Yoshitsu Co., Ltd. Announces the Establishment of New Subsidiaries in the U.S.
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Tokyo, Japan, Nov. 03, 2023 (GLOBE NEWSWIRE) -- 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., Ltd
Investor Relations Department
Email: ir@ystbek.co.jp
Ascent Investor Relations LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
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