RYU to close New
York and Toronto locations
in a strategic "digital-first" pivot.
VANCOUVER, BC, Feb. 11, 2022 /CNW/ - 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.
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SOURCE RYU Apparel Inc.