Yoshitsu Co., Ltd (“Yoshitsu” or the “Company”) (Nasdaq: TKLF), a
retailer and wholesaler of Japanese beauty and health products,
sundry products, luxury products, electronic products, as well as
other products in Hong Kong, mainland China, Japan, North America,
and the United Kingdom, today announced that Mr. Mei Kanayama, the
Principal Executive Officer of the Company, has issued a letter to
shareholders highlighting the Company’s recent accomplishments and
plans for 2024. The full text of the letter follows.
Dear Shareholders,
As we embrace the post-pandemic resurgence of
our business, it is my privilege to reflect on our journey and
chart the course for an exhilarating 2024. The past year has been a
transformative period for Yoshitsu, filled with both challenges and
milestones that have shaped our journey. Your unwavering support
and trust have been the cornerstone of our achievements, and it is
with this mutual commitment that we turn our gaze towards a
promising 2024.
Reflecting on Our Journey of 2023: A
Year of Strategic Expansion and Brand Recognition
The year 2023 was a testament to our business
resilience and adaptability. Amidst a global landscape of recovery
and change, we believe that our ethos, 'Crafted in Japan,'
resonated profoundly with markets worldwide. Our expansion into the
United States and Europe through the establishment of Tokyo
Lifestyle Holding Inc. in Delaware and REIWATAKIYA BOS LLC in
Massachusetts, and the launch of our direct-sale store in Seattle
and the REIWATAKIYA flagship store in London, marked significant
milestones in our mission to bring the essence of Japanese
craftsmanship to the global audience.
Our financial performance in the first six
months of fiscal year 2024 has been a testimony to our strategic
progress and operational excellence. We believe that the
substantial growth in revenue from our physical stores and the
promising results from our new luxury product lines, as disclosed
on the Company’s Periodic SEC filings for the period reflect our
brand's ever-increasing appeal and our ability to adapt to market
dynamics.
The Vision for 2024: Brand Expansion and
Collaborative Excellence
As we step into 2024, our vision is clear and
our resolve is unwavering. We are poised to amplify our brand
presence, particularly in the United States, Canada, and the United
Kingdom, catering to the burgeoning global demand for premium
Japanese products. We believe that the consumer market outlook for
2024 predicts a continued revival of consumer demand, especially in
business sectors such as health, beauty, and luxury, where Yoshitsu
stands as a paragon of excellence. In response to the growing
customer base overseas, we are proactively expanding our footprints
globally by adopting the measures below.
Brand Expansion in the United
States
Our primary focus in 2024 will be on brand
expansion, particularly in the United States. We plan to open more
flagship stores, offering an unparalleled shopping experience that
showcases the essence of our brand.
Building on our successful launches in 2023, we
plan to inaugurate more direct-sale stores in key cities including
New York, Boston, Las Vegas, and Los Angeles. The move is a
critical step in our global expansion strategy. We expect these
stores to not only serve as retail outlets but also as cultural
ambassadors of the unique value and exceptional quality that
Yoshitsu represents. We hope the flourishing of our direct-sale
model will develop deeper customer connections and enhance our
brand awareness in the local market.
Strategic Collaborations
In line with our vision to weave our brand into
the global fabric, we plan to fortify our alliances with renowned
enterprises in 2024 to reinforce our sales network and catapult our
brand to new heights. The coordinated forces are expected to
amplify our market presence and enhance our brand influence
worldwide, stocking up our resources to tap into new markets.
A Message from the Heart
I would like to extend my heartfelt gratitude to
you, our shareholders, for your unwavering support and confidence
in us. Your trust is the cornerstone of our success and the fuel
that drives us forward.
As we embark on this exciting journey in 2024, I
am confident that with our focus on strategic initiatives,
dedication to innovation, and commitment to excellence, Yoshitsu is
positioned well to reach new heights and achieve unprecedented
success.
I invite you to join us in this journey of
growth and transformation. Let us craft a future that is not only
profitable but also purposeful.
Sincerely, Mei Kanayama Principal Executive
OfficerYoshitsu Co., Ltd
About Yoshitsu Co., Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd
is a retailer and wholesaler of Japanese beauty and health
products, sundry products, luxury products, electronic products, as
well as 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), luxury products (including branded
watches, perfume, handbags, clothes, and jewelry), electronic
products (including entertainment gaming products), 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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