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Canadian company RYU Apparel to soon reopen its apparel stores

Mar '21
Pic: RYU Apparel
Pic: RYU Apparel
RYU Apparel, creator of urban athletic apparel, plans to soon reopen its apparel stores – beginning with those in Vancouver and Toronto in April. Reopening stores is a key step in RYU's omni-channel strategy and corporate re-set. The stores had been closed due to the COVID-19 pandemic. The company also plans to expand operations in Europe and the UK.

The reopening of the company's Vancouver and Toronto stores is scheduled for April 16, 2021. Known for its interactive experiences, customer service, and community events, RYU's stores have been a cornerstone to the company's brand and culture. Once re-opened, customers will be able to once again enjoy bespoke shopping experiences that include personalised product education for every customer to ensure that the products they choose meet their performance needs; exclusive, limited seasonal products; in stock, best-selling "hero items"; health and wellness focused special events; and enhanced measures to ensure health and safety of customers.

RYU continues its rapid expansion across channels, driven by recent operational changes, including a streamlined supply chain and the move to the Shopify ecommerce platform. The first regions outside North America that RYU is expanding into are the fast-growing markets of Europe and the UK.

According to market research, revenues in the sports apparel market are estimated to reach around US $208 billion by 2025 with US $2.3 billion of projected demand being added from Germany and US $1.9 billion from the rest of Europe. This sector growth coincides with a pandemic-driven spike in ecommerce that is projected to continue.

This expansion comes at a decisive moment in RYU's growth plan as the company globalises its exposure through its sponsorship of Canada's skateboard Olympic team. Other partners of the team include global brands such as 7-Eleven, Red Bull, and Swatch.

“We are delighted to open our incredible line-up of products to customers in Europe and the UK through our ecommerce store,” Cesare Fazari, RYU CEO, said in a press release. “Europe is a growing market for sports apparel and our expansion into the market is another key strategic milestone achieved in our global-omni channel strategy.”

Customers in Europe will enjoy the very same shopping experience and customer service on RYU.com while having slightly longer delivery times and standard VAT or local taxes.

The company has recently entered into a loan agreement with Aladdin Ventures, pursuant to which the lender has agreed to loan to RYU the principal amount of $1 million. The company intends to use the loan primarily for inventory purchases for replenishment of top-selling styles, Fall 2020, and Spring 2021 collections. In addition, funds will be allocated to general working capital to accelerate growth through current and future marketing and sales initiatives, including continued wholesale roll out across Canada, Mexico, and the United States, the re-opening of flagship stores, as well as bolstering the company's ecommerce business.

Fibre2Fashion News Desk (SV)

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