“Being a Trailblazer is all about taking risks. Right now, in retail, it’s innovate or die, so we’re taking an aggressive approach to growth that will keep us at the forefront.”
Peter Housley doesn’t do things by halves. When the Chief Revenue Officer at Indochino isn’t cross-fit training or skiing, he’s steering the team at Indochino towards greater success, in and out of the store.
Tell us about Indochino – what makes it different?
We’ve been offering affordable made to measure suits for the last 11 years, and we’re now a leader in men’s apparel. We started online, initially venturing onto the high street with “Traveling Tailor” pop-up shops. These temporary stores proved so successful that we’ve incorporated them into our business model, and we now offer both a clicks and a bricks approach.
Our customers usually become engaged via our website, and some continue their journey that way – taking their own measurements, selecting their fabric and personalizing their garment online – while others choose to get expert help from a Style Guide at one of our showrooms. Regardless of the route they take, three weeks later, they get a perfectly fitted suit or shirt delivered to their doorstep. It’s a high-touch, omni-channel experience, which works really well for our customers and for us.
What does your role involve?
As Chief Revenue Officer, I’m responsible for any component that affects our top line, from marketing and PR to ecommerce and our growing retail footprint. We have consistently achieved a 50% Compound Annual Growth Rate over the past three years. It’s been a team effort, and I’m proud of what we’ve achieved – our people are really engaged and motivated.
What do you love about Indochino?
I really identify with the culture and the brand – it feels great to be disrupting the apparel retail industry. Someone asked me the other day: “are you a disrupter, or are you a creator?” I like to think that we’re creating something fresh, and that’s why the business is expanding so fast. We want to stay at the forefront, and that means we need to grow faster and stronger than our competitors. The traditional year-over-year growth target of 20-30% isn’t enough; our aim is for 50%, and we’ve been achieving that for the last three years.
How will you achieve this growth?
Retail expansion will be a significant source of our growth. Right now, we’re focusing on North America, and by the end of 2018 we will have increased our store count by 80% from 20 to 36. We also ship to 140 countries and expanding our showroom model globally is on the horizon in the next three to five years. We’ve already partnered with the largest suit maker in the world to support this increase in demand.
We’ve just launched a new sales channel providing made to measure suits for small, medium, and enterprise companies. In the first 30 days we’ve closed two deals a week, so that’s pretty exciting.
Next on the agenda is category expansion – we’re launching casual pants and overcoats so we can offer the made to measure experience for customers who want more than suits and shirts.
How is Salesforce supporting your expansion?
We use Salesforce to manage our marketing communications and customer experience. As it’s so flexible and scalable, we can move into new markets with minimal fuss. But it’s not just about the platform – we have a great relationship with the Salesforce team. We can call them any time and they’re always helpful and engaged. In fact, a senior executive at Salesforce has just taken on a formal mentoring role for a key member of my team.
What advice do you have for new Trailblazers?
Innovate or die! Being a Trailblazer is all about taking risks and being prepared to fail – you can’t get ahead these days by staying safe.
