InStitchu Acquires Biggest Competitor in Multi-Brand Growth Strategy

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By Published On: June 21, 20180 Comments

InStitchu recently announced the acquisition of its biggest competitor, George & King, as it take steps towards implementing its multi-brand growth strategy.

In its latest move, InStitchu has acquired one of Australia’s largest custom menswear brands, which has showrooms in Sydney, Melbourne, Brisbane and Perth, and a strong online customer-base.

According to James Wakefield, the co-founder and co-CEO of InStitchu, the company’s latest acquisition cements the menswear business as a market leader.

“We have been actively looking for acquisitions in the custom menswear category globally as part of our multi-brand growth strategy,” Wakefield said.

“Both InStitchu and George & King are passionate about making custom, tailored suits more accessible and affordable for Aussie men. We’re striving towards the same goal and strategically are stronger as one.”

As part of the deal, InStitchu will reportedly gain access to a strong network of corporate partnerships that George & King have developed during its time in the fashion industry.

Robin McGowan, the other co-founder and co-CEO of Institchu believes a number of George & King’s initiatives and partnerships will be of value to the InStitchu brand.

“The George & King team has done a fantastic job penetrating the corporate partnership’s market and we’re excited to continue the work they have achieved. Styling sessions for customers in the corporate workspace is a real benefit of our business model. Pop-up shops in high-traffic areas or intimate in-office styling sessions have proven to be extremely successful,” McGowan said.

The two menswear retailers are expected to continue operating as separate brands, with all George & King staff reportedly being retained under the businesses new ownership, including the company’s Founder, Joel Deakin.

“It’s very exciting to be part of the InStitchu family. Like InStitchu, George & King has developed a well-respected brand over the past six years that represents quality and value,” Deakin said.

Deakin’s comments about the acquisition have been positive, with him telling the press that he “looks forward to continuing to deliver an exceptional experience as we begin to write the next chapter with InStitchu”.

The deal marks the next step in InStitchu’s development after it received $3 million in backing from the world’s largest suit manufacturer, Dayang Group back in February this year. March and May were also big months for the multichannel suit retailer, as it opened a wedding showroom in Sydney followed less than two months later by a flagship Adelaide showroom.

According to the AFR, the deal comes after 12-months of due diligence and is expected to boost InStitchu’s revenue by approximately $4.5 million.

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