Tokyo, Japan, Sept. 01, 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 the Company has leased its first warehouse in North America (the “Warehouse”) of approximately 4,150 square feet at 210 Brand Lane, Stafford, Texas. The Company expects to begin using the Warehouse in early October 2022. This represents a significant initiative of the Company’s business strategy to optimize its warehouse operations and expansion to the markets to support its growing customer demands in North America.
The Company plans to supply its top 30 best-selling products sold in the U.S. 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 the U.S., the Company is expected to optimize fulfillment and service customers more quickly and efficiently and further strengthen its footprint across North America. It is also expected to reduce the Company's transportation costs, shorten the delivery time, which consequently shorten the account receivable collection period, and increase the company's sales and gross profit margins in North America.
Mr. Mei Kanayama, the Principal Executive Officer of Yoshitsu, commented, “We are very pleased to set up our first warehouse in the U.S., as we continue to seek opportunities in fast-growing markets in North America. Due to the global supply chain constraints associated with the COVID-19 pandemic in 2021, our shipment delivery time has been greater than before the pandemic. With the warehouse operation in the U.S., we expect to effectively fulfill the increasing demand in the markets in North America, boost our revenue in the regions, and improve our operating efficiency. Furthermore, given the importance of the markets in North America to our business, we plan to set up additional warehouses in other regions in the future to serve the local markets with our high-quality products.”
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
