RYU Apparel, Inc. reported revenues reached Canadian C$347,938 (U.S. C$270,647) in the first quarter ending March 31, up from C$198,825 during the same period last year.
The Vancouver-based activewear manufacturer said the uptick is attributable to a strategic shift toward e-commerce and wholesale activity, cost reductions from retail store closures and looser COVID restrictions.
2022 Q1 Highlights
- Revenue hit C$347,938, up from C$198,825 during the same period last year;
- Gross profit increased from 12 percent in Q1, 2021 to 25 percent in Q1, 2022; and
- Lease obligations decreased with the closure of two retail locations (Toronto, ON and Brooklyn, NY).
RYU Apparel also attributed the improvement to new hires. In January, Zachary Beers was tapped as marketing director to lead its omnichannel marketing efforts and support its four-pillar growth strategy. In March, DJM Sales Consulting joined the company to head up its global sales and oversee the wholesale process and Caraway & Company serves as its wholesale rep in the U.S.
RYU said it would continue investing in digital marketing strategies to build brand awareness and increase product demand in 2022. Concurrently, RYU is approaching wholesale partners in three specific categories: traditional (brick-and-mortar and e-commerce), clearance (premium clearance partners) and drop ship (partners who sell RYU products on their e-commerce storefront).
“2021 was a year of transition for us, and our performance reflected that,” said RYU CEO and Chairman Cesare Fazari. “2022, however, is off to a much better start. With a new brand campaign, re-invigorated product lines and growing list of wholesale partners, I couldn’t be happier about the direction we’re headed.”
