INDOCHINO Announces Record Setting Quarterly Revenue and 35% YOY EBITDA Growth in Q1
A dynamic partnerships program, strong shop-in-shop strategy, and increased operating efficiencies drove continued profitable growth in Q1-2023 for the global apparel brand
VANCOUVER, BC, May 22, 2023 /PRNewswire/ -- Today, INDOCHINO, the global leader in made to measure apparel, announced that Q1 2023 marked the largest quarterly revenue in the brand's history. Building upon the business's success in 2022, profitability and operational efficiency remained key priorities, resulting in a 35% increase in EBITDA year over year in Q1 2023. Successful shop-in-shop retail execution, a diversified partnerships strategy and the full omnichannel launch of the made to measure womenswear product assortment drove new customer acquisition, and increased brand awareness and operating leverage.
Throughout Q1, INDOCHINO's physical showrooms increased volume per location, maximizing the return of each storefront in the brand's network. This progress was seen across shop-in-shops, with those locations achieving a 15% increase in net revenue and a 16% increase in gross margin year over year for Q1. Simultaneously, INDOCHINO completed its full omnichannel launch of women's made to measure in late March, debuting the product online as well as bringing it to all owned showrooms. This increased visibility across channels led to a 130% increase in sales, when comparing the first four weeks of the quarter to the most recent four weeks. The strong ramp up for the category showcases the consumer demand and growth potential for this new offering, as well as INDOCHINO's commitment to providing all customers with a one of a kind and differentiated made to measure experience.
Increased speed to delivery also meaningfully impacted customer experience, leveraging INDOCHINO's industry leading production times and unique partnership with DHL Express Canada to deliver suits to shoppers across North America more efficiently than ever before. Throughout the quarter, INDOCHINO produced 90% of suits in two weeks or less, and 98% in under three weeks, while shipping transit time was reduced from ten days to five days through the work of the brand's logistics partner DHL Express Canada.
Andrew Williams, CEO of DHL Express Canada, states: "As a proud, long-term partner of INDOCHINO, we have worked collaboratively over many years to create, and continuously improve, customized logistics solutions for their unique supply chain. As stability returns to global logistics, we are empowering our teams to proactively seek new efficiencies that help INDOCHINO's products travel from the factory to their consumers in record time."
Partnerships also continue to be a central strength for INDOCHINO, contributing to awareness and affinity for the brand across a diverse array of communities. After successfully launching a comprehensive hospitality partnership with Resorts World Las Vegas in February 2023, Q2 partnerships will focus on further strengthening INDOCHINO's connection to the sports world. The brand is currently dressing UFC Undisputed Bantamweight Champion, Aljamain Sterling, for events surrounding key fights. Additionally, INDOCHINO will grow their long standing relationships with top NBA talent, and is planning for their most impactful draft night to date, suiting up more than 12 talented athletes as they kick off their professional careers.
"After the exceptional success we saw in 2022, it was essential that we carry that momentum into Q1 with initiatives, programs, and partnerships that both improve our customer experience and fuel profitable, sustainable growth for the business. We are excited to optimize and continue this growth with a number of exciting projects rolling out in Q2 and through the remainder of the year," said Drew Green, CEO and President of INDOCHINO.
ABOUT INDOCHINO
As the global leader in made to measure apparel, INDOCHINO has developed the shopping experience of the future. Born out of the belief that you don't need to spend a fortune on a custom wardrobe, INDOCHINO was the first company to disrupt the retail sector by making perfect-fitting, personalized apparel on a mass scale. The brand was also named to the Newsweek and Statista America's Fastest Growing Online Shops list for 2022.
Customers take on the role of designer, picking out every detail of their garments to make them truly one-of-a-kind. These are made to their precise measurements and shipped directly to their door, hassle free. The company's omni-channel approach allows them to shop online or in person at any INDOCHINO showroom.
For more information, visit www.indochino.com and follow INDOCHINO's social media channels.
MEDIA CONTACT
Alana Linsenbigler
[email protected]
SOURCE INDOCHINO
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