Tokyo, Japan, Sept. 13, 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 it had entered into a master sales agreement (the “Agreement”) with RRPA LLC, a luxury and entertainment products provider in California. The Agreement establishes an important step in the Company’s efforts to diversify and expand its product portfolio. This move represents Yoshitsu’s strategic approach to enter the luxury and entertainment market in Japan and worldwide.
In February 2023, Yoshitsu started building its luxury watch sector and launched its overseas wholesale division. In July 2023, Yoshitsu started to sell luxury watches in its physical stores in Japan. The watch portfolio includes internationally acclaimed luxury brands, with prices ranging from 1 million yen to several hundred million yen.
Mr. Mei Kanayama, the Principal Executive Officer of Yoshitsu, commented, “We are in the process of kicking off our online stores' offering of luxury watches, complemented by digital presentations. We intend to not only expand our portfolio but also provide our customers with unprecedented experiences. To achieve this goal, we are seeking expertise in the luxury watch area to bolster our team.” He further added, “This is intended to be not just an expansion, but a reinvention. We expect these products to be a solid business foundation for our future sales. Our dedication and commitment to this vision are unwavering.”
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
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: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
