RYU to close New York and Toronto locations in a strategic “digital-first” pivot.
VANCOUVER, BC, Feb. 11, 2022 /PRNewswire/ – RYU Apparel Inc. (TSXV: RYU) (OTCQB: RYPPF) (FWB: RYAA) (“RYU” or the “Company“), creator of award-winning urban athletic apparel announces that it will shift focus to its digital ecommerce business and close two store locations.
Following a year-long holistic review of RYU’s operations, encouraging growth of online sales in the third and fourth quarters of 2021 and continued shifts in digital preferences among RYU’s customer base, the Company has decided to close their Williamsburg and Toronto store locations on February 20th, 2022, and March 27th, 2022, respectively. The Vancouver flagship location, which also serves as Company headquarters and, will remain open driving experiential retail, community, and new product activations.
Ecommerce revenue, transaction rate and average order value all are expected to double and triple in growth and the printed catalogue program, which launched in November 2021, is also expected to increase ecommerce sales.
With the closure of these two stores, RYU also intends to concentrate its brick-and-mortar presence on co-located “shop-in-shops” and store partnerships, predominately in the USA.
According to COO Rob Blair, “The closing of these stores is made more difficult by the loss of excellent team members whose service, loyalty and ambassadorship we are deeply grateful for. With the continued shift to online shopping, our strategy as a digital-first company is expected to maximize the performance of our capital. I intend to follow this announcement with a comprehensive shareholder letter and strategy review next week.”
About RYU Apparel
RYU Apparel (TSXV: RYU, OTCQB: RYPPF), or Respect Your Universe, is an award winning urban athletic apparel and accessories brand engineered for active lifestyles. Designed without compromise for fit, comfort, and durability, RYU exists to facilitate optimal human performance. For more information, please visit the RYU website at: http://ryu.com
Forward Looking Statements Disclaimer
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
This news release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of RYU including expected fourth quarter financial results and metrics; the intention to concentrate its ‘brick and mortar’ presence on “shop in shops” and partnerships, particularly in the United States; the expectation that the pivot to a digital-first company will maximize capital; and the intention to circulate a shareholders letter in the near future. There are numerous risks and uncertainties that could cause actual results and RYU’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions resulting in the inability of RYU to raise necessary financing required to enter and make payments under the proposed definitive agreements; (ii) the inability of RYU to obtain any necessary approvals in respect of the proposed agreements, including approvals necessary for the issuance of the RSU’s; and (iii) inability to restructure and transform its business as required. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking statements are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, RYU does not intend to update these forward-looking statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/ryu-apparel-doubles-down-on-ecommerce-in-2022-based-on-strong-third-and-fourth-quarter-digital-performance-301480466.html
SOURCE RYU Apparel Inc.