to become an undisputed global market leader in made to measure apparel,” said Drew Green, CEO of Indochino. “This alliance is the first phase of our investment strategy, and we will continue to explore strategic opportunities that further accelerate demand and distribution for our brand and products. The supply-focused partnership with Dayang Group combined with strategic investment strengthens our ability to achieve our 2016-2020 plan, and is a testament to our team, who was able to make this happen in just four months.”
A leader in the suit category, Dayang manufactures suits for a range of global brands including Ralph Lauren, BCBG, J. Crew and Banana Republic. “Both Dayang and Indochino share the belief that made to measure is the future of apparel, so this strategic partnership came about quite naturally,” said Madame Li, founder and chairwoman of Dayang Group. “The investment opportunity Drew and team presented provide our organization with multiple long and short term benefits. We were looking to increase our operations in this rapidly growing category, and Indochino had the expertise, along with a strong focus on growing its business into a global brand and leader in the made to measure category. We look forward to a long and mutually beneficial partnership for years to come.”