E-commerce grew 20% for Costco in fiscal 2015—20 times faster than store sales.
The web-only merchant also adds a former Amazon executive to its board.
Web-only apparel retailer Indochino, which sells tailored menswear, said this week it has raised $4 million. Madrona Venture Group led the funding round, the first for the e-retailer, with Burda Digital Ventures also taking part.
Indochino plans to use the funding for technology upgrades, product development and hiring more executives. The company, which launched in 2007, sells suits made from measurements that customers provide via the e-commerce site, with guidance about how to take the measurements provided by videos on Indochino.com. The company promises delivery within two weeks. If a suit does not fit upon delivery, the company provides the customer $75 to pay for local tailoring. Indochino also sells shirts, ties, coats and related accessories, some of which require no custom fitting.
“We want to bring high-quality custom apparel to the masses, enabling men to get fashionable, affordable, made-to-measure clothing, anywhere in the world, in under two weeks,” says Kyle Vucko, co-founder and CEO of Indochino. “We are excited to partner with Madrona Venture Group, which has backed innovative, customer-centric online retail brands like Amazon.com and Nordstrom.com, and which has expertise helping companies leverage technology to scale.”
Madrona partner Scott Jacobson will join Indochino’s board of executives. He has worked at Amazon.com, No. 1 in the Internet Retailer Top 500 Guide, holding senior product and business management positions related to the Kindle e-reader and Amazon Marketplace.
Indochino says its revenue increased 245% in 2010 compared with the previous year.