The 2,300-square-foot showroom at Santa Monica Place will be followed by additional stores locally on Melrose Avenue and up north in Sacramento. The company, by the end of the year, will have seven California showrooms.
“The business is growing quite rapidly,” president and chief executive officer Drew Green said, adding the company between 2016 and 2018 grew at a compounded annual growth rate of 55 percent. “What we’ve seen is New York is our number-one market and we’ve heavily invested in New York. California represents a big opportunity. We invested in San Francisco on Post [Street]. We’ve got the showroom in Beverly Hills and now we’re going to continue to really expand in California.”
Santa Monica marks the company’s 41st showroom with another 11 in production. The company will likely launch another 20 showrooms in 2020 bringing the total count to more than 70 in the U.S. and Canada, Green said.
Santa Monica will serve the large customer base in the area, with showroom location openings data driven.
Elsewhere in the U.S., Indochino’s 2,234-square-foot Boston store is slated for a Friday opening, making the company’s partnership with the Boston Red Sox a timely one. Boston Red Sox shortstop Xander Bogaerts will be outfitted in Indochino and also becomes brand ambassador for the company. Indochino will be played up at Fenway Park and on Red Sox digital and social media. The partnership will also get play within Indochino showrooms.
The company’s suits and overcoats have a starting price point of $399, while chinos and shirts have an opening price of $79. The company’s sold shoppers on the made-to-measure experience and later this month will launch casual shirts. That follows the September launch of khakis and outerwear a month later.
Most of Indochino’s overall business — about 70 percent — is driven by the U.S., with Canada bringing in around 27 to 28 percent of revenue and the rest of the world generating the remainder.
“We’ve been researching it for years,” Green said of doing business outside of North America. “We have customers in dozens and dozens of countries.”
To that point, the company in April is set to launch its online business in Australia.