Canadian Business and PROFIT ranked INDOCHINO No. 65 on the 28th annual PROFIT 500, the definitive ranking of Canada's fastest-growing companies. Published in the October 2016 issue of Canadian Business and at PROFITguide.com, the PROFIT 500 ranks Canadian businesses by their five-year revenue growth. The announcement follows a stellar 12 months as INDOCHINO continues on its mission to sell a million made-to-measure suits a year by 2020 and change how a generation of men suit up, both for work and for play.
INDOCHINO made the 2016 PROFIT 500 list with five-year revenue growth of 1,187 percent.
"Companies become a part of the PROFIT 500 through innovative thinking, smart strategy and sheer grit," says James Cowan, editor-in-chief of PROFIT and Canadian Business. "These firms demonstrate what Canadian entrepreneurs and top executives can achieve, both at home and across the globe."
In early 2016, Drew Green, CEO and director of INDOCHINO, secured a strategic alliance agreement and significant investment of up to $42 million CDN by Dayang Group, a global apparel manufacturer, to help accelerate the company's expansion plans, significantly enhance the product offering to its customers, and generate additional operating efficiencies. This has started to have a significant impact on the company's bottom line in Q3 2016, and will continue to do so through 2016 and beyond.
"We are honoured to be featured in the PROFIT 500, and participate alongside Canada's elite companies," says Green. "We are not just accelerating revenue at an unprecedented pace; we are also improving the bottom line at the same rate, while building a world class company culture and a disruptive global brand. It takes a focused, loyal and relentless team to accomplish the progress we are experiencing, and today's recognition is a reflection of this incredible teamwork."
INDOCHINO, now the world's largest made-to-measure men's wear company, has recorded an outstanding year-to-date growth rate of 61 percent and celebrated its biggest sales month ever in May 2016. The company is also on track to improve EBITDA by more than 50 percent year-over-year in 2016.
Growth performance highlights
INDOCHINO's omni-channel year-to-date sales through Aug. 31, 2016, have increased 61 percent year-over-year compared to the first eight months of 2015. In the same period:
E-commerce sales have increased +51 percent y/y
Retail sales have increased +70 percent y/y
INDOCHINO has acquired 32,000 new customers, up 66 percent y/y
INDOCHINO's repeat purchase rate has grown by 64 percent y/y
May 2016 omni-channel sales posted an all time company record with a growth rate of 67 percent, surpassing Black Friday sales achieved in November 2015
In 2016, INDOCHINO significantly expanded its product and retail footprint. Its current fall 2016 collection is the company's largest ever, with suit offerings growing from 129 to 250 fabrics and shirt offerings from 78 to 200 compared to the previous year. In the summer of 2016, INDOCHINO opened three new showrooms in Canada: Yorkdale and Square One in the Greater Toronto Area, and Rideau Centre in Ottawa. The company currently has 10 showrooms across North America.
INDOCHINO will next unveil a winter 2016 collection and continue its rapid growth with additional showroom openings slated for 2017, throughout both Canada and the United States.