$RYPPF RYU Apparel Inc. Letter from CEO
Press Release | 11/09/2020
RYU Apparel Inc. Letter from CEO
Canada NewsWire
VANCOUVER, BC, Nov. 9th, 2020
Capital infusion from Apparel Inc's CEO and investors sets in motion innovative product launches, an enhanced ecommerce experience, Modernized In Store Experience and Strategic Partnerships.
VANCOUVER, BC, Nov. 9th, 2020 /CNW/ - RYU Apparel Inc. (TSXV: RYU) (OTCQB: RYPPF) ("RYU" or the "Company"), a creator of award-winning urban athletic apparel, is pleased to share this corporate update letter from CEO Cesare Fazari.
Dear Fellow Shareholders,
I am thrilled to deliver my first shareholder letter as CEO of RYU following our recently completed milestone financing, which highlights a key turning point in the renewal of the RYU brand and sets important strategic corporate objectives in motion.
It goes without saying that this past year has tested both individuals and businesses and in the face of these global challenges I'm delighted to share some of our successes from the renewal of RYU. The past 6 months have been energizing for our team, who was been working on a number of initiatives including:
Successfully raising $4.8 million. This raise fortifies our balance sheet and provides the company the required capital to execute key business objectives and regain profitability in 2021 and beyond.
Re-launching our ecommerce store on the Shopify platform. The multifold benefits of this new platform launch include improved navigation, enhanced discoverability through SEO and pre-order capabilities.
Coinciding with our ecommerce store is the kick off RYU's loyalty program points which will allow our loyal customers to earn points through purchases as well as social media engagements
Ecommerce sales now represent 80% of all RYU sales and continue to see exponential growth. Bolstered by the growing online platform, the arrival of RYU's new products have revived the brand and its cashflow. RYU's Q1 and Q2 ecommerce revenue increased 80% over the same period last year, with Q3 and Q4 revenue projected to increase more than double that of 2019's ecommerce numbers.
Appointing Alex McAulay as RYU's CFO. Alex, a Certified Public Accountant with 13 years as an apparel industry executive, brings a wealth of experience in mergers and acquisitions, distribution and ecommerce.
Joel Primus, co-founder of Naked Brands Inc. will enter a consulting relationship with RYU. Joel was the creative visionary behind numerous products at Naked Underwear, establishing retail distribution at Holt Renfrew, Nordstrom, Hudson's Bay, and Bloomingdales, as well as brokering celebrity partnerships and coordinating the listing of Naked Brands Inc. on Nasdaq. As co-founder of Kosan Travel Co., a travel clothing company, Joel launched one of the most successful Kickstarter apparel products of all time, reaching nearly $1 million in sales in 30 days. Joel was an inaugural BC Business top 30 under 30 Entrepreneurs in 2014 and has appeared on CBC's hit show Dragon's Den.
Streamlining RYU's design and production as well as its trusted and valued relationships with manufacturing partners throughout China and globally.
Further, RYU has also re-established production in Canada. Through the development and launching of "Made in Canada" product lines RYU intends to increase our local production in the years to come.
Completing RYU's launch of its best-selling Ethos Collection for fall, including hoodies, crew necks, bomber jackets, backpacks and other apparel for both men and women available in multiple colors.
Restoring our inventory positions, now estimated at $5 million in retail value.
Finalizing our deposits to ensure uninterrupted supply of our coming innovative spring collection.
Decommissioning two legacy ecommerce vendors of RYU and taking full control of Amazon Web Services. This will save monthly billings and simplify operations.
Completed the consolidation of our warehouses to streamline fulfillment, decrease shipping time and save costs on monthly billing.
Planned reopening of our flagship store which will pilot the "RYU Studio" concept. A smart store initiative store which is targeting the implementation of the latest interactive and immersive technologies to enhance the customer experience.
For those of you that are new to our story, we will continue to share consistent updates on our operational progress with our investors. Our common shares currently trade on TSXV under the symbol RYU and the OTCQB under the symbol RYPPF. Further information, including contact information for our transfer agent, auditor, and legal counsel, can be found on the Investor Relations section of our website.
In summary, our significant successes are the result of our incredible team's diligent perseverance and work ethic. These efforts are enabling RYU to increase its footprint in Canada, the U.S. and beyond. I would like to thank RYU's shareholders for your support throughout this process and for your belief in our vision. With your ongoing support, we are now positioned to make RYU a dominant industry force.
Sincerely,
Cesare Fazari
CEO
RYU
About RYU Apparel
RYU Apparel (TSXV: RYU, OTCQB: RYPPF, FWB: RYAA), or Respect Your Universe, is an award winning urban athletic apparel and accessories brand engineered for the fitness, performance and lifestyle of the athletic man and woman. 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, such as statements the renewal of the RYU brand, implementation of strategic objectives and regaining profitability of RYU in 2021; revenue projections for Q3 and Q4 more than doubling from 2019; increasing the RYU footprint in Canada and U.S. and RYU becoming a dominant industry force; entering into a consulting relationship with Joel Primus, co-founder of Naked Brands Inc.; changes in operations resulting cost saving and other advantages; planned reopening of our flagship store which will pilot the "RYU Studio" concept. 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, including conditions arising as a result of the COVID-19 pandemic or otherwise; (ii) an inability to renew the RYU brand, implement strategic objectives and regain profitability; (iii) failing to meet target revenue projections as anticipated; (iv) failing to enter into the anticipated consulting arrangement and (v) the inability to complete the planned re-opening of the its store or the piloting of the "RYU Studio" concept. 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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