VANCOUVER, BC, April 25, 2022 /PRNewswire/ - RYU Apparel Inc. (TSXV: RYU) (OTCQB: RYPPF) (FWB: RYA) ("RYU" or the "Company"), creator of award-winning urban athletic apparel, is pleased to announce significant progress on its new three-pronged wholesale strategy targeting Off Price, National Chains and Specialty Retailers. The March hirings of DJM Sales Consulting (to lead global sales) and Caraway & Company (to act as RYU's exclusive U.S. wholesale representative), have contributed substantially to this effort, leading to the company's first strategic partnership with Indigo.
Indigo (TSX: IDG) is Canada's leading book and lifestyle retailer, offering a curated assortment of products to simplify their customers' journeys and live with intention. They were seeking a premium activewear partner to add to their collection, so RYU was a perfect fit. Their focus on respect, teamwork, passion and customer engagement also aligns with RYU's core values, a key factor in choosing strategic partners. Indigo will fall under the "Drop ship" channel.
RYU is building three main wholesale channels to scale their business through premium brand partners and volume retail partnerships. Each is designed to fill a particular need:
- Traditional: Stockholding retailers (both brick + mortar and ecommerce) at standard keystone margins, focused on current season products.
- Clearance: Premium clearance partners to clear out old inventory.
- Drop ship: Digital partners who will sell RYU products on their ecommerce storefronts through EDI (electronic data interchange) drop shipping.
"DJM and Caraway & Company have helped move the needle on our new wholesale business in a remarkably short period of time," says Rob Blair, COO. "In conjunction with our in-house sales team, they have identified potential wholesale partners, met with those partners, and have even progressed to the ordering stage with a numerous national retailers . We are thrilled with the progress so far, and look forward to what we're able to accomplish over the coming months."
Wholesale is a key component of RYU's four-pillar growth strategy focused on brand, product, digital and retail. By expanding beyond their existing digital and retail channels to include wholesale partners, RYU will strengthen its brand presence and reach a whole new audience.
This new strategy is launching during a booming time for the company. So far in 2022, RYU's ecommerce revenue, transaction rate and average order value is on track to double, or even triple, last year's numbers. Adding wholesale to the mix will build off this momentum to catapult the company toward even more expansive growth.
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. 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.
