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QUICK TAKE: Headquartered in Amsterdam, the Netherlands April 19, 2017 Source: suitsupply.com Suitsupply is an international men’s formalwear retailer QUICK TAKE: headquartered in Amsterdam, the Netherlands. The company has expanded rapidly from a startup selling formalwear online to Suitsupply— an international multichannel retailer. 1) Suitsupply’s turnover expanded at double-digit rates to €170 Bringing million (US$188.6 million) in 2015, according to the latest available figures. It is expected to have reached €200 million Omnichannel (US$213.3 million) sales in 2016. 2) Suitsupply bases its success on its ability to fill a gap in the Retailing to market for trendy, high-quality formalwear at a mid-price point, and by delivering convenience to shoppers though its Formalwear omnichannel operations. 3) Suitsupply manages to keep prices down without compromising on quality mainly by encouraging consumers to buy online and by opening brick-and-mortar stores in alternative and less pricey locations. Deborah Weinswig Managing Director, Fung Global Retail & Technology [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 Deborah Weinswig, Managing Director, Fung Global Retail & Technology [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 1 Copyright © 2017 The Fung Group. All rights reserved. April 19, 2017 From Startup to Global Multichannel Fashion Retailer Suitsupply is An internAtionAl Suitsupply is a men’s formalwear international retailer headquartered in Amsterdam, the Netherlands. Current CEO Fokke de Jong founded the men’s formAlweAr retAiler company in 2010 from his university dorm room, and the company has heAdquartered in Amsterdam, since expanded rapidly from a startup selling formalwear online to an the NetherlAnds. The compAny international multichannel retailer. was founded in 2010 by entrepreneur Fokke de Jong. This report provides an update on the company and its business model, and provides key metrics for competing men’s formalwear brands and retailers. It is an update to our 2016 report on Suitsupply. Suitsupply is growing quickly: it grew revenues by 25% to €170 million (US$188.6 million) in 2015 (latest available), and it is expected to have reached €200 million (US$213.3 million) in 2016, according to the Dutch business and financial newspaper Het FinAncieele DagblAd. Investors in the company include Dutch fund ABN AMRO Participaties, which acquired an unknown stake in Suitsupply on November 17, 2015. Source: suitsupply.com Success Based on Price, Quality and Convenience Price Suitsupply tArgets fAshion- Suitsupply bases its success on its ability to fill a gap in the market for conscious young professionAls trendy, high-quality formalwear at a mid-price point and by delivering looking for A trendy suit mAde of convenience to shoppers though its omnichannel operations. high-quality materials at a Suitsupply targets fashion-conscious young professionals looking for a reasonAble price point. trendy suit made of high-quality materials at a reasonable price point. At the time of writing, prices of suits on the company’s US website range from US$399 to US$799. The company manAges to keep The company manages to keep its prices down without compromising on its prices down without quality mainly by encouraging consumers to buy online and by opening compromising on quAlity mAinly brick-and-mortar stores in alternative and less pricey locations. by encouraging consumers to buy Suitsupply started as an online retailer and still generate a large share of its online And by opening brick-and- sales online. About 30%–40% of Suitsupply sales are transacted online as of mortAr stores in AlternAtive And 2016, according to Business Insider. The significant use of internet retailing less pricey locAtions. for distribution contributes to lowering operations costs. According to DrApers magazine, the omnichannel brand’s mission is to convince Deborah Weinswig, Managing Director, Fung Global Retail & Technology [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 2 Copyright © 2017 The Fung Group. All rights reserved. April 19, 2017 customers to buy suits online. Moreover, the company tests most of its potential markets online before expanding there with physical stores. Opening brick-and-mortar stores in alternative locations also allows the company to limit operations costs. The company calls its physical outlets “destination stores,” and these are located in sites away from the street level. Examples include its rooftop store in Chicago and its second-floor store in Soho, New York. Alternatively, it positions stores away from the main shopping streets—for example, its villa-like store in Greenwich, Connecticut. Customers visiting the stores