RYU continues west coast expansion
Canadian athletic brand RYU Apparel Inc. is continuing its West Coast expansion with the opening of its first store in Newport Beach, California.
The boutique opened in the outdoor mall of Fashion Island and marks RYU’s third retail store in the United States and its second store in California.
"We are proud to be part of the Orange County community in one of the most important malls of North America,” said Marcello Leone, CEO of RYU, in a news statement. “Having been embraced in such an exclusive environment is humbling and a further validation of the acceptance of our brand and innovation in the athletic sector."
The Vancouver-based company relaunched in November 2015 and has been growing its retail presence across North America ever since.
It currently has six locations throughout Canada - four in Vancouver, and two in Toronto - and another two in the U.S. including in Los Angeles, California, and New York's Williamsburg. It opened it first U.S. retail store location in August.
In an interview with FashionNetwork.com in November, Leone revealed plans to open on average five stores a year for the next five years for a total of 29 stores by the end of 2022.
The company has also announced plans to launch new product categories over the next 12 to 18 months to add to RYU's existing 'hero' and 'core' programs.
Though many retailers are currently closing stores, the expansion is in line with RYU’s incredible growth. In its last reported quarter, it saw its eleventh consecutive quarter of growth with revenue in the third quarter jumping 64 percent to $1.2 million, compared to the same period last year.
For the first nine months of 2018, revenue has jumped 77 percent to $3.3 million.
RYU’s Newport Beach, California location marks its ninth store.
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