Total contract value of
$2.58 million, with goal of driving revenue and brand reach through
mutual promotion, planning, advertising and sales activities via
Hanryu's innovative media platform
SEOUL, REPUBLIC OF SOUTH KOREA / InvestorsHub NewsWire /
October 6, 2023 / Hanryu Holdings, Inc.
(NASDAQ:HRYU) (the "Company" or "Hanryu"), a media-tech
company and creator of FANTOO, an all-in-one social media
experience connecting k-culture fans globally, today announced that
Hanryu and Nature Republic have entered into a service agreement,
valued at $2.58 million, to promote mutual growth through
promotion, planning, advertising, and sales activities. This
agreement includes the use of one-of-a-kind characters such as
Hanryu's unique character ‘Deok Gom,' as well as Nature Republic X
FNS products and events to further grow brand reach and drive
revenue on Hanryu's leading media platform, FANTOO.
The revenue of 2022 and June 2023 of Hanryu was $889,045 and
$630,973, and Hanryu can expect at least $3.2 million as the
revenue of 2023 including this service agreement. If so, the
revenue of 2023 of the Company might be increased at least by 261%
compared with its revenue of 2022.
Founded in 2009, Nature Republic is one of the largest Korean
Cosmetic companies with a wide-reaching presence in a multitude of
categories including skincare, makeup, as well as body and hair
care. Hanryu aims to enhance the already coveted Nature Republic
brand with entrance into PAPAYA stores and the creation of
co-branded merchandise. Nature Republic's revenue in 2022 was $106
million, and the brand currently has over 500 stores in South
Korea, as well as stores in 19 countries, including the United
States.
"Hanryu and Nature Republic have committed to establishing plans
to magnify the global presence of Nature Republic and garner
widespread attention for both companies," said Kang Chang Hyuk, the
CEO of Hanryu Holdings. "Nature Republic strongly believes in
FANTOO's level of quality and innovative potential as a media
platform based on our geographically diversified 26.6 million
users, so they have chosen us for their promotional needs over
other competing platforms. Promotion of the leading brand has
already started in all over the world, and they have already made
an initial payment to the Company. This service agreement is a real
milestone for FANTOO, and this will be just the starting point for
the relationship between our two companies that shows how Hanryu
offers a point of difference from other media platforms. We will
persistently seek out profitable ventures that utilize not only the
revenue from multi-media promotions and merchandise sales generated
by the existing FANTOO platform, but also our intellectual
property, such as company-owned characters. Additionally, we plan
to continue collaborating with companies that possess expertise in
various fields to complement our own strategic advantages."
About Hanryu Holdings
Hanryu Holdings, Inc., is the creator of the engaging and
innovative social media platform, "FANTOO". FANTOO connects users
around the world that share similar interests by providing
distinctive service offerings, technologies, applications, and
websites. Through FANTOO, we provide a global multi-media platform
for our users to interact with other like-minded users, to share
their appreciation of various types of entertainment and cultures,
create their own content, enjoy other users' content, engage in
commerce, and experience a "fandom" community we believe is unlike
any other. For more information please visit www.hanryuholdings.com.
Follow us on: Twitter, LinkedIn and Facebook
Cautionary Note Regarding Forward-Looking
Statements
This press release may contain forward-looking statements within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements relate to future events or future performance and
include, without limitation, statements concerning the Company's
business strategy, future revenues, market growth, capital
requirements, product introductions, expansion plans and the
adequacy of its funding, the proposed offering, and the plan to
list on the The Nasdaq Capital Market. Other statements contained
in this press release that are not historical facts are
forward-looking statements. The Company has tried, wherever
possible, to identify forward-looking statements by terminology
such as "may," "will," "could," "should," "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and other
comparable terminology.
The Company cautions you that any forward-looking statements
presented in this press release are based on the beliefs of,
assumptions made by, and information currently available to us.
Such statements are based on assumptions, and the actual outcome
will be affected by known and unknown risks, trends, uncertainties,
and factors that are beyond the Company's control or ability to
predict. Although the Company believes that its assumptions are
reasonable, it is not guaranteeing of future performance, and some
will inevitably prove to be incorrect. As a result, the Company's
actual future results can be expected to differ from its
expectations, and those differences may be material. Accordingly,
you should use caution in relying on forward-looking statements,
which are based only on known results and trends at the time they
are made, to anticipate future results or trends. Certain risks are
discussed from time to time in the Company's filings with the
SEC.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Except as required by law, the Company is not
obligated to publicly release any revisions to these
forward-looking statements to reflect the events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
Company Contact:
Hanryu Holdings, Inc.
SunYoung Jang
jsy@fns.ai
contact@hanryuholdings.com
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
PH: (212) 896-1254
Hanryu@KCSA.com
SOURCE: Hanryu Holdings Inc.
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