Thursday, June 22, 2017
SUIT UP, AMERICA! INDOCHINO CONTINUES RETAIL EXPANSION WITH FOUR U.S. SHOWROOMS
Following high growth results, flagship showrooms coming to Chicago and Washington, DC, and second locations arriving in New York and Philadelphia this summer.
Vancouver, BC – INDOCHINO announced today that it will open showrooms in four major cities in the United States this summer, continuing to scale its innovative and profitable omnichannel business. At the same time, the company is pleased to announce 57% year-over-year net revenue growth over the past six months, after finishing 2016 with 54% year- over-year growth.
On July 7, INDOCHINO will add a second New York location in the heart of the city's Financial District, directly across from the New York Stock Exchange. On July 14, it will open a flagship store in Chicago at The Shops at North Bridge in the popular River North District. On July 21, the company will enter Washington, DC, and open a flagship at the upmarket Tyson's Galleria in the suburb of Maclean, Virginia. Finally, on August 11, INDOCHINO will open its doors to men looking to suit up in style at King of Prussia Mall, located outside Philadelphia.
The new stores are opening due to an overwhelming demand for more INDOCHINO brick-and-mortar locations and are in line with its retail expansion plans. The company's current showrooms in New York and Philadelphia are consistently reaching capacity. New markets of Chicago and Washington, DC, represent two of the company's largest online customer bases.
"In the span of a month, we will almost double the number of our U.S. locations as we continue to change shopping habits and bring our unique showroom experience to men across North America," said Drew Green, CEO of INDOCHINO. "We've been prudently searching for the perfect locations to become available and are confident that launching all stores in quick succession will better serve our growing customer base while continuing to build a strong brand presence."
INDOCHINO, the first company to offer mass customized apparel online, opened its first permanent brick-and-mortar showroom in 2015. The four new U.S. showrooms closely follow three new Canadian locations in Edmonton, Calgary and Greater Vancouver, which opened in April 2017, and will take the total retail number to 17 across North America.
The announcement comes as the company posted outstanding growth and profitable results for the previous six-month period between Dec 1 2016 and May 28 2017, compared with the same period last year.
Highlights for this year-over-year period include:
- Net revenue increase of 57%
- Gross Margin improvement of 1100 basis points
- INDOCHINO's customer base grew 43%
- Ad spend increased by 18% and non-showroom global headcount grew by just 13%
- Both EBITDA and Net Income is on pace to improve by over $11m USD in 2017
"It's been a stellar year of profitable growth and we're committed to keep growing the business in a strategic and sustainable way as we offer men around the world personalized clothing at unprecedented value," Drew Green continued. "We've inspired a new way for men to shop by providing a realistic and affordable alternative to ready to wear. I’m inspired every single day by my colleagues in North America and China who have worked tirelessly to build this incredible movement."
Customers looking for perfectly tailored suits and shirts can order online or make an appointment at a showroom at www.indochino.com.
For more information on the new showrooms, visit: http://join.indochino.com/suit-up-america/.
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 customized apparel to its customers and is now the largest dedicated made to measure menswear company. 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 INDOCHINO SHOWROOMS
INDOCHINO showrooms promise a luxurious and highly engaging experience. Customers are paired with a Style Guide who tailors the appointment based on their needs and helps them to build their one-of-a-kind suit or shirt. Style Guides take measurements, assist with fabric selection, and walk shoppers through endless personalization options, including pockets, lapels and monograms. Each garment is made-to-order and delivered in around four weeks.
U.S. Showrooms: New York (Soho), Philadelphia (Chestnut St), Boston, San Francisco, Beverly Hills.
U.S. Showrooms Opening Soon: New York (Financial District), Chicago, Washington, Philadelphia (King of Prussia).
Canadian Showrooms: Toronto (King St & Yorkdale), Mississauga, Ottawa, Vancouver (Yaletown & Metrotown), Calgary, Edmonton.