RYU Apparel Inc. announced that the family of its Chairman and CEO increased its equity stake in the Vancover, British Columbia-based athletic apparel company by CA$800,000 via a recent private placement.
The Leone family acquired its new stake at CA$0.30 per common share via a recently closed CA$4.88 million private placement.
In addition to Marcello Leone, the family comprises Patrizia, Maria and Alberto Leone.
The Leones are known in global fashion circles for Leone, a 30,000-square-foot store they operated for 29 years in Vancouver, British Columbia, that is one of the largest grossing specialty stores in Canada. The store sells luxury brands including the exclusive Gianni Versace boutique, as well as Roberto Cavalli, Prada and Christian Dior. Leone’s contemporary division known as L2, represents contemporary designers such as Diesel. Marcello Leone was responsible for the development of new product lines, guiding the buying team, and daily operational duties for Leone and L2.
The family sold the businesses after 29 years of operations and have spent the last three years forming Naturo Group Investments, which owns Trace Blackwater, a private water beverage company. Leone invested in RYU in mid-2011 and the family is now focusing much of its resources and time developing the RYU brand.
The families growing stake in the company demonstrates their confidence that the RYU management team will create a
successful brand in the athletic apparel space, according to the statement released by FYU Wednesday.
