Canadian menswear e-retailer Indochino landed a $30 million investment that it will use to expand product lines and improve personalization efforts.
This latest financing comes from Dayang Group, a Chinese global apparel manufacturer. Dayang Group employs more than 7,000 workers who produce men’s and women’s apparel, according to the China National Garment Association. This latest investment “will enable Indochino to introduce three new suit silhouettes, to triple suit and shirt fabric selection, and to quadruple the range of suit personalization options for customers, both online and in its retail stores,” Indochino says.
Dayang Group’s investment comes three months after Indochino hired Shop.ca veteran Drew Green as CEO, replacing co-founder Kyle Vucko.
“This alliance is the first phase of our investment strategy, and we will continue to explore strategic opportunities that further accelerate demand and distribution for our brand and products,” Green said.
According to CrunchBase, Indochino has raised $17.25 million over four funding rounds, including a $13 million Series B round in March 2013 led by venture capital firm Highland Capital Partners. Highland Capital also participated on a $60 million Series D round for e-retailer Rent the Runway Inc., which rents dresses and accessories to consumers. Rent the Runway is No. 282 in the Internet Retailer 2015 Top 500 Guide.