E-com accounts for 80% of sales of Canada's RYU Apparel
November 11, 2020 - Canada
Canada’s RYU Apparel Inc. has restarting its e-commerce store on the Shopify platform and its e-commerce sales now account for 80 per cent of all RYU sales and continue to grow exponentially, company chief executive officer (CEO) Cesare Fazari said recently in a corporate update letter.
Its balance sheet has also been strengthened, offering the company with the capital it needs to meet key business goals and restore profitability.
RYU’s first and second quarter e-commerce sales increased by 80 per cent compared to figures in the same period last year. Sales in the third and fourth quarters are expected to more than double than e-commerce in 2019, Fazari said.
Alex McAulay, a chartered accountant in the apparel industry, who brings a wealth of experience in mergers and acquisitions, sales and e-commerce, has been appointed the chief financial officer. Joel first, co-founder of Naked Brands Inc., will enter into an advisory relationship with RYU.
In addition, RYU has resumed production in Canada. Through the introduction of ‘Made in Canada’ product lines, RYU intends to raise its domestic production in the coming years, Fazari said.
The consolidation of its warehouses has been completed to optimise fulfillment, reduce delivery times and save on monthly billing costs.