To accelerate the Firm’s enterprise expansion in the Southeast Asia market and
advance the electronic transformation of reside streaming e-commerce in its retail business
Tokyo, Japan, July 22, 2022 (Globe NEWSWIRE) — Yoshitsu Co., Ltd (“Yoshitsu” or the “Company”) (Nasdaq: TKLF), a retailer and wholesaler of Japanese elegance and well being products, as well as other products and solutions in Japan, now announced that on July 20, 2022, the Firm entered into a definitive settlement (the “Settlement”) with All Seas World wide Confined to purchase 100% equity passions in Tokyo Way of life Minimal (“TL”), a firm principally engaged in the import and retail of Japanese magnificence and beauty products in Hong Kong and engaged in the stay e-commerce enterprise via its wholly-owned subsidiary, Shenzhen Qingzhiliangpin Network Technological know-how Co., Ltd. (“SQNT”). This acquisition is a essential initiative of the Company’s enterprise technique to enhance the Company’s business growth in the Southeast Asia marketplace and advance the digital transformation of reside streaming e-commerce in its retail company.
Pursuant to the Arrangement, Yoshitsu agrees to acquire 100% of the fairness interests in TL in thing to consider of the sum of JPY392,000,000 in income (approximately US$2,805,192), matter to certain phrases. The transaction contemplated by the Arrangement was authorised by the Firm’s board of directors at a conference on June 27, 2022, with the closing expected to come about by the finish of July 2022.
Mr. Mei Kanayama, the Principal Govt Officer of Yoshitsu, commented, “We are particularly happy to consider a different initiative in Yoshitsu’s world-wide business expansion. The abilities of TL and SQNT and our enlargement and digital transformation technique are effectively matched. With the acquisition of TL, we be expecting to make improvements to our operational performance and establish a strong basis in Hong Kong to develop the Southeast Asian market place additional and improve our brand consciousness in the region. SQNT is devoted to cultivating critical opinion leaders (“KOLs”), who are routinely approached by makes in the hopes that these KOLs will actively promote their merchandise via on line channels. The foregoing technique is anticipated to enhance our customers’ shopping working experience and meet new industry calls for. We expect the acquisition of TL to reinforce our posture in the market and provide increased price to our shareholders.”
About Yoshitsu Co., Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd is a retailer and wholesaler of Japanese elegance and health products and solutions, as perfectly as other solutions. The Firm features several elegance items (together with cosmetics, pores and skin care, fragrance, and overall body care products), overall health goods (including about-the-counter medicine, dietary supplements, and health-related materials and equipment), and other solutions (including home products, foods, and alcoholic beverages). The Business at the moment sells its products and solutions by specifically-operated physical shops, through on the web outlets, and to franchise merchants and wholesale buyers. For extra information, make sure you check out the Company’s site at https://www.ystbek.co.jp/irystbek/.
All statements other than statements of historic actuality in this press release are forward-seeking statements, within the this means of Part 21E of the Securities Trade Act of 1934, as amended, and as outlined in the U.S. Private Securities Litigation Reform Act of 1995. These ahead-searching statements require regarded and not known threats and uncertainties and are primarily based on recent expectations and projections about long run situations and fiscal tendencies that the Company believes may perhaps have an impact on its fiscal ailment, outcomes of operations, organization approach, and economic desires. Investors can identify these ahead-wanting statements by words and phrases or phrases this sort of as “might,” “will,” “be expecting,” “foresee,” “goal,” “estimate,” “intend,” “program,” “feel,” “opportunity,” “continue,” “is/are probably to,” or other very similar expressions. The Organization undertakes no obligation to update forward-on the lookout statements to mirror subsequent taking place situations or situation, or modifications in its expectations, besides as may possibly be demanded by law. Even though the Company believes that the anticipations expressed in these forward-on the lookout statements are affordable, it are unable to assure you that such anticipations will switch out to be accurate, and the Corporation cautions traders that true results may perhaps vary materially from the predicted outcomes and encourages investors to review other aspects that may perhaps have an impact on its potential results in the Company’s registration assertion and in its other filings with the SEC.
For extra info, make sure you make contact with:
Yoshitsu Co., Ltd
Trader Relations Department
E-mail: [email protected]
Ascent Investors Relations LLC
Email: [email protected]