Online custom men’s wear firm Indochino has raised $13 million in Series B fund-raising.
The latest round was led by Highland Consumer Fund and includes existing investors Madrona Venture Group, Acton Capital Partners and Jeff Mallett.
Tom Stemberg, managing general partner at Highland, said, “Having looked at all of the companies in the space, we believe that Indochino has the most sophisticated approach to mass customization of suits and formalwear.”
As part of the investment, Stemberg will join Indochino’s board. Stemberg, who founded Staples, also is on the Lululemon Athletica and PetSmart boards. Highland’s investments in the apparel, retail and beauty space include J. McLaughlin, City Sports and StriVectin.
The Vancouver-based firm started its business selling custom suits, but now offers sport coats, outerwear, dress shirts, slacks and accessories, such as ties.
Kyle Vucko, cofounder and chief executive officer, said, “The money will go towards building out our supply operations channel, [expanding] our apparel categories, growing our online marketing presence and for our pop-up stores.”
Custom suits start at $379 and shirts at $79. Vucko said it takes on average three weeks from the time an order is placed to when it is ready to ship.
The company is planning on ten pop-up sites this year. It already had one in Washington, D.C., last month and a three-week event starts next week in Boston. The pop-ups typically last a week. Last year, there were four: Chicago, New York and San Francisco in the U.S., and Vancouver.
The pop-up sites typically are in urban markets near business hubs close to metro lines. The one in New York last October was in Grand Central Station.
“We found pop-ups to be successful in transitioning people from offline to online,” said Vucko.
So far venture capital investments in Series B and C rounds total more than $190 million in the first quarter of 2013. In addition to Indochino, a recent round completed in the men’s wear arena was the $30 million Series B raised by Bonobos, led by new investors Glynn Capital and Mousse Partners. Existing investors — Nordstrom, Accel, Lightspeed Venture Partners and Forerunner Ventures — also participated in the B round.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)