Indochino has a new partner.
The Vancouver-based men’s made-to-measure brand has received “a strategic investment” from Mitsui & Co. (U.S.A.) Inc., that will be used to accelerate the brand’s North American expansion plans and investment in its global operations and supply chain.
Terms were not disclosed.
Drew Green, chief executive officer of Indochino, said: “I have admired Mitsui for many years and could not be more proud to welcome them as a shareholder and partner. Indochino has established a new way for men to experience well-fitting garments with ease and affordability. Our strong sales and earnings growth demonstrate that the Indochino brand resonates with consumers and has become a mainstream alternative to ready-to-wear clothing. Mitsui’s global footprint and its expertise scaling and operating international businesses will be invaluable as we prepare for the next phase of growth and scale as a global apparel brand.”
Takayuki Iwai, senior vice president and divisional operating officer of the Consumer Service Business Division of Mitsui & Co. U.S.A.) Inc., said: “We believe Drew and his team have done an outstanding job in building Indochino into one of the industry’s most innovative and dynamic companies, and are truly excited by the prospect of working together towards achieving the company’s long-term goals and objectives.”
This is not the first company to partner with the brand. Dayang Group, the world’s largest suit manufacturer, invested $30 million in 2016, and Postmedia Network Inc., one of Canada’s largest media companies, has also partnered with the company.
Indochino said sales grew by more than 50 percent in 2017, a year that saw the brand’s number of showrooms grow from 10 to 20. The privately held brand declined to specify its volume. This year it plans to further increase its presence in the Southern U.S., in cities such as Charlotte, N.C.; Houston; Dallas, and Austin, Tex.
Mitsui also owns Paul Stuart in the U.S.