Yoshitsu Co., Ltd. to Directly Operate its Hong Kong Stores

Tokyo, Japan, Dec. 11, 2023 (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 Hong Kong, mainland China, Japan, North America, and the United Kingdom, today announced that it will take over direct operating control of its stores in Hong Kong from the current management agency, Excellent Wellbeing International Co., Ltd. (“EWI”), an international brand management company. Pursuant to the termination of a business cooperation agreement entered into by and between the Company and EWI dated November 30, 2023, on December 31, 2023, the Company will take over the operating management of all of its stores in Hong Kong from EWI. By changing the operating model of its Hong Kong stores, the Company aims to enhance the its customer experience, profitability, and business performance.

Mr. Mei Kanayama, the Principal Executive Officer of Yoshitsu, commented, "Through the transition of the operational control in Hong Kong's stores, we expect to better adapt to market changes and serve our local customers. With the full operational autonomy, we believe that we will be in a better position to align our service standards in Hong Kong and optimize our costs among all the Hong Kong stores. We are committed to offering high-quality products and services to our Hong Kong customers, and expect to be able to cater to our Hong Kong customers’ needs more promptly. We believe the transition demonstrates the Company’s commitment to operational streamlining and expect this will improve customer experiences in our endeavors in achieving ever greater business success."

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 Hong Kong, mainland China, 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. 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., Ltd

Investor Relations Department

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Ascent Investor Relations LLC

Tina Xiao

President

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