SOURCE: DEVELOPERS & CHAINS
RYU Apparel Inc., the Vancouver-based engineered fitness and training apparel and accessories company, continues to grow. The company’s expansion plan is on target to have eight stores by the end of 2018 and to achieve 100 percent-plus year-over-year growth in retail revenue. Revenue in the first quarter of 2018 was $907,915 (Cdn), a 94 percent increase over the same period in 2017. In addition, its e-commerce revenue grew 50 percent against the same period in 2017 and RYU secured new strategic wholesale accounts with Nordstrom, Equinox Canada and Rise by We. During the first quarter of 2018, the company began construction planning at its retail store in Brooklyn, New York and secured the leases to its second and third U.S. store locations in California. The three stores are under construction and have targeted openings in the third quarter of 2018. “We started the year with exciting developments on all fronts of the business and we are pleased that first quarter results are consistent with our 2018 retail revenue target of 100 percent YoY growth,” said CEO Marcello Leone. “This is our ninth consecutive quarter of growth and we are especially proud, given that the first quarter in our industry is the slowest. Our brand continues to resonate as RYU was recently a finalist in the World Retail Awards. Our team is working hard to execute our business plan with the recent influx of capital, which in part will be used to open our three new U.S. retail locations, which are under construction, launch our new ryu.com website, and kick-off our global advertising campaign in the second half of the year.” RYU has appointed THRSXTY/Exposure, as its new global Agency of Record for creative strategy and marketing services and a new global advertising and branding campaign will launch in conjunction with RYU’s U.S. retail store openings in the third quarter of 2018. In a little under three years in operation, RYU Inc. has four RYU/Respect Your Universe stores currently operating in the greater Vancouver area and one on Queen St. West in Toronto. In Canada, current plans call for another location in Toronto for 2019. Jeri Brodie at Aurora Realty Consultants is handling the site selection in Canada for RYU. The stores are in 2000 to 2500 square feet.