RYU Apparel Inc. (RYPPF) reported a remarkable 175% revenue increase for Q1 2022, reaching $347,938, compared to $198,825 last year. Gross profit also doubled, improving from 12% to 25%, driven by a strategic transition to ecommerce and wholesale operations. The closure of two retail locations reduced lease obligations, further enhancing financial performance. The company plans to bolster its growth with digital marketing and expanded wholesale partnerships, aiming to sustain momentum through 2022.
RYU Apparel Inc. (TSXV: RYU, OTCQB: RYPPF) announced the appointment of Robert Lelovic as Chief Financial Officer, effective immediately. With over 20 years of experience in public companies, Lelovic's expertise spans various industries, enhancing RYU's leadership. He aims to support RYU's strategic growth and financial reporting. The company has also issued 7,722,000 options to purchase common shares, with 2,250,000 allocated to directors and officers, vesting immediately at a price of $0.055 each, exercisable over five years.
RYU Apparel Inc. (TSXV: RYU, OTCQB: RYPPF) announces its role as the official high-performance apparel provider for Canada Skateboard, supporting the CBC's Keep Pushing Series. This docu-series, set to launch on CBC GEM later this year, will showcase the skateboarding culture in Canada. RYU's partnership aligns with its brand mission of promoting active lifestyles and complements its collaboration with Canada Skateboard's Olympic uniforms. CEO Cesare Fazari expressed excitement about this venture and supporting talented athletes.
RYU Apparel Inc. (RYPPF) announced advancements in its wholesale strategy targeting Off Price, National Chains, and Specialty Retailers. The company has hired DJM Sales Consulting and Caraway & Company, leading to a strategic partnership with Indigo, Canada’s leading lifestyle retailer. RYU's wholesale model includes Traditional, Clearance, and Drop Ship channels aimed at scaling its business. As of 2022, RYU expects to double or triple its eCommerce revenue, supported by this new strategy, enhancing brand presence and audience reach.
RYU Apparel Inc. (RYPPF) announced the transition of its Customer Care in-house, effective March 30, 2022, from their Vancouver retail location. The move aims to enhance customer service through trained RYU employees, fostering accountability and personalized support. Under the leadership of Tiffany Nguyen, the initiative involves a phased approach focusing on team training, performance benchmarks, and the implementation of a new live chat function to improve responsiveness. The strategy is expected to strengthen brand loyalty and integrate the online and offline customer experience.
RYU Apparel Inc. (TSXV: RYU, OTCQB: RYPPF) is launching a new integrated marketing campaign for its backpack product line, targeting a broader audience. The global backpack market is expected to exceed $2 billion USD by 2025, growing at a CAGR of 7.23%. The campaign, led by new Marketing Director Zachary Beers, aims to broaden RYU's market position. RYU plans to introduce a 7-item backpack category over the next seven weeks through PPC ads and storytelling to highlight various uses of the backpacks.
RYU Apparel Inc. (TSXV: RYU, OTCQB: RYPPF) announced that 2022 has started strong, with anticipated double- and triple-digit growth in eCommerce revenues, transaction rates, and average order values. The company reflects on a disappointing 2021, hindered by global supply chain challenges, but is optimistic about its four-pillar growth strategy and significant increases in third-quarter revenues, which soared 300% year-over-year. RYU will focus on sustainable growth, enhance digital marketing efforts, and has appointed industry veterans to strengthen its sales strategy.
RYU Apparel Inc. (TSXV: RYU, OTCQB: RYPPF) announced the appointment of Caraway & Company as its exclusive U.S. wholesale representative effective March 3, 2022. This move aligns with RYU's growth strategy, focusing on premium brand partnerships and expanding retail presence. The sales team aims to leverage Caraway's expertise with upscale brands to enhance RYU's market reach and visibility by fall 2022. RYU emphasizes its commitment to quality urban athletic apparel tailored for performance, aiming for significant growth across North America.
RYU Apparel Inc. (TSXV: RYU, OTCQB: RYPPF) announced the hiring of DJM Sales Consulting to spearhead global sales and oversee its wholesale strategy. DJM, a seasoned professional with 25 years of experience in the sporting goods and fashion industries, is tasked with enhancing RYU's wholesale business through a three-phase plan emphasizing digital channels. With a proven track record, including a $35M revenue increase at SAXX Underwear, DJM aims to strengthen RYU's market presence and drive revenue growth by aligning with top retailers.
RYU Apparel Inc. (RYPPF) is pivoting to a digital-first strategy by closing its New York and Toronto stores. This follows positive growth in online sales during late 2021. The Williamsburg store will close on February 20, 2022, and the Toronto location on March 27, 2022. The Vancouver flagship will remain open. The company expects ecommerce revenue, transaction rates, and average order value to significantly increase. RYU aims to focus on shop-in-shops and partnerships primarily in the USA.