Gathering Momentum for its Global Expansion
Tokyo, Japan, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Yoshitsu Co., Ltd (“Yoshitsu” or the “Company”) (Nasdaq: TKLF), a retailer and wholesaler of Japanese beauty and health products, sundry products, luxury products, electronic products, as well as other products in Hong Kong, mainland China, Japan, North America, and the United Kingdom, is proud to announce that on January 30, 2024, Hudson Bay Capital Management LP (“Hudson Bay”) and seven other institutional investors have become new beneficial owners of the American Depositary Shares (“ADSs”) of the Company. The Company believes that the joining of the institutional shareholders demonstrates the Company’s strengthened capital forces for market expansion around the world.
The Company’s previously announced successful completion of the follow-on equity offering (the “Offering”) has empowered it as the first Nasdaq listed Japanese company to complete a follow-on offering after its initial public offering. Notably, following the Offering, the Company believes that it has been endorsed by Hudson Bay, a global investment management firm, along with seven other institutional investors. Hudson Bay, the 2023 HFM U.S. Performance Award winner, manages approximately $9.7 billion assets, with a remarkable growth rate of 116.27% in Assest Under Management (AUM) since December 2021.
Mr. Mei Kanayama, Principal Executive Officer of Yoshitsu, commented, “It’s a momentous occasion for us to be the first Nasdaq listed Japanese firm to undertake a follow-on equity offering. Over the years, we’ve been committed to expanding our market footprints globally, showcasing to the world the essence of the Japanese lifestyle with our high-quality homegrown Japanese products. We expect the successful Offering and the powerful partners on board to inject strong impetus into our market expansion in the U.S. market, pushing us forward in our journey of sustainable development. We appreciate the trust and support of our investors. In particular, we’ve been greatly encouraged by the recognition from the reputable Hudson Bay and other institutional investors. In response to their support, we plan to continue our steps in executing our global vision and fostering new driving forces for our long-term business growth.”
About Yoshitsu Co., Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd is a retailer and wholesaler of Japanese beauty and health products, sundry products, luxury products, electronic products, as well as 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), luxury products (including branded watches, perfume, handbags, clothes, and jewelry), electronic products (including entertainment gaming products), 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 speak only as of the date they are made and 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 expressionsThe 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 not to put undue reliance on forward-looking statements since actual results may differ materially from the anticipated results, and encourages investors to review other factors that may affect its future results, including the risk factors discussed in the Company's registration statement and in its other filings with the U.S. Securities and Exchange Commission, available on the SEC’s website at www.sec.gov.
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
