Tokyo, Japan, Feb. 13, 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, today announced that Mr. Mei Kanayama, the Principal Executive Officer of the Company, has issued a letter to shareholders highlighting the Company’s recent accomplishments and plans for 2024. The full text of the letter follows.
As we embrace the post-pandemic resurgence of our business, it is my privilege to reflect on our journey and chart the course for an exhilarating 2024. The past year has been a transformative period for Yoshitsu, filled with both challenges and milestones that have shaped our journey. Your unwavering support and trust have been the cornerstone of our achievements, and it is with this mutual commitment that we turn our gaze towards a promising 2024.
Reflecting on Our Journey of 2023: A Year of Strategic Expansion and Brand Recognition
The year 2023 was a testament to our business resilience and adaptability. Amidst a global landscape of recovery and change, we believe that our ethos, ‘Crafted in Japan,’ resonated profoundly with markets worldwide. Our expansion into the United States and Europe through the establishment of Tokyo Lifestyle Holding Inc. in Delaware and REIWATAKIYA BOS LLC in Massachusetts, and the launch of our direct-sale store in Seattle and the REIWATAKIYA flagship store in London, marked significant milestones in our mission to bring the essence of Japanese craftsmanship to the global audience.
Our financial performance in the first six months of fiscal year 2024 has been a testimony to our strategic progress and operational excellence. We believe that the substantial growth in revenue from our physical stores and the promising results from our new luxury product lines, as disclosed on the Company’s Periodic SEC filings for the period reflect our brand’s ever-increasing appeal and our ability to adapt to market dynamics.
The Vision for 2024: Brand Expansion and Collaborative Excellence
As we step into 2024, our vision is clear and our resolve is unwavering. We are poised to amplify our brand presence, particularly in the United States, Canada, and the United Kingdom, catering to the burgeoning global demand for premium Japanese products. We believe that the consumer market outlook for 2024 predicts a continued revival of consumer demand, especially in business sectors such as health, beauty, and luxury, where Yoshitsu stands as a paragon of excellence. In response to the growing customer base overseas, we are proactively expanding our footprints globally by adopting the measures below.
Brand Expansion in the United States
Our primary focus in 2024 will be on brand expansion, particularly in the United States. We plan to open more flagship stores, offering an unparalleled shopping experience that showcases the essence of our brand.
Building on our successful launches in 2023, we plan to inaugurate more direct-sale stores in key cities including New York, Boston, Las Vegas, and Los Angeles. The move is a critical step in our global expansion strategy. We expect these stores to not only serve as retail outlets but also as cultural ambassadors of the unique value and exceptional quality that Yoshitsu represents. We hope the flourishing of our direct-sale model will develop deeper customer connections and enhance our brand awareness in the local market.
In line with our vision to weave our brand into the global fabric, we plan to fortify our alliances with renowned enterprises in 2024 to reinforce our sales network and catapult our brand to new heights. The coordinated forces are expected to amplify our market presence and enhance our brand influence worldwide, stocking up our resources to tap into new markets.
A Message from the Heart
I would like to extend my heartfelt gratitude to you, our shareholders, for your unwavering support and confidence in us. Your trust is the cornerstone of our success and the fuel that drives us forward.
As we embark on this exciting journey in 2024, I am confident that with our focus on strategic initiatives, dedication to innovation, and commitment to excellence, Yoshitsu is positioned well to reach new heights and achieve unprecedented success.
I invite you to join us in this journey of growth and transformation. Let us craft a future that is not only profitable but also purposeful.
Principal Executive Officer
Yoshitsu Co., Ltd
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/.
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
Ascent Investor Relations LLC