Yoshitsu Co., Ltd to Adopt an Asset-Light Business Model
21 Juni 2023 - 2:00PM
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., LtdInvestor Relations DepartmentEmail:
ir@ystbek.co.jp
Ascent Investors Relations LLC
Tina XiaoPresidentPhone: +1-917-609-0333Email:
tina.xiao@ascent-ir.com
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