Indochino Raises $13 Million Series B to Invest in Growth of Custom Online Menswear
New Investor Highland Consumer Fund Leads Round, Founder of Staples and Retail Pioneer, Tom Stemberg, Joins the Board
VANCOUVER, March 21, 2013 /CNW/ - Indochino, the leader in custom online menswear today announced it has raised $13 million in a series B round of financing led by the Highland Consumer Fund with participation by existing investors Madrona Venture Group, Acton Capital Partners, and Jeff Mallett, Indochino Chairman and former president and COO of Yahoo!. Indochino's online custom menswear service brings together the speed of online shopping with the artistry of hand made clothing. By cutting out the usual middlemen, Indochino has built a simple, more efficient process that result in higher quality goods at a reasonable price. The Series B funding enables the company to continue to build a world class management and operations team and invest in marketing and product development. As part of the investment, Tom Stemberg of the Highland Consumer Fund will join the board.
"Most men need all the help they can get when shopping for their own wardrobe," says Tom Stemberg, Managing General Partner of Highland Consumer Fund. "By providing higher quality custom menswear at a lower cost, Indochino has revolutionized the direct-to-consumer business and become a global presence in custom menswear." Tom brings a wealth of experience to Indochino. He founded Staples and served as CEO for 16 years, overseeing both retail and ecommerce expansion and currently sits on the board of a broad set of retailers from lululemon athletica to PetSmart.
"Over the past several years we have seen incredible growth in the world of online to offline fashion," said Kyle Vucko, CEO and co-founder, Indochino. "Consumers are accustomed to the convenience of online shopping, but want something more personal. This funding will help us expand our marketing programs and create new styles that keep our customers coming back again and again. We are excited to partner with the Highland Consumer Fund and leverage their deep experience in both online and offline retail."
Indochino is coming off of a successful year of building the company and expanding marketing operations. Earlier this year, ecommerce and customer experience executive, Sarah Velt Wallis joined Indochino as COO. Wallis most recently built the successful direct to consumer business at cosmetics retailer Bare Escentuals and has more than a decade of experience in creating successful consumer ecommerce businesses.
In tandem with the new financing, Indochino is opening a pop up Traveling Tailor store in the heart of Boston's chic shopping area. Buyers are measured and styled in-person by Indochino's fit-specialists and stylists to create their ideal look. The Boston shop is located near the corner of Newbury and Clarendon at 234 Clarendon Street, and will be open daily from March 22nd through April 15th. Please visit http://www.indochino.com/boston to book an appointment.
Indochino is the pioneer and global leader in online custom menswear, making fashion accessible for every man. Indochino lets any man regardless of size, budget or location measure customize and order a high fashion, made to order and affordable suit in as little as 10 minutes. Co-founded in 2007 by Kyle Vucko, CEO, and Heikal Gani, chief creative officer, Indochino offers an ever-changing assortment of both classic and fashion-forward suits, shirts, and outerwear- all with an unparalleled number of customization options. The company is headquartered in Vancouver, BC. To learn more about Indochino, visit www.indochino.com. To receive updates on Indochino's latest collections and style services, join Indochino on Facebook at www.facebook.com/indochino or follow Indochino on Twitter at www.twitter.com/indochino.
About Highland Consumer Fund
The Highland Consumer Fund specializes in retail, services and consumer products investment opportunities in growth-focused companies with proven business models operating in attractive markets. The Fund brings together an investment team with extensive experience founding, growing, operating and investing in successful consumer companies. It also offers companies a unique value proposition through the hands-on guidance and active involvement of its consumer domain experts. The Highland Consumer Fund has invested in and worked to create such firms as City Sports, DavidsTea, J.McLaughlin, Pharmaca Integrative Pharmacy and Pinkberry. For more information, visit Highland's web site at www.hcp.com.
SOURCE: Highland Consumer FundFor further information:
Michael Macintyre, Indochino, firstname.lastname@example.org, +1-604-568-1574