Australian menswear retailer Institchu has raised $3 million from China’s Dayang Group, one of the world’s largest suit manufacturers.
As part of the minority investment, Dayang will become a production partner for InStitchu to further support its global expansion plans.
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InStitchu, which began life as a pureplay ecommerce brand, said it will continue its global showroom rollout to 15 locations worldwide, elevate the in-store and online experience, and serve its loyal customer base in new ways.
“The Dayang team share our vision that the future of menswear is made-to-measure, and in the belief that a meticulously crafted suit should be affordable,” said James Wakefield, Co-Founder and Co-CEO, InStitchu.
“Dayang’s support will increase efficiencies across production and operations cycles, allowing us to be even more customer-centric.”
The strategic investment follows the opening of the brand’s first US storefront in New York City last year, 114 per cent year-on-year growth, and tripling staff to more than 60 worldwide.
As well as moving into more real estate across the globe, Institchu will use the cash to improve its website, backend infrastructure, and supplier integrations with an in-house development team.
Founded by Australians Robin McGowan and James Wakefield in 2012, InStitchu was launched to provide men with convenient, tailored clothes at an accessible price point.
As well as ordering online, InStitchu currently has showrooms where men can be fitted for their suits in Sydney, North Sydney, Melbourne, Brisbane, Canberra, Auckland and New York City.
“InStitchu has achieved great success building an incredible brand, a beautiful shopping experience, and a loyal customer base of fans all around the world,” said Dongmei Hu, CEO, Dayang Group.
“We’re looking forward to working closely with James, Robin, and the team to help InStitchu create a menswear experience custom-built for the 21st century.”