RYU Apparel Inc., based in Vancouver, reported revenue in the third quarter of 2018 as US $ 1.22 million which is 64 percent higher than the same period in 2017.
The urban athletic apparel and accessories brand also earned a gross margin of 58 percent in the period.
Marcello Leone, CEO, said, “We are encouraged with our eleventh consecutive quarter of growth. This is a confirmation that our brand, in its early stage, continues to gain traction. With nine stores operating by the end of this fiscal year and potentially more to follow in 2019, we hope our shareholders take the time to experience the RYU brand, whether in-store or online and continue to build the community of Respect Your Universe.”
During the nine months ended September 30, 2018, the company achieved many milestones. It raised US $ 20 million which helped in strengthening its balance sheet and creating a solid foundation for growth. RYU Apparel was also able to normalize its supply chain and invest strategically in its omni-channel retail and e-commerce platforms for growth. The new RYU.com is slated to open in the fourth quarter of 2018. The company’s first US retail store location opened on August 2, 2018 in Venice, California and is planning to have nine stores by the end of 2018. The firm also implemented a new point of sale system at all retail store locations in September 2018. This investment enables scalable growth over the next several years.
Meanwhile, the firm officially opened its flagship store in Williamsburg, New York, as it continues its expansion into the United States. This is the brand’s second US location with the first opening in Venice, California earlier this summer.
It currently boasts five retail stores throughout Canada, with a sixth to follow before the end of the year.
Located in Brooklyn, the 2,800-square-foot store is in the newly renovated Lewis Steel heritage building. Custom built by renowned architect, Tony Robins, design details include uncovered cast-iron fixtures and steel beams, distressed timber and cold rolled steel, evoking the feeling of a vintage training facility.
