Vancouver’s Indochino gets $42 million from China’s Dayang Group

Custom menswear retailer and global garment manufacturer sign five-year agreement

Dayang Group has invested up to $42 million in custom menswear retailer Indochino, making it one of the company’s top five shareholders. The investment will help accelerate the company’s growth and significantly expand Indochino’s retail footprint in North America; generate operate efficiencies; and introduce three new suit silhouettes, triple suit and shirt fabric selection, and quadruple the range of suit personalization options both online and in its retail stores. Indochino’s mission is to deliver a million suits by 2020, says CEO Drew Green. He is planning to open more showrooms in 2016 with as many as 150 by 2020. 


Founded by Victoria natives Kyle Vucko and Heikal Gani in 2007 as an online retailer, Indochino now has customers in more than 130 countries and retail showrooms in seven North American cities. Vucko stepped down as CEO in December 2015, with retail and Internet veteran Drew Green stepping in to take his place.

The companies have signed a five-year alliance agreement. China’s leading garment manufacturer and exporter, with over 7,000 staff, 10 manufacturing factories and annual capacity of 10 million pieces, Dayang manufactures suits for global brands including Ralph Lauren, BCBG, J-Crew and Banana Republic—plus Warren BuffetOne of its factories will be dedicated to Indochino along with a team who will work exclusively on the brand. Indochino will retain its current team in China to integrate, maintain and grow this partnership.

Asked whether Indochino might go public, Green said, “Indochino is focused on growing its business and a successful business gives us options. An IPO could certainly be something we consider in the coming months and years.” 

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