Tokyo, Japan, Nov. 23, 2022 (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 Japan, today announced that it plans to launch new business in the sauce, dressing and condiment market.
To demonstrate the Company's business expansion ambition and development strategy, the Company has determined to change the name of its operating entity from Tokyo Lifestyle Co., Ltd to Kaika International Co., Ltd. In addition to providing consumer home and health products, the Company plans to explore offering sauces, dressings and condiments in its stores in Japan by the end of 2022.
The sauce, dressing and condiment market has shown a significant growth potential, according to Statista, the German data provider. Statista projects that the revenue from such market in Japan will amount to US$21.44 billion in 2022, and is expected to grow at a compound annual growth rate, or CAGR, of 1.48% from 2022 to 2027. In relation to total population figures, the revenue from the sauce and condiment market in Japan per person is projected to amount to US$170.80 in 2022, according to Statista, which further projects that the volume of the sauce and condiment market in Japan is expected to reach 7,772.8mkg by 2027, with the average volume per person for the sauce and condiment market in Japan expected to amount to 59.4kg in 2022.
Mr. Mei Kanayama, the Principal Executive Officer of Yoshitsu, commented, “We are committed to diversifying our product offerings to meet customers’ needs and believe that the diversified product offerings will benefit our business growth. Through leveraging our existing store network, we expect to quickly realize the promotion and profitability of new products to be launched. We plan to sell such new products in our stores in Japan, and expand to our other distribution channels in the future. The name-changing of the operating entity is a logical step following the extension of our business. We are confident that the new business can help us capture the significant growth opportunity ahead and unlock value for all our stakeholders.”
About Yoshitsu Co., Ltd
Headquartered in Tokyo, Japan, Yoshitsu Co., Ltd is a retailer and wholesaler of Japanese beauty and health products, as well as sundry products and other products. The Company offers various beauty products (including cosmetics, skin care, 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. 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. 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. 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 SEC.
For more information, please contact:
Yoshitsu Co., Ltd
Investor Relations Department
Email: ir@ystbek.co.jp
Ascent Investors Relations LLC
Tina Xiao
President
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
