Sydney-founded custom menswear startup InStitchu has acquired competitor George & King, a fellow Sydney-based company with showrooms across four Australian cities and “a strong online customer base”.
Founded in 2012 by Joel Deakin, George & King has grown to a team of 14, with showrooms in Sydney, Melbourne, Brisbane, and Perth.
As part of the acquisition, the George & King brand, including its showrooms, will operate separately from InStitchu. Its staff will stay on, with InStitchu providing “growth support”.
According to InStitchu cofounder and co-CEO James Wakefield, the company has been actively looking for acquisitions in the menswear category globally as part of its “multi-brand growth strategy”.
“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,” he said.
Of particular interest to InStitchu are the network of corporate partners that George & King has built up.
Robin McGowan, cofounder and co-CEO of Institchu, said, “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.”
Deakin said he is excited to be joining the InStitchu family, saying both brands represent “quality and value” for customers.
“We look forward to continuing to deliver an exceptional experience as we begin to write the next chapter with InStitchu. We have an incredible opportunity to uncover new ways to delight our customers and change the way men shop for the better,” he said.
The acquisition follows InStitchu’s raising of $3 million in strategic funding from Chinese suit manufacturer Dayang Group in February, with Dayang becoming the startup’s production partner.
InStitchu said at the time that the funding from Dayang would go towards expanding the global rollout of its showrooms: having opened its first bricks and mortar store in New York City last year, InStitchu now has 10 showrooms across Australia, New Zealand, and the US.
The acquisition of George & King will bring InStitchu’s headcount, including retail staff, up to 90.
Image: James Wakefield and Robin McGowan. Source: Supplied.