Yoshitsu Co., Ltd Expands Reiwatakiya Brand in Hong Kong, Plans Broader Expansion Across Asia

TOKYO, Sept. 16, 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, Japan, North America, and the United Kingdom, today announced the official opening of two new franchise stores (the “Stores”) under its "Reiwatakiya" brand in Hong Kong in September 2024. This expansion is expected to further enhance the Company’s market presence and boost brand recognition in the region.

Located in the shopping districts of Tsuen Wan and Admiralty, the Stores operate under a franchise model, aiming to offer high-quality discounted products in an outlet-style pattern and create a fresh shopping experience for Hong Kong consumers. The Stores will offer a variety of discounted products, including popular Japanese beauty, skincare, and personal care items, catering to consumers’ demand for cost-effective products. The Company believes that its strategy of featuring discounted and cost-effective products under the Reiwatakiya brand will respond to market needs while enhancing the brand's visibility and popularity in Hong Kong.

The Company is targeting broader markets with plans to expand the Reiwatakiya brand into Macau and Thailand in the coming years. The Company aims to open ten more discount franchise stores over the next two years, attracting and retaining loyal customers by offering a more consumer-friendly shopping experience, thereby solidifying its position as one of the leaders in the Asian beauty market. The Company believes that these new stores would not only provide customers with more affordable options, but also allow the Reiwatakiya brand to differentiate itself through unique positioning and competitive pricing.

Mr. Mei Kanayama, Principal Executive Officer of Yoshitsu, commented: “We are excited with the progress of our strategic expansion of the Reiwatakiya brand in Hong Kong and expect further growth into Macau and the Southeast Asian region. We consider Hong Kong, known as a shopper's paradise, as one of the most influential commercial hubs, showcasing fashion brands and attracting consumers globally. We believe these new stores will enhance our brand visibility and influence beyond Hong Kong to Macau and Southeast Asia. Moreover, our expansion into Southeast Asia is underway, with a franchise network for ‘Tokyo Lifestyle’, another flagship brand, launched with a partner in August. We are committed to delivering high-quality fashion products to meet consumer needs and believe this move will further boost our expansion strategy and create value for future growth.”

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, and other products in Hong Kong, 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), 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 .

Forward-Looking Statements

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. 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

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Ascent Investor Relations LLC

Tina Xiao

President

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