RYU Apparel unveils consulting partnership
RYU Apparel inc. (Respect your Universe) is aiming to enter a new consulting agreement with a Canadian retail consultant to help the Vancouver-based athletic brand build and develop a new strategic plan targeted for the North American market.
To do so, it is seeking to raise $7 million in capital.
Upon entry into a definitive agreement, the consultant will more specifically help create, implement and execute a strategic plan to lead RYU to profitability over the next two-years.
Still, the terms for the engagement have not yet been finalized and the agreement is subject to the approval of the TSX Venture Exchange, as well as raising $7 million in capital.
"Our focus is on the brand and its uninterrupted growth. The strategic services to be provided by the Consultant are focused on constant innovation and improvement, as it has always been, since the day we opened our first store," said Marcello Leone, CEO of RYU, in a news statement.
"These partners have a successful track record in North-America, and, if the arrangement is consummated, RYU anticipates the arrangement will represent a significant opportunity for brand awareness, while keeping innovation, customer experience and the quality of our products as the center of our Universe".
The consultant, who is “arm's length to RYU”, is also being offered stock options and more, in addition to a work fee.
Relaunched in November 2015, the company has been in expansion mode across North America since.
RYU launched its first retail expansion in 2018 and today has three stores in the U.S., spread between New York City and southern California, as well as six locations throughout Canada, including four in Vancouver, and two in Toronto.
Copyright © 2021 FashionNetwork.com All rights reserved.