Indochino, a global leader in made-to-measure apparel, has announced a strategic investment by Mitsui & Co Inc, US (Mitsui USA). The investment and strategic collaboration will reportedly help Indochino accelerate its North American expansion plans and investment in its global operations and supply chain.
Indochino says it 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’s revenue grew more than 50% for a second consecutive year, achieving full-year EBITDA (earnings before interest, taxes, depreciation and amortisation) 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 track record of cultivating pioneering business models and growing global businesses. Mitsui’s investment with Indochino follows another partnership it formed last year with Rajant Corporation to bring IoT solutions to common customers.
Drew Green, CEO of Indochino, says: “I have admired Mitsui for many years and could not be prouder to welcome them 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 and divisional operating officer of Consumer Service Business division, Mitsui & Co Inc, US, says: “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 we 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, says: “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.
Source: www.wtin.com