To accelerate the Company’s enterprise expansion in the Southeast Asia current market and
progress the electronic transformation of reside streaming e-commerce in its retail small business
Tokyo, Japan, July 22, 2022 (Globe NEWSWIRE) — Yoshitsu Co., Ltd (“Yoshitsu” or the “Company”) (Nasdaq: TKLF), a retailer and wholesaler of Japanese splendor and wellbeing items, as very well as other items in Japan, nowadays announced that on July 20, 2022, the Business entered into a definitive arrangement (the “Settlement”) with All Seas Worldwide Constrained to acquire 100% fairness interests in Tokyo Lifestyle Confined (“TL”), a enterprise principally engaged in the import and retail of Japanese splendor and beauty products in Hong Kong and engaged in the reside e-commerce business by its wholly-owned subsidiary, Shenzhen Qingzhiliangpin Network Technology Co., Ltd. (“SQNT”). This acquisition is a significant initiative of the Company’s small business strategy to raise the Company’s company enlargement in the Southeast Asia current market and advance the electronic transformation of are living streaming e-commerce in its retail business.
Pursuant to the Agreement, Yoshitsu agrees to purchase 100% of the equity passions in TL in consideration of the sum of JPY392,000,000 in income (approximately US$2,805,192), subject to specified terms. The transaction contemplated by the Agreement was authorised by the Company’s board of directors at a meeting on June 27, 2022, with the closing anticipated to happen by the close of July 2022.
Mr. Mei Kanayama, the Principal Executive Officer of Yoshitsu, commented, “We are exceptionally pleased to just take yet another initiative in Yoshitsu’s global company growth. The abilities of TL and SQNT and our growth and electronic transformation tactic are well matched. With the acquisition of TL, we assume to strengthen our operational efficiency and build a good basis in Hong Kong to develop the Southeast Asian market more and improve our manufacturer awareness in the region. SQNT is committed to cultivating key view leaders (“KOLs”), who are frequently approached by manufacturers in the hopes that these KOLs will actively advertise their items by way of on the web channels. The foregoing approach is predicted to enhance our customers’ searching practical experience and meet up with new industry calls for. We assume the acquisition of TL to reinforce our situation in the marketplace and produce bigger worth to our shareholders.”
About Yoshitsu Co., Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd is a retailer and wholesaler of Japanese attractiveness and health and fitness solutions, as effectively as other products. The Organization features numerous attractiveness items (which includes cosmetics, pores and skin care, fragrance, and physique treatment products), wellbeing solutions (like about-the-counter drugs, dietary dietary supplements, and health care supplies and devices), and other products and solutions (which includes house items, meals, and alcoholic drinks). The Corporation currently sells its solutions by way of directly-operated physical merchants, by on the web retailers, and to franchise suppliers and wholesale prospects. For far more details, please check out the Company’s site at https://www.ystbek.co.jp/irystbek/.
All statements other than statements of historic point in this press release are ahead-searching statements, within the this means of Section 21E of the Securities Trade Act of 1934, as amended, and as described in the U.S. Private Securities Litigation Reform Act of 1995. These ahead-seeking statements involve identified and unfamiliar risks and uncertainties and are primarily based on present expectations and projections about upcoming functions and monetary trends that the Organization believes could influence its fiscal ailment, outcomes of functions, organization technique, and economic requirements. Buyers can establish these ahead-searching statements by words or phrases these types of as “may well,” “will,” “anticipate,” “foresee,” “goal,” “estimate,” “intend,” “approach,” “think,” “likely,” “continue,” “is/are possible to,” or other related expressions. The Firm undertakes no obligation to update ahead-looking statements to reflect subsequent transpiring activities or circumstances, or variations in its anticipations, other than as might be expected by law. Even though the Business believes that the expectations expressed in these ahead-on the lookout statements are fair, it simply cannot assure you that these anticipations will turn out to be suitable, and the Corporation cautions traders that true final results may possibly vary materially from the predicted final results and encourages traders to assessment other elements that may well have an affect on its potential success in the Company’s registration statement and in its other filings with the SEC.
For much more details, make sure you speak to:
Yoshitsu Co., Ltd
Investor Relations Office
Electronic mail: [email protected]
Ascent Investors Relations LLC
E mail: [email protected]