Yoshitsu Co., Ltd. to Directly Operate its Hong Kong Stores
December 11 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 will take over direct operating control of its
stores in Hong Kong from the current management agency, Excellent
Wellbeing International Co., Ltd. (“EWI”), an international brand
management company. Pursuant to the termination of a business
cooperation agreement entered into by and between the Company and
EWI dated November 30, 2023, on December 31, 2023, the Company will
take over the operating management of all of its stores in Hong
Kong from EWI. By changing the operating model of its Hong Kong
stores, the Company aims to enhance the its customer experience,
profitability, and business performance.
Mr. Mei Kanayama, the Principal Executive
Officer of Yoshitsu, commented, "Through the transition of the
operational control in Hong Kong's stores, we expect to better
adapt to market changes and serve our local customers. With the
full operational autonomy, we believe that we will be in a better
position to align our service standards in Hong Kong and optimize
our costs among all the Hong Kong stores. We are committed to
offering high-quality products and services to our Hong Kong
customers, and expect to be able to cater to our Hong Kong
customers’ needs more promptly. We believe the transition
demonstrates the Company’s commitment to operational streamlining
and expect this will improve customer experiences in our endeavors
in achieving ever greater business success."
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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