VANCOUVER, British Columbia, July 2, 2014 /PRNewswire/ -- Respect Your Universe, Inc. (TSX VENTURE: RYU) (RYUND) ("RYU"), an athletic lifestyle apparel brand designed for all disciplines of movement, is pleased to provide a business update to its shareholders.
- Selection of Marcello Leone as President, a fashion retail visionary with an entrepreneurial passion about consumer brands and global distribution and reach
- Appointment of Marcello Leone, Maria Leone and Peter Ying Pan as Directors
- Relocation of corporate headquarters to Vancouver, British Columbia
- Re-focusing business strategy back to spirit of martial arts lifestyle performance apparel
- Engagement of Darrell Kopke and Institute B as a strategic advisor; principals of Institute B have helped shape the cultural foundations of Starbucks, Ikea and lululemon athletica
- Hiring of Alex Briglio as VP Sales and Marketing and access to North American National Swany sales agent team; Alex has built the number one performance winter sport accessory brands in North America
- In process of opening a Vancouver flagship retail store in prime location
- In process renovation and re-launch of Seattle retail location with Richard Altuna design, and mirror technology; targeting store opening August 1, 2014
- In process of building strong social media platform in order to drive revenue growth and clearly establish our cultural identity
- Redefined the distribution channel to address global shipping for web orders in U.S. and Canada, to avoid double duties for Canadian clients and international demand; gained access to distribution center in China and reduced costs associated with the logistical distribution centers
- Implementation of full quality control of all products prior to shipping in North America; professional quality control provided by China Rich Garments
Additionally, at RYU's annual general meeting held on June 26, 2014, Craig Brod was not re-elected to the Board of Directors.
Marcello Leone, RYU's President, stated, "We believe we are taking the desired strategic changes to better position RYU for growth and reward shareholders. It begins with people and we have recently added management, Directors, sales people and strategic advisors with extraordinary backgrounds in retail and/or apparel. This human capital upgrade, combined with our recently closed $3.44 million private placement financing and our re-focus to get back to our roots will enable us to prove our product and branding are superior and valued by consumers. These are important steps as we begin to enter the re-positioning and growth phase for RYU."
Respect Your Universe, Inc. is a performance apparel brand designed for athletes and active adults. Crafted from organic and/or earth-friendly materials, RYU apparel enhances movement, is extremely comfortable and healthy for the environment. Founded in 2008, RYU has incorporated the lessons learned from mixed martial arts into beautiful everyday performance wear. For more information, visit www.ryu.com.
On Behalf of the Board
RESPECT YOUR UNIVERSE, INC.
Marcello Leone, President and Director
Statements regarding opening a Vancouver store, re-launching the Seattle store, and the impact of the changes to the RYU's distribution channel are "forward looking statements", which are subject to risks and uncertainties, which may cause the actual results, performance or achievements of RYU to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, that RYU's business plan is dependent on additional financing, which it may be unable to obtain on terms acceptable to RYU, changes in general economic or market conditions that could impact consumer demand for RYU's products, and RYU's ability to execute on its business plan. Except as required by law, RYU undertakes no responsibility to update any of the forward-looking statements contained in this news release
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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