Business Update for Yoshitsu Co., Ltd.’s Duty-free Shopping Services
December 05 2022 - 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 Japan,
today provides a business update for its duty-free shopping
services. With the inbound tourism recovery in Japan, the Company
strives to explore the market opportunities of domestic duty-free
shopping. The Company began providing pickup services since
November 11, 2022, at its Urawa store
and KoshigayaRyutsudanchi store in Saitama, Japan and its
Hakuba store in Nagano, Japan. The Company has become the first
company to offer pickup services at pharmacies in Tokyo and the
first company to offer duty-free shopping service on
TaxFreeOnline.jp ("TFO”) in Nagano.
As previously disclosed on a press release dated
July 6, 2022, the Company partnered with Digital Transformation
Service Provider, iEnt Co., Inc., a digital transformation (“DX”)
service company that provides Online-Merge-Offline (“OMO”)
solutions and operates a duty-free shopping website. This move
marks a key milestone of the Company to enter the domestic
duty-free E-commerce market for foreign visitors. Foreign visitors
can now shop on TFO and pick up orders at designated places.
On October 11, 2022, Japan re-opened its
boarders to individual travelers. According to a report by Kyodo
News Agency, the Japanese government aims for annual tourist
spending to reach 5 trillion yen (US$34 billion) as soon as
possible, which, if successful, would eclipse tourist spending in
2019 by approximately 4.8 trillion yen. The government anticipates
maintaining its existing goal of an annual 60 million foreign
visitors by 2030. The Company plans to implement discount promotion
activities for duty-free products and sweepstakes promotional
activities at its retail stores to meet the demands of increasing
foreign visitors.
Mr. Mei Kanayama, the Principal Executive
Officer of Yoshitsu Co., Ltd, commented, “We are excited to see
that the Japanese government opened its borders to foreign
visitors, which should prompt the inbound tourism recovery in
Japan. We strive to attract foreign visitors by providing TFO and
pickup services at our stores, which offer them a convenient
shopping experience during their stay in Japan. Looking forward, we
will remain focused on providing unparalleled services and
diversified selection of products at our stores. We are confident
that our improved customer experience and promotion activities will
attract foreign visitors and our strong capacity will meet the
anticipated increased needs of foreign visitors.”
About Yoshitsu Co.,
Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd
is a retailer and wholesaler of Japanese beauty and health
products, as well as sundry products and other products. The
Company offers various beauty products (including cosmetics, skin
care, 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
All statements other than statements of
historical fact 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. 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. 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. 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 SEC.
For more information, please contact:
Yoshitsu Co., LtdInvestor Relations
DepartmentEmail: ir@ystbek.co.jp
Ascent Investors Relations LLCTina
XiaoPresidentPhone:
+1-917-609-0333Email: tina.xiao@ascent-ir.com
Yoshitsu (NASDAQ:TKLF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Yoshitsu (NASDAQ:TKLF)
Historical Stock Chart
From Sep 2023 to Sep 2024