Yoshitsu Co., Ltd Establishes a New Subsidiary in Canada
November 06 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 its wholly-owned Canadian
subsidiary, RAKKISTAR HOLDING INC. (the “Subsidiary”) on September
6, 2023. The Subsidiary, headquartered in Ontario, is expected to
further enhance Yoshitsu’s service standards in the North American
market, as well as strengthen customer relationships in the region,
and increase sales.
The Subsidiary will have direct control over the
operation processes and distribution channels in the local market.
The measures are intended to streamline procedures to improve the
effectiveness of service standards and the efficiency of product
delivery, along with improving the quality of after-sales service.
With the support of local warehouses, the Subsidiary will be
providing a local source of Yoshitsu products to its customers in
Canada.
In addition, the direct-sale model is expected
to bring the Company closer to its customers. The Subsidiary plans
to engage with local customers through its diverse and tailored
services and product portfolio. By interacting more closely with
customers, the Company believes it will be better positioned to
understand market needs, communicate marketing messages, and
provide a pleasant shopping experience.
Mr. Mei Kanayama, the Principal Executive
Officer of Yoshitsu, commented, “Our move to establish the
Subsidiary in Canada is in line with our long-term strategies to
upgrade our service quality and strengthen our consumer base,
especially in overseas markets. We are seeking to optimize our
management structure and facilitate the delivery of customized
high-quality services to our Canadian consumers. We hope this will
lower our operating costs, build stronger customer relationships,
and establish our foothold in the North American market.”
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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