Thursday, September 15, 2016
INDOCHINO RANKS NO. 65 ON THE 2016 PROFIT 500
PROFIT and Canadian Business unveils 28th annual list of Canada’s Fastest-Growing Companies
Vancouver, BC – Canadian Business and PROFIT today ranked INDOCHINO No. 65 on the 28th annual PROFIT 500, the definitive ranking of Canada's Fastest-Growing Companies. Published in the October 2016 issue of Canadian Business and at PROFITguide.com, the PROFIT 500 ranks Canadian businesses by their five-year revenue growth. The announcement follows a stellar twelve months as INDOCHINO continues on its mission to sell a million made-to-measure suits a year by 2020 and change how a generation of men suit up, both for work and for play.
INDOCHINO made the 2016 PROFIT 500 list with five-year revenue growth of 1,187%.
"Companies become a part of the PROFIT 500 through innovative thinking, smart strategy and sheer grit," says James Cowan, Editor-in-chief of PROFIT and Canadian Business. "These firms demonstrate what Canadian entrepreneurs and top executives can achieve, both at home and across the globe."
In early 2016, Drew Green, Chief Executive Officer and Director of INDOCHINO, secured a strategic alliance agreement and significant investment of up to $42 million CDN by Dayang Group, a global apparel manufacturer, to help accelerate the company's expansion plans, significantly enhance the product offering to its customers, and generate additional operating efficiencies. This has started to have a significant impact on the company's bottom line in Q3 2016, and will continue to do so through 2016 and beyond.
"We are honoured to be featured in the PROFIT 500, and participate alongside Canada's elite companies," says Drew Green. "We are not just accelerating revenue at an unprecedented pace; we are also improving the bottom line at the same rate, while building a world class company culture and a disruptive global brand. It takes a focused, loyal and relentless team to accomplish the progress we are experiencing, and today's recognition is a reflection of this incredible teamwork."
INDOCHINO, now the world's largest made-to-measure menswear company, has recorded an outstanding year-to-date growth rate of 61% and celebrated its biggest sales month ever in May 2016. The company is also on track to improve EBITDA by over 50% year-over-year in 2016.
Growth Performance Highlights
INDOCHINO's omni-channel year-to-date sales through August 31, 2016, have increased 61% year-over-year compared to the first eight months of 2015. In the same period:
- E-commerce sales have increased +51% y/y
- Retail sales have increased +70% y/y
- INDOCHINO has acquired 32,000 new customers, up 66% y/y
- INDOCHINO's repeat purchase rate has grown by 64% y/y
May 2016 omni-channel sales posted an all time company record with a growth rate of 67%, surpassing Black Friday sales achieved in November 2015
In 2016, INDOCHINO significantly expanded its product and retail footprint. Its current Fall 2016 Collection is the company's largest ever, with suit offerings growing from 129 to 250 fabrics and shirt offerings from 78 to 200 compared to the previous year. In the summer of 2016, INDOCHINO opened three new showrooms in Canada: Yorkdale and Square One in the Greater Toronto Area, and Rideau Centre in Ottawa. The company currently has ten showrooms across North America.
INDOCHINO will next unveil a Winter 2016 Collection and continue its rapid growth with additional showroom openings slated for 2017, throughout both Canada and the US.
Founded in 2007, Vancouver-based apparel brand INDOCHINO is at the forefront of revolutionizing men's fashion. By combining luxury fabrics, perfect fit and customized style, INDOCHINO creates one-of-a-kind suits that are a reflection of who you are and how you feel. Since its inception, INDOCHINO has grown from the first online business to provide custom tailored suits into one of the largest made-to-measure menswear brands in the market.
Through a seamless multi-channel approach to the customer experience, men are easily able to order high-quality, attainably priced made-to-measure suits and shirts plus accessories online, via mobile devices, or in-person at INDOCHINO's showrooms in New York, Beverly Hills, San Francisco, Boston, Philadelphia, Toronto, Vancouver, and Ottawa. Visit www.indochino.com.
About PROFIT and PROFITguide.com
PROFIT: Your Guide to Business Success is Canada's preeminent media brand dedicated to the management issues and opportunities facing small and mid-sized businesses. For 34 years, Canadian entrepreneurs across a vast array of economic sectors have remained loyal to PROFIT because it's a timely and reliable source of actionable information that helps them achieve business success and get the recognition they deserve for generating positive economic and social change. Visit PROFIT online at PROFITguide.com.
About Canadian Business
Founded in 1928, Canadian Business is the longest-serving, best-selling and most-trusted business publication in the country. With a total brand readership of more than 1.1 million, it is the country's premier media brand for executives and senior business leaders. It fuels the success of Canada's business elite with a focus on the things that matter most: leadership, innovation, business strategy and management tactics. We provide concrete examples of business achievement, thought-provoking analysis and compelling storytelling, all in an elegant package with bold graphics and great photography. Canadian Business — what leadership looks like.