Made-to-measure men’s wear brand Indochino is expanding in more ways than one.
The seven-year-old brand today introduces its new chief executive officer, Drew Green, and has plans to broaden its assortment with ready-to-wear and accessories and to increase its physical retail locations from seven to as many as 150 stores by 2020, with locations in the U.K., Australia and beyond, Green said.
Scott Jacobson, Indochino chairman and manager director at Madrona Venture Group, said that Green “is a rare blend of entrepreneur and passionate operator, and is unquestionably one of the top e-commerce and retail executives in North America.”
Green, speaking after just arriving from Shanghai “for a partnership discussion and to meet the team” (he’s been on the job for the past month), said that one of the areas for growth and opportunity is in an “improved customer experience,” both offline and online, prior to purchase and post-purchase.
“There are quite a few things I’m infatuated with,” Green said. “There’s a strong foundation to scale the company.”
One way, he said, especially when working on international expansion, was with “strong partnerships.”
Partnering on both the “demand and the supply side,” Green said, is his preferred way to expand a retail footprint, and a special opportunity for Indochino. “There are a lot of great retailers both online and off that have customers that they serve but they’re not providing made-to-measure garments,” he said.
Although branching out into more brick-and-mortar and in ready-to-wear is a bit of a shift from Indochino’s original online, made-to-measure ethos, he said that one of the reasons it can do so is the strength of its made-to-measure business. “Ready-to-wear is a sub-category,” he said, adding that the brand would also expand its made-to-measure offering simultaneously, with, for example, more choices, fabrics and designs.
He identified three key categories of customers: The young Millennial, the professional and, increasingly, groups of men, like in the case of a wedding party.
The Canadian company lets men order made-to-measure apparel online, through a mobile device or in one of its showrooms in Canada or the U.S. and has received $20 million in funding to date. This year, the brand reported already having surpassed the number of sales in 2014 and is on track for annual sales growth of 40 percent. In November alone, Indochino reported 47 percent growth in the amount of suits sold compared to a year ago, and a 39 percent increase in new customers.
“In a few short years,” Green said, “the company has grown from nascent start-up to a preeminent men’s wear company that is fundamentally changing the way men dress.”
On outgoing ceo Vucko, he said, “Kyle is an outstanding entrepreneur who has fundamentally changed the way men buy suits. As an entrepreneur, I know firsthand the sacrifices required to start a company, attract talent, capital your cause and win the marketplace. The Indochino team owes Kyle a debt of gratitude and we look forward to continued collaboration.”