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Industry Talk

Mitsui invests in custom apparel leader Indochino

The investment will support Indochino’s continued expansion plans and allow for future collaboration.

20th February 2018

Innovation in Textiles
 |  Vancouver

Clothing/​Footwear

Indochino, a leader in made to measure apparel, has announced a strategic investment by Mitsui USA, which will 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. The online company’s goal is to disrupt the retail sector by delivering mass one-to-one apparel garments for its customers. It grew revenue more than 50% for a second consecutive year, achieving full year EBITDA profitability and expanding from 10 to 20 showrooms in 2017.

Helping achieve growth

Mitsui is among the world's most diversified trading, investment and services enterprises, with a strong track record of cultivating pioneering business models and growing global businesses. Mitsui's investment in and strategic collaboration with Indochino reflects both its appreciation for Indochino’s mission and execution and its commitment to helping the company achieve global scale, the company reports.

“I have admired Mitsui for many years and could not be more proud to welcome them as a shareholder and partner,” said Drew Green, CEO of Indochino.

“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.”

Strategic partner

“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 are truly excited by the prospect of working together towards achieving the company’s long-term goals and objectives,” commented Mr Iwai, SVP & Divisional Operating Officer of Consumer Service Business Div., Mitsui USA.

Scott Jacobson, Managing Director at Madrona Venture Group and Indochino board member, said: “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.

www.indochino.com

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