Canadian urban athletic apparel brand RYU Apparel has announced plans to acquire Vancouver-based Kosan Travel Apparel as it bets on “a big resurgence of travel in 2022”.
RYU said it has entered into a share exchange agreement with Kosan Travel Company Ltd., a private arm’s length British Columbia corporation, to acquire all of the issued and outstanding shares of Kosan.
Kosan is a web-based travel apparel provider with a core focus on performance dresses, rain jackets and bags.
Its founder and CEO Joel Primus is set to remain at the helm of the company following the acquisition.
The purchase price for the deal will be 4 million dollars worth of common shares in the capital of RYU.
Closing is subject to Kosan raising at least 175,000 dollars in equity financing and a number of other conditions common to similar share exchange transactions, including the conditional approval of the TSXV.
RYU CEO Cesare Fazari said in a release: “We are excited at the prospect of having Kosan join the RYU family. We expect a big resurgence of travel in 2022 and intend to capitalize on the increased demand as consumers emerge from the pandemic.
“Whether it is heading out across the country or back out across the world, we believe Kosan’s functional travel apparel will be a hit with RYU customers and new customers alike. We also believe Kosan’s alignment with our message of RESPECT and its predominantly millennial female audience will augment our brand in a key market that we are focusing on.”
Image: RYU Apparel