Indochino is continuing to expand its reach.
The Vancouver-based made-to-measure men’s wear firm has set plans in motion to open eight additional showrooms in the U.S. over the next four months.
The first three will open later this month in Denver, Dallas and Bethesda, Md., followed by Short Hills, N.J., and Scottsdale, Ariz., in June. Columbus, Ohio and Newport Beach, Calif., are also slated to open this summer along with New York City’s Madison Avenue location.
“The latest investment in retail marks an important step in our growth strategy as we look to expand our bricks-and-mortar network by almost a third over the course of four months,” said Drew Green, chief executive officer of Indochino. “Indochino has evolved its digitally native foundation over the past few years and expanded at an industry-leading pace, based on the belief that an enhanced and custom shopping experience should be accessible to everyone. With each new market we enter, we’re moving closer to achieving this. It’s going to be a busy summer and we couldn’t be more excited.”
By the end of the summer, this will bring Indochino’s retail footprint to 31 showrooms. The locations were all chosen by determining where the brand has its strongest online business and they’re also intended to be in spots frequented by its target customer, young professional men aged 25 to 45.
Indochino’s showroom features a virtual inventory model where customers are paired with a style guide who takes their measurements and helps them select their fabrics and details. Garments are then shipped to them within three weeks.
According to the company, gross margin increased 49 percent in 2017 and is projected to rise 52 percent this year when it is also projecting a 53 percent compounded annual growth rate. The privately held firm did not disclose sales figures.
In February, Mitsui & Co. (USA) Inc. made a strategic investment into the company. Two years ago, Dayang Group, the world’s largest suit manufacturer, invested $30 million, and Postmedia Network Inc., one of Canada’s largest media companies, has also partnered with the company.