Alright – so today we’ve got the honor of introducing you to Michael Andrews. We think you’ll enjoy our conversation, we’ve shared it below.

Michael , thanks for taking the time to share your stories with us today What’s the backstory behind how you came up with the idea for your business?

I started my career as a corporate lawyer in New York City, where my firm required full business dress five days a week. This was a transition for me, having previously run a tech startup. At that time, modern options like Suit Supply didn’t exist, and finding a slim-fit suit off the rack was impossible. Frustrated by the poor fit and quality of off-the-rack suits, I had my first custom clothing made while traveling in Asia. Although I wasn’t satisfied with the fit and quality, I fell in love with the idea of custom tailoring. This sparked a personal journey to learn about sourcing fabrics and finding reputable tailors.

After trying half a dozen tailors in three different countries, I realized I had stumbled onto a business opportunity. I couldn’t be the only one seeking quality custom tailoring at an approachable price. To learn more about the industry, I took tailoring classes at FIT. It was there where I met designer Nathan McDonald, who became our first employee. Around the same time, a close friend moved to Hong Kong for work. Nathan and I camped out on his floor for several weeks to sample with different local tailors.

In May 2006, we held our first trunk show at the Hyatt by Grand Central, selling about 30 suits in two days and proving we had a viable business. Shortly after, we moved into our first brick-and-mortar space in a Lower East Side basement. Despite some hiccups and growing pains, by 2008 we had grown enough for me to leave my law career and fully immerse myself in the business. The financial crisis hit, causing a momentary crisis of confidence, but we quickly realized we had made the right decision. As people started buying suits for job interviews, our business grew 300% in 2008.

In 2010, we moved into our current flagship location at 2 Great Jones Alley. In 2014, I moved to Hong Kong for most of the year to establish our own dedicated bespoke tailor shop. Today, we have 30 tailors in our workshop, supporting our team of 20 people in New York and Miami.

My legal background helped bring professionalism and client service to my new venture. As the company grew, we expanded our offerings to include womenswear, outerwear, jeans, knitwear, and more. Today, Michael Andrews Bespoke is recognized as the premier bespoke tailoring house in New York City, a testament to the power of following one’s passion and reinventing one’s career.

Michael , before we move on to more of these sorts of questions, can you take some time to bring our readers up to speed on you and what you do?

I founded Michael Andrews Bespoke in 2006 with the simple goal of helping professionals look their best every day. As a corporate attorney, I understood that dressing the part provided a competitive advantage and I wanted to help others gain that edge. For almost two decades, my team and I have created exceptional garments for individuals who demand the very best. This commitment to excellence has inspired loyalty in our diverse clientele that includes Wall Street luminaries, Fortune 500 executives, world-class athletes, and award-winning actors and musicians.

Let’s talk M&A – we’d love to hear your about your experience with buying businesses.

In 2018, we were approached by a client who worked at a law firm with a cousin of Andy Kozinn, the third-generation owner of Kozinn & Sons Merchant Tailors. Kozinn & Sons, the oldest suit maker in New York, had closed its doors earlier that year after their landlord raised the rent.

From a business standpoint, the acquisition was noteworthy for its earn-out structure. Since the business had been shut down for six months, we were uncertain about what we were acquiring besides a client list, and we had no way of knowing how many clients we could convert to Michael Andrews Bespoke. If Kozinn & Sons had been operational, we believed a pricing methodology of one times annual sales would have been appropriate. However, with the business closed, we proposed averaging one times sales over three years, with the earn-out paid in 1/3 tranches each year. Andy stayed on during this period to help convert as many clients as possible to Michael Andrews.

The heritage of Kozinn & Sons perfectly complemented our innovative approach. This business combination reinforced our role as the “keepers of the flame” for handmade custom clothing. Ultimately, Andy received a seven-figure payout for his client list, and we gained a valuable book of business. Even better, Andy ended up staying for an additional three years as an integral part of our team.

Can you tell us about a time you’ve had to pivot?

While every industry undergoes continual evolutionary change and must always be prepared to pivot, the men’s tailored clothing business has been changing faster than most over the past decade. Since the ’90s, work attire has been becoming more casual with the rise of high tech and the corresponding “California dreaming” mentality. There were brief resurgences in tailoring after the 2000 dot com bubble burst and the 2008 financial crisis, but these were mere blips in a clear long-term downward trend for suits in the workplace. A decade ago, our core clients were bankers and lawyers who wore suits to work at least four days a week. Today, that client barely exists.

Recognizing that dress codes were changing dramatically, we knew we had to pivot to stay relevant. In 2016, we began a concerted push to broaden our product offering, refocusing more on separates (sport coats and dress trousers), casual clothing like jeans and knits, womenswear, outerwear, and formalwear. In 2015, classic suiting represented more than 70% of our business, but today it is less than 40%. Our company’s revenue has roughly doubled since then, meaning our growth has come almost entirely from our newer product categories.

Contact Info:

• Website: www.michaelandrews.com
• Instagram: michaelandrewsbespoke
• Facebook: mabespoke
• Linkedin: Michael Andrews Bespoke