Yoshitsu Co., Ltd. Announces the Establishment of New Subsidiaries in the U.S.
November 03 2023 - 8:00AM
Yoshitsu Co., Ltd (“Yoshitsu” or the “Company”) (Nasdaq: TKLF), a
retailer and wholesaler of Japanese beauty and health products, as
well as sundry products and other products in Hong Kong, mainland
China, Japan, North America, and the United Kingdom, today
announced that it has established two new subsidiaries in the U.S.,
including Tokyo Lifestyle Holding Inc, a Delaware company
incorporated on October 17, 2023, and REIWATAKIYA BOS LLC, a
Massachusetts company incorporated on October 26, 2023
(collectively, the “Subsidiaries”). Through the establishment of
the Subsidiaries, the Company aims to reinforce its business growth
strategy in the U.S. market, advancing its expansion efforts
globally and strengthening its ties with varied markets.
The Subsidiaries enable the Company to operate
directly in the U.S., which is expected to streamline the Company’s
international logistics and improve its cross-border
communications. With a local U.S. presence, the Company believes
that it is in a better position to adapt its management and
training systems to meet the U.S. market demands.
The Subsidiaries are expected to customize their
product offerings in the U.S. to align with local consumers’
preferences. For instance, in Seattle, the Subsidiaries plan to
focus on tech-related products; in New York, the Subsidiaries plan
to focus on introducing a wide range of cosmetics that cater to
international tastes; and in Las Vegas, the Subsidiaries plan to
focus on enhancing their store counter product display aesthetics
to attract customers traveling there.
Mr. Mei Kanayama, the Principal Executive
Officer of Yoshitsu, commented, “We believe that our decision to
establish subsidiaries in the U.S. represents a step forward in
strengthening our connection with our customers. We are committed
to enhancing our service to U.S. customers, deepening our
understanding of the U.S. market, and aligning our offerings more
closely with the needs and preferences of U.S. customers. Through
the establishment of the Subsidiaries, we expect to not only
elevate our market share and brand presence in the U.S., but also
foster our relationships with U.S. customers and enhance their
interaction with us.”
About Yoshitsu Co., Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd
is a retailer and wholesaler of Japanese beauty and health
products, sundry products, and other products in Hong Kong,
mainland China, Japan, North America, and the United Kingdom. The
Company offers various beauty products (including cosmetics,
skincare, fragrance, and body care products), health products
(including over-the-counter drugs, nutritional supplements, and
medical supplies and devices), sundry products (including home
goods), and other products (including food and alcoholic
beverages). The Company currently sells its products through
directly-operated physical stores, through online stores, and to
franchise stores and wholesale customers. For more information,
please visit the Company's website at
https://www.ystbek.co.jp/irlibrary/.
Forward-Looking Statements
Certain statements in this press release are
forward-looking statements, within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended, and as defined in
the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on current expectations and projections
about future events and financial trends that the Company believes
may affect its financial condition, results of operations, business
strategy, and financial needs. Investors can identify these
forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to," or
other similar expressions. The Company undertakes no obligation to
update forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. In addition, there is uncertainty about the
further spread of the COVID-19 virus or the occurrence of another
wave of cases and the impact it may have on the Company's
operations, the demand for the Company's products, global supply
chains, and economic activity in general. Although the Company
believes that the expectations expressed in these forward-looking
statements are reasonable, it cannot assure you that such
expectations will turn out to be correct, and the Company cautions
investors that actual results may differ materially from the
anticipated results and encourages investors to review other
factors that may affect its future results in the Company's
registration statement and in its other filings with the U.S.
Securities and Exchange Commission.
For more information, please
contact:
Yoshitsu Co., LtdInvestor
Relations DepartmentEmail: ir@ystbek.co.jp
Ascent Investor Relations
LLCTina XiaoPresidentPhone: +1-646-932-7242Email:
investors@ascent-ir.com
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