Indochino accelerates brick-and-mortar expansion, plans new offerings
Indochino, the digitally native made-to-measure menswear brand, is expanding its store portfolio and product offerings.
The Vancouver-based company, a recipient of Chain Store Age’s2018 Breakout Retailers Awards, intends to open up to 20 locations in North America in 2019 and start analysis for international expansion. Indochino also plans to expand further into new product categories beyond formalwear, beginning with casual shirts that will launch in time for summer.
Indochino, which currently has 38 showrooms, said its retail growth in 2019 will be focused on the East and West Coasts. Six locations are confirmed to open in the Northeast, including Brooklyn, N.Y., Greenwich, Conn., Manhasset, N.Y., and Paramus, N.J., as well as a second Boston location and a fourth in the Greater Toronto Area.
In addition, five more locations are confirmed for the West Coast, with three in California — Roseville, San Diego and San Jose — plus Portland, Oregon, and Bellevue, Washington. Brooklyn will be the first showroom to open on Jan. 18, followed by Portland on Feb. 1. Boston’s Seaport district and Roseville near Sacramento, are slated for March.
Indochino’s retail spaces offer an immersive experience. Customers are designated their own personal stylist who assists them in designing their suit or shirt and helps them choose from millions of possible combinations of fabrics and personalization options. Garments are then made to the customers’ precise measurements and shipped directly to their door.
The retailer is also exploring international expansion. With close to 3% of total sales from customers outside North America where there are no marketing efforts, the company will be investigating opportunities to grow the business globally.
Indochino expects a 43% year-over-year increase in sales in 2018 (its fiscal year ends Feb.3), an anticipated 2016-2018 compound annual growth rate of 55%, and its second EBITDA positive year in a row.
“2018 was an incredible year at Indochino as we doubled our retail network in North America and positioned ourselves at the forefront of direct-to-consumer brands, who are reimagining retail globally,” said Drew Green, president and CEO, Indochino.