The world’s largest suit manufacturer, Dayang Group, has injected $3 million into Institchu and become a production partner to the Sydney-based menswear startup in exchange for a minority stake in its operations.
Founded in 2012 by co-CEOs James Wakefield and Robin McGowan, Institchu is an online provider of custom and tailored made suits and shirts, with five showrooms on the East Coast of Australia plus a further two in Auckland and New York City.
With the strategic investment from Dayang, Institchu will launch a further 8 showrooms globally while enhancing the in-store and online experience for its customers. This will involve its in-house development tam making improvements to the startup’s website, backend infrastructure, and supplier integrations.
According to Wakefield, Dayang’s “decades of expertise and quality” will also fuel Institchu’s growth and expansion.
“Dayang’s support will increase efficiencies across production and operations cycles, allowing us to be even more customer-centric,” he said.
“Their expertise coupled with our top-notch product and focus on retail expansion, will allow us to bring InStitchu into the hands of even more customers.
McGowan described Dayang as an “innovator in menswear”, adding that the manufacturer shares Institchu’s belief that when it comes to long-term, sustainable growth, the startup’s shopping experience must be equally appealing online as it is offline for men.
He continued, “Working with our new partners, we’ll be able to help more men around the world dress better, look better, and feel better.”
Dayang’s strategic investment in Institchu comes hot on the heels of a milestone year for the startup. In 2017, Wakefield and McGowan opened their first US storefront, recorded 114% year-on-year growth, and tripled their workforce size to more than 60 employees, including Saville Row trained tailors.
Dongmei Hu, the CEO of Dayang Group said the manufacturer is looking forward to working closely with Wakefield, McGowan and their team to help InStitchu “create a menswear experience custom-built for the 21st century.” He added, “InStitchu has achieved great success building an incredible brand, a beautiful shopping experience, and a loyal customer base of fans all around the world.”