can access services such as in- store tailoring, and can collect and return items purchased online. Source: suitsupply.com Quality The brand is in the midrange of formalwear brands in terms of price, but in terms of quality it compares with high-end rivals. In 2011, The Wall Street JournAl reported that, according to formalwear industry experts, Suitsupply’s $614 suit matched a $3,625 Armani suit in terms of quality, following a test they conducted and that ranked six men’s suits (Armani, Suitsupply, J.Crew, H&M, Hart Schaffner Marx and Target) by quality. Source: suitsupply.com Deborah Weinswig, Managing Director, Fung Global Retail & Technology [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 3 Copyright © 2017 The Fung Group. All rights reserved. April 19, 2017 Convenience Convenience is another factor that explains Suitsupply’s success. The company combines the convenience of buying suits through e-commerce with services that help consumers to overcome the difficulties of choosing The company combines the the right suit online, through its try-on at home, shipping and returns convenience of buying suits policies. through e-commerce with Consumers’ reluctance to buy suits online without trying them on first is services thAt help consumers to one major problem online suit retailers need to overcome. Suitsupply’s overcome the difficulties of brick-and-mortar presence partially solves this problem, but the company is choosing the right suit online. also adding supplementary services to help shoppers familiarize themselves with sizes and fabrics, and to select the right suit when buying online. For example, the company launched The Box Office, an on-demand personal styling service that enables customers to discuss their requirements with a stylist online or via mobile app. The stylist then picks out a number of items based on the client’s preferences and ships them to the customer. The service offers free shipping, free returns and the client is not charged for 30 days. The service, launched at the end of August 2016, aims to create a personal relationship with customers in order to encourage purchases. Source: suitsupply.com Other Differentiating Factors Bespoke Services Suitsupply Also offers A “Design Through its website, Suitsupply also offers a “Design Your Own” service that Your Own” service that enables enables customers to design their own suit and shirt. Customers can select customers to design their own color, fabric, fit and other personalizing features. At the time of writing, the cost for a bespoke suit ordered from the firm’s US portal was US$639 and suit And shirt. for a bespoke shirt was US$119; the delivery time for bespoke products was four to five weeks. Deborah Weinswig, Managing Director, Fung Global Retail & Technology [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 4 Copyright © 2017 The Fung Group. All rights reserved. April 19, 2017 Source: suitsupply.com Advantageous Policies Suitsupply offers advantageous policies for customers shopping online, such Suitsupply offers AdvAntAgeous as free returns within 30 days from the date of delivery for all its products, policies for customers shopping including customized suits and shirts. Other services include free shipping online, such As free returns and fast delivery (one to five business days). within 30 dAys from the dAte of delivery. Wide Product Offering The company also offers its customers a wide selection of suits to choose from. Suits come in classic, contemporary and formal fits, and are made from some of the finest fabrics on the market. Other than suits, the company offers a wide range of formalwear, including a selection of shirts, trousers and knitwear, and accessories that range from ties to cufflinks. Golden Omnichannel Award Winner Suitsupply received the Golden Omnichannel Award at the 2015 European E-Commerce Awards, an event organized by Ecommerce Europe, an association that represents the interests of the e-commerce sector in Europe. According to Ecommerce Europe, the company won the award “because it has shown relentless initiative to rethink and reinvent the structure of its business by developing from having an in-store format to a high-end omni-channel retailer.” Deborah Weinswig, Managing Director, Fung Global Retail & Technology [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 5 Copyright © 2017 The Fung Group. All rights reserved. April 19, 2017 Global Network At the time of writing, Suitsupply has a store network of 77 stores in 20 countries, according to the company’s website. It is planning to open seven new stores in six countries by the end of 2017. Figure 1. Suitsupply Stores, by Country, as of March 31, 2017 Country Stores Expected
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