Tokyo, Japan, June 21, 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 Japan, today announced that the Company has entered into four franchise agreements (the “Agreements”) with its franchisees to open four new franchise stores (the “Stores”) under the names “TOKYO LIFESTYLE” and “reiwatakiya” to adopt an asset-light business model. TOKYO LIFESTYLE and reiwatakiya stores provide various household goods and products. Three of the four new franchise stores will be located in Tokyo, and one will be located in Nagano Prefecture. With the new business model, the Company hopes to build strong store brand awareness and accelerate its business expansion by leveraging the advantages of strategic alliances with franchisees.
Pursuant to the Agreements, Yoshitsu grants the franchisees the right operate the Stores under the names “TOKYO LIFESTYLE” and “reiwatakiya”. Yoshitsu agrees to provide management support to the franchisees, while the franchisees agree to take charge of daily operations under the guidance of Yoshitsu.
Mr. Mei Kanayama, Principal Executive Officer of Yoshitsu, commented, "We are excited to adopt the asset-light business model through the launch of four franchise stores, aiming to optimize our revenue streams. This marks a new chapter for Yoshitsu, which we believe will enable us to provide our products and shopping experience to a broader customer base. Additionally, by adopting the asset-light franchise model, we expect to accelerate the development and launch of products, allowing us to respond more promptly to market trends and customer demands. We trust our franchise partners and anticipate mutual success and growth. Yoshitsu is committed to providing outstanding service and quality products to customers while expanding our business footprint. With our reputation and expertise, and the franchise partners’ efforts, Yoshitsu expects continued success and growth in the store brands, TOKYO LIFESTYLE and reiwatakiya. We look forward to collaborating with more franchise partners in the future.”
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 Japan. 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
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. 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 Investors Relations LLC
Tina Xiao
President
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
