Cycliq expands into Canada with access to bricks and mortar and online distribution
Prominent distributor of high-definition camera and lighting combinations for cyclists, Cycliq Group (ASX:CYQ) announced on Thursday that the company had expanded into Canada, establishing a direct sales agreement with Mountain Equipment Co-op (MEC), as well as launching on the Amazon Canada platform.
MEC is a retail cooperative which sells products directly to its membership base of about 4.3 million. Its subscribers are based both in Canada and overseas.
MEC’s management noted the attractions of CYQ’s high quality/value for money product. The company has 22 bricks and mortar stores across six provinces and a substantial online retail presence.
It should be noted that CYQ is still an early stage company and investors should seek professional financial advice if considering this stock for their portfolio.
While CYQ’s strategy has been to target online distribution channels, accessibility to MEC’s store network will provide potential buyers with a ‘touch and try’ opportunity.
On this note, CYQ’s Executive Chairman, Chris Singleton said, “Cycliq’s recent market research indicated that buyer behaviour warrants a distribution model that includes a mix of both bricks and mortar retail as well as online sales.”
Singleton noted that the timing of this transaction was perfect as Northern Hemisphere countries approach the summer cycling season.
Canada is the fourth country in which CYQ has established a direct sales channel via Amazon’s e-commerce platform.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.