Vancouver’s Indochino has closed a $42 million investment from global apparel manufacturer Dayang Group.
Dayang manufactures suits for a range of global brands like Ralph Lauren, BCBG, J-Crew and Banana Republic.
According to today’s announcement the made-to-measure menswear retail pioneer will use the funds to accelerate the company’s expansion plans, enhance its product offering, and generate additional operating efficiencies.
Indochino was founded as an e-commerce retailer in 2007 by Kyle Vucko and Heikal Gani and won Techvibes Canadian Startup of the Year award in 2012.
Gani left the company in 2013 and Vucko stepped down from his CEO role in 2015. He was replaced by Drew Green, who founded Shop.ca in 2009.
“My objective as incoming CEO of Indochino was to create a five-year business plan and associated investment strategy that would position the company to become an undisputed global market leader in made to measure apparel. This alliance is the first phase of our investment strategy, and we will continue to explore strategic opportunities that further accelerate demand and distribution for our brand and products,” explained Green.
“The supply-focused partnership with Dayang Group combined with strategic investment strengthens our ability to achieve our 2016-2020 plan, and is a testament to our team, who was able to make this happen in just four months,” he added.
In conjunction with the investment, Indochino signed a five-year alliance agreement with Dayang Group that will enable the company to introduce three new suit silhouettes, to triple suit and shirt fabric selection, and to quadruple the range of suit personalization options for customers, both online and in its retail stores.