Indochino to Expand by a Third in Four Months With Eight New ShowroomsTuesday, May 29, 2018
Drew Green, Chief Executive Officer, Indochino
Vancouver, BC, May 29, 2018--(T-Net)--INDOCHINO, a leader in made to measure apparel, announced today that it is making perfectly tailored apparel available to millions more men by opening eight showrooms over the next four months.
Denver and Bethesda will open in May, followed by Short Hills and Scottsdale in June. Columbus and Newport Beach are also scheduled to open this summer in addition to previously announced locations in Dallas, opening May, and New York's Madison Ave, slated for late summer.
"The latest investment in retail marks an important step in our growth strategy as we look to expand our brick and mortar network by almost a third over the course of four months," said Drew Green, CEO of INDOCHINO. "INDOCHINO has evolved its digitally native foundation over the past few years and expanded at an industry leading pace, based on the belief that an enhanced and custom shopping experience should be accessible to everyone. With each new market we enter, we're moving closer to achieving this. It's going to be a busy summer and we couldn't be more excited."
Starting online before extending into physical retail in 2015, INDOCHINO is growing its network by almost a third from 23 to 31 by the end of the summer.
Each new market has been carefully selected with the aid of a heat map showing its strongest online customer bases. Showroom locations have been chosen for their close proximity to a young professional community and as a premier shopping destination for men aged 25-45, the company's core demographic.
In May, INDOCHINO will open three showrooms in quick succession, beginning with its third Texas location in the Knox District of Dallas on May 11. The first Colorado showroom opens in Denver's Cherry Creek North on May 18. Bethesda Row, Maryland will offer easy access to men working in and around Washington, DC when it opens on May 25 and complement its nearby Virginia location at Tysons Galleria.
The Mall at Short Hills, New Jersey and Scottsdale Quarter, Arizona are both scheduled for June launch dates. Easton Town Center in Columbus, Ohio, Fashion Island in Newport Beach, California and 488 Madison Avenue in New York will all open later in the summer.
INDOCHINO showrooms offer a luxury and highly interactive experience where customers step into the shoes of a designer to create their garments. When they arrive at their appointment, they are paired with a Style Guide who takes measurements, walks them through an array of high quality suiting and shirting fabrics and helps them choose from endless customizations options. Each perfectly tailored garment is shipped direct to the customer's door within three weeks.
INDOCHINO's unique virtual inventory model enables it to run a very efficient retail business, which it is leveraging via its expansion strategy. The company achieved 49% Gross Margin in 2017 with 52% forecast in 2018. It is expecting to end the year with a 53% three year Compound Annual Growth Rate.
"We have continued to develop a differentiated retail concept that offers our customers a world class experience while enhancing shareholder value through significant and sustainable growth," continued Green. "Showrooms give customers access to a completely new way to shop whilst being highly efficient to operate. We pass these savings on to our customers in the form of great value, high quality clothing. It's a winning formula."
For more information and to make an appointment, visit www.indochino.com/showrooms.
Bialow Real Estate represented INDOCHINO on all of the deals.
Dallas, Texas, opening May 11
Address: Knox District, 3119 Knox St, Dallas, TX 75205
Size: 2,900 square feet
Denver, Colorado, opening May 18
Address: Cherry Creek North, 105-158 North Fillmore Street, Denver, Colorado 80206
Size: 3,196 square feet
Bethesda, Maryland, opening May 25
Address: Bethesda Row, #16-4838 Bethesda Ave, Bethesda, MD 20814
Size: 2,497 square feet
Short Hills, New Jersey, opening June 2018
Address: The Mall at Short Hills (lower level), 1200 Morris Turnpike, Short Hills, NJ 07078
Size: 2,435 square feet
Scottsdale, Arizona, opening June 2018
Address: Scottsdale Quarter, 15037 N. Scottsdale Rd., Scottsdale, AZ 85254
Size: 1,691 square feet
Columbus, Ohio, opening Summer 2018
Address: Easton Town Center, Columbus, OH 43219
Size: 1,919 square feet
Newport Beach, California, opening Summer 2018
Address: Fashion Island, 915 Newport Center Drive, Newport Beach, CA 92660
Size: 2,782 square feet
Madison Avenue, New York, opening Summer 2018
Address: 488 Madison Avenue, New York, NY 10022
Size: 1,700 square feet
As the global leader in made to measure apparel, INDOCHINO has developed the shopping experience of the future. Born out of the belief that you don't need to spend a fortune on a custom wardrobe, INDOCHINO was the first company to disrupt the retail sector by making perfect-fitting, personalized apparel on a mass scale.
Customers take on the role of designer, picking out every minute detail of their suits and shirts to make them truly one-of-a-kind. These garments are made to their precise measurements and shipped directly to their door, hassle free. The company's omnichannel approach allows them to shop online or in person at any INDOCHINO showroom.
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