Yoshitsu Co., Ltd Establishes a New Subsidiary in Canada
Tokyo, Japan, Nov. 06, 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 Hong Kong, mainland China, Japan, North America, and the United Kingdom, today announced that it has established its wholly-owned Canadian subsidiary, RAKKISTAR HOLDING INC. (the “Subsidiary”) on September 6, 2023. The Subsidiary, headquartered in Ontario, is expected to further enhance Yoshitsu’s service standards in the North American market, as well as strengthen customer relationships in the region, and increase sales.
The Subsidiary will have direct control over the operation processes and distribution channels in the local market. The measures are intended to streamline procedures to improve the effectiveness of service standards and the efficiency of product delivery, along with improving the quality of after-sales service. With the support of local warehouses, the Subsidiary will be providing a local source of Yoshitsu products to its customers in Canada.
In addition, the direct-sale model is expected to bring the Company closer to its customers. The Subsidiary plans to engage with local customers through its diverse and tailored services and product portfolio. By interacting more closely with customers, the Company believes it will be better positioned to understand market needs, communicate marketing messages, and provide a pleasant shopping experience.
Mr. Mei Kanayama, the Principal Executive Officer of Yoshitsu, commented, “Our move to establish the Subsidiary in Canada is in line with our long-term strategies to upgrade our service quality and strengthen our consumer base, especially in overseas markets. We are seeking to optimize our management structure and facilitate the delivery of customized high-quality services to our Canadian consumers. We hope this will lower our operating costs, build stronger customer relationships, and establish our foothold in the North American market.”
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 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), 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: +1-646-932-7242
Email: investors@ascent-ir.com
