Indochino, a Vancouver-based online made-to-measure menswear company, has raised “up to” $30 million in strategic financing from Dayang Group, a China-based clothing manufacturer.
Founded in 2007, Indochino covers suits, shirts, accessories, and more, and aims to marry style and affordability by incorporating customization into the core process.
Before today, Indochino had raised a little more than $17 million, the bulk of which came in a $13 million deal two years ago.
The latest investment is notable on a number of levels — beyond the financial input, Dayang has also signed up Indochino on a five-year “alliance agreement” that will allow the Canadian company to ramp up its online menu, both in terms of personalization options and the kinds of suits that are available. So this latest deal is all about funding a plan that will help Indochino expand its existing customer-based offerings in 130 countries, as well its brick-and-mortar retail showrooms in the U.S.
“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,” said Indochino CEO Drew Green. “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.”
Founded in 1979, Dayang has a number of notable clients under its belt, including Ralph Lauren and Macy’s, so Indochino is in good company.