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 / ACCESSWIRE / 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.
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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.
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Company Contact:
Hanryu Holdings, Inc.
SunYoung Jang
[email protected]
[email protected]
Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
PH: (212) 896-1254
[email protected]
SOURCE: Hanryu Holdings Inc.