Yoshitsu Co., Ltd to Use New Warehouse in Hong Kong to Support Its Footprint Expansion in Hong Kong
Yoshitsu Co., Ltd (Nasdaq: TKLF) announced the leasing of a 2,790 square foot warehouse in Hong Kong on August 29, 2022. This move is part of the company’s strategy to enhance warehouse operations and customer service as it expands in Hong Kong. Renovations are set to begin in mid-September. The new warehouse aims to improve delivery efficiencies, reduce transportation costs, and enhance sales and profit margins. CEO Mei Kanayama highlighted the importance of this expansion amidst global supply chain challenges due to the COVID-19 pandemic.
- Leasing a new warehouse in Hong Kong, enhancing logistical capabilities.
- Expected to improve delivery efficiency and reduce transportation costs.
- Anticipated improvements in sales and gross profit margins in Hong Kong.
- None.
Tokyo, Japan, Sept. 12, 2022 (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 Japan, today announced that on August 29, 2022, the Company has leased a new warehouse in Hong Kong (the “Warehouse”) of approximately 2,790 square feet at Lincoln Centre, 20 Yip Fung Street, Fanling, New Territories, Hong Kong. The Company plans to renovate the warehouse in mid-September and put it into operation afterward. This represents a significant initiative of the Company’s business strategy to optimize its warehouse operations and enhance customer services to support its footprint expansion in Hong Kong.
After completing the overall renovation and inspection of the Warehouse, the Company plans to supply its best-selling products sold in Hong Kong on a regular basis to the Warehouse and will monitor the operations at the Warehouse on a daily basis, in an effort to ensure the efficiency and accuracy of the warehouse operation. Adding the new warehouse network in Hong Kong, the Company is expected to optimize fulfillment, increase the efficiency of deliveries for customers, and further strengthen its presence in Hong Kong. It is also expected to reduce the Company's transportation costs, shorten the delivery time, which consequently shorten the account receivable collection period, and improve the Company's sales and gross profit margins in Hong Kong.
Mr. Mei Kanayama, the Principal Executive Officer of Yoshitsu, commented, “We are very pleased to set up our new warehouse in Hong Kong to facilitate our continuing store-opening plan there. The pandemic is pushing us to optimize our global warehouse network, to address the global supply chain constraints associated with the COVID-19 pandemic. With the expanded warehouse operation in Hong Kong, we expect to better support our customers’ increasing demands in Hong Kong, improve our operating efficiency, and take our growth potential to new heights.”
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., Ltd
Investor Relations Department
Email: ir@ystbek.co.jp
Ascent Investors Relations LLC
Tina Xiao
President
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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