Retail

Indochino Eyes Expansion In 2019

Indochino

Indochino, the digitally-native made-to-measure menswear brand, has plans to expand in 2019.

The company will open up 20 new locations in North America this year before it starts to focus on going international.

Vancouver-based Indochino, which currently operates 38 showrooms, said six locations will open this year 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, according to Chain Store Age. And five additional locations will open on the West Coast, with three in California — Roseville, San Diego and San Jose — plus Portland, Oregon, and Bellevue, Washington.

Brooklyn will launch first on Jan. 18, followed by Portland on Feb. 1. Boston’s Seaport district and Roseville are scheduled to open in March.

When Indochino made the transition from a digital-only to an omnichannel retailer, it chose to open smaller stores called showrooms. There, customers receive a personalized experience to create a one-of-a-kind garment or wardrobe, from the type of fabric lining to the stitching. As a result, Indochino doesn’t have to stock many items.

“We aren’t burdened by inventory risk,” Indochino Chief Executive Officer Drew Green told PYMNTS.com in an interview last year. “We can allow a showroom to grow both organically through our existing customers in that area as well as [through] new customer acquisition and attraction.”

In addition, there are plans to expand into new product categories beyond formalwear, with casual shirts ready for the summer.

Indochino revealed that it expects a 43 percent year-over-year increase in sales in 2018, with an anticipated 2016-2018 compound annual growth rate of 55 percent.

“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 Green.

——————————

PYMNTS LIVE ROUNDTABLE: TUESDAY, JULY 14, 2020 AT 12:00 PM (ET)

Digital transformation has been forcefully accelerated, but how does that agility translate into the fight against COVID-era attacks and sophisticated identity threats? As millions embrace online everything, preserving digital trust now falls mostly on banks and FIs. Now, advances in identity data and using different weights on the payment mix afford new opportunities to arm organizations and their customers against cyberthreats. From the latest in machine learning for fraud and risk, to corporate treasury teams working in new ways with new datasets, learn from experts how digital identity, together with advances like real-time payments, combine to engender trust and enrich relationships.

TRENDING RIGHT NOW