InStitchu, the Australian made-to-measure men’s brand, has made its first acquisition.
On Wednesday, the company said that it had purchased George & King, a Sydney-based, custom, tailored men’s wear company with a similar operating model. Terms were not disclosed but the acquisition is expected to add 4.5 million Australian dollars to the brand’s sales.
In February, InStitchu received a $3 million strategic investment from Dayang, the world’s largest suit manufacturer, which was earmarked to expand its showrooms around the world while also elevating the in-store and online experience. Since the acquisition, InStitchu has grown to nine showroom in Australia, New Zealand and the U.S. It declined to provide a revenue figure.
“We have been actively looking for acquisitions in the custom men’s wear category globally as part of our growth strategy,” said James Wakefield, co-founder and co-chief executive officer of InStitchu. “Both InStitchu and George & King are passionate about making high-quality, made-to-measure men’s wear more accessible and affordable. We’re striving toward the same goal and strategically, are stronger as one.”
His cofounder and coceo Robin McGowan, added that the George & King team has done “a fantastic job penetrating the corporate partnerships market and we’re excited to continue building on the success that they have achieved. Styling sessions for customers in the corporate workspace are a real benefit to our business model. Pop-up showrooms in high-traffic areas or intimate in-office styling sessions have proven to be extremely successful.”
George & King, which was founded by Joel Deakin in 2012, will continue to operate separately from InStitchu, with all 14 staff members remaining on board, including Deakin. The acquisition brings InStitchu’s total staff size up to 90, including retail associates. All four of George & King’s Showrooms will continue to be operated by the George & King team, with support from InStitchu.
“It’s very exciting to be part of the InStitchu family,” Deakin said. “Like InStitchu, George & King has developed a beloved brand over the past six years that represents quality and value. We look forward to continuing to deliver an exceptional experience as we begin to write the next chapter with InStitchu.”
Wakefield said, “Our plan at this stage is to join forces for cost savings across manufacturing and freight volumes, higher purchasing power, and production time reductions. It makes good business sense to acquire a brand that is well established in a market already and continue to run it separately. George & King will run autonomously, while leveraging the expertise and technology of InStitchu. In the future, we envision InStitchu doing something similar with other brands operating independently in markets all over the world.”
The company said it is also exploring acquisitions in the North American market.
InStitchu was founded by high school friends, Australians McGowan and Wakefield, and is now one of the largest made-to-measure producers in Australia. In addition to its showrooms, the company also offers traveling stylists that will visit customers in the homes or offices and help them order online. Suits start at $499 and shirts at $89.