Indochino clocks record-breaking first quarter sales on shop-in-shops, new women's category
Made-to-measure men's apparel brand Indochino announced on Monday revenues for the first quarter reach record-breaking levels, on the back of a double-digit sales increase across its physical retail network.
The Vancouver-based company said its physical showrooms increased in volume per location, "maximizing the return of each storefront in the brand's network." This progress was seen across shop-in-shops, with those locations achieving a 15 percent increase in net revenue and a 16 percent increase in gross margin year-over-year.
Overall, the company clocked a whopping 130 percent sales increase during the four weeks, resulting in a 35 percent increase in EBITDA year-over-year.
During the quarter, the company also inked diversified partnerships and rolled out a full omnichannel launch of its made-to-measure womenswear product assortment, which "drove new customer acquisition, and increased brand awareness and operating leverage," according to a press release.
The company also increased its speed to delivery via improved production times and a partnership with DHL Express Canada to deliver suits to shoppers across North America quickly.
Throughout the quarter, the Canadian company produced 90 percent of suits in two weeks or less, and 98 percent in under three weeks, while shipping transit time was reduced from ten days to five days.
After successfully launching a comprehensive hospitality partnership with Resorts World Las Vegas in February, the company said its second-quarter partnerships will focus on further strengthening Indochino's connection to the sports world.
The brand is currently dressing UFC Undisputed Bantamweight Champion, Aljamain Sterling, and looks to grow its long standing relationships with top NBA talent.
"After the exceptional success we saw in 2022, it was essential that we carry that momentum into the first quarter with initiatives, programs, and partnerships that both improve our customer experience and fuel profitable, sustainable growth for the business," said Drew Green, CEO and president of Indochino
"We are excited to optimize and continue this growth with a number of exciting projects rolling out in the second quarter and through the remainder of the year."
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