Indochino names new CEO

Indochino has a new man at the helm. Today, Drew Green was introduced as the brand's new chief executive officer. Green already has big plans for expansion, with propositions for broadening the company's ready-to-wear and accessories offerings. In addition, he plans on expanding physical retail locations from seven stores to 150 stores by 2020.

Green previously worked at Canadian e-tailer SHOP.ca. He will be taking over the CEO position from Kyle Vucko, who will stay on with the company in an advisory role.

Scott Jacobson, Indochino chairman and manager director at Madrona Venture Group, said to WWD that Green “is a rare blend of entrepreneur and passionate operator, and is unquestionably one of the top e-commerce and retail executives in North America.”

Indochino, which is known for their online made-to-measure business model, will be taking a big step in an entirely new direction by focusing on expanding their brick-and-mortar retail presence. Of course, the brand plans on playing up their strengths by continuing to focus on their made-to-measure business by offering customers more fabric and design options.

To date, Indochino has received 20 million dollars in funding, and has reported that they are on track for annual sales growth of 40 percent compared to 2014. In November, Indochino said they saw a 39 percent increase in customers, and a 47 percent increase in the number of suits sold compared to last year.