Indochino revenue grows, plans retail expansion
Made-to-measure suiting company Indochino announced on Tuesday an increase in year-to-date revenue and as a result, plans for further growth in 2017.
Net revenue for the 11 months ended November 2016 increased 55 percent over the same period ended November 2015.
What’s more, the Vancouver-based retailer set numerous company records in November due to record sales during Black Friday and Cyber Monday. Net revenue for November increased 40 percent over October 2016, and 109 percent over November 2015. New customer acquisition this November equally increased 77 percent over November 2015, while net orders for the month increased 63 percent compared to the same period last year.
To fuel further growth in 2017, the company announced plans to expand its retail presence in North America next year. The retailer plans to open additional showrooms where online sales are strongest and in existing markets. This year, Indochino opened a cluster of showrooms in the Greater Toronto Area including in Yorkdale mall and at the Rideau Centre, in Ottawa. The company also has showrooms in New York, Beverly Hills, San Francisco, Boston, and elsewhere.
"With the sharp growth of our customer base and increase in brand awareness this year, we've proven that made-to-measure is becoming mainstream, and an everyday alternative to ready-to-wear," says Drew Green, Indochino CEO. "We're committed to investing our resources in perfecting the customer experience, from creating an unrivalled product to extending into new markets across North America, leading to much more profitable growth in the months and years ahead."
The company also made key appointments to its leadership team this year with the appointment of the likes of Clay Haeber, formerly at Kit and Ace and lululemon, as Chief Operating Officer, and others.
Indochino was founded in 2007. Since its inception, it has grown from the first online business to provide custom tailored suits into the largest made-to-measure menswear brand in the market.
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