Thursday, February 8, 2018
MITSUI & CO. (U.S.A.), INC. INVESTS IN CUSTOM APPAREL LEADER INDOCHINO
The investment will support INDOCHINO’s continued expansion plans and allow for future collaboration
Vancouver, BC – INDOCHINO, the global leader in made to measure apparel, today announced a strategic investment by Mitsui & Co. (U.S.A.), Inc. (“Mitsui USA”) The investment and strategic collaboration will help INDOCHINO accelerate its North American expansion plans and investment in its global operations and supply chain.
INDOCHINO is transforming men’s apparel by making custom clothing accessible and affordable for everyone through its unique, experiential approach to online and offline retail. The company grew revenue more than 50% for a second consecutive year, achieving full year EBITDA profitability and expanding from 10 to 20 showrooms in 2017.
Mitsui is among the world's most diversified trading, investment and services enterprises, with a strong track record of cultivating pioneering business models and growing global businesses. Mitsui's investment in and strategic collaboration with INDOCHINO reflects both its appreciation for INDOCHINO’s mission and execution and its commitment to helping the company achieve global scale.
Drew Green, CEO of INDOCHINO, said: “I have admired Mitsui for many years and could not be more proud to welcome Mitsui 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.”
Mr. Iwai, SVP & Divisional Operating Officer of Consumer Service Business Div., Mitsui & Co. (U.S.A.), Inc. said: “We are very pleased to be joining INDOCHINO as an investor and strategic partner. 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.”
Scott Jacobson, Managing Director at Madrona Venture Group and INDOCHINO board member, said: “We’re happy to welcome Mitsui to the INDOCHINO family. Mitsui has an impressive track record of investing and partnering with global apparel businesses, and we look forward to a long and productive partnership together.”
Mitsui is the third global corporation to forge a strategic investment in INDOCHINO in the last several years. Its new shareholders include Dayang Group, the world’s largest suit manufacturer, and Postmedia Network Inc., one of Canada’s largest media companies.
INDOCHINO has updated the traditional tailoring experience for the modern man. Inspired daily by the belief that men don't need to spend a fortune for custom clothing, the brand creates an elevated experience without the high price tag usually associated with made to measure.
INDOCHINO is the first online company to disrupt the retail sector by delivering mass one-to-one apparel garments for its customers. The company's multi-touch customer experience allows men to order their made to measure clothing online, via mobile or in person at INDOCHINO showrooms.
ABOUT MITSUI USA
With a long history in the United States, Mitsui & Co. (U.S.A.), Inc. (“Mitsui USA”) is a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, one of the most diversified and comprehensive trading, investment, and service enterprises in the world. Mitsui & Co., Ltd. pursues “360° business innovation” that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects. More information about Mitsui USA may be found at www.mitsui.com/us.
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