TOKYO, Aug. 12, 2024 — 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, announced today that, on August 1, 2024, the Company, through its Hong Kong subsidiary, Tokyo Lifestyle Limited (“TLS”), entered into agreements with Grun Group Thailand Co. Ltd. (“Grun Thailand”), a professional brand marketing agency, to establish a franchise network for beauty products in the Southeast Asia market under the “Tokyo Lifestyle” brand. These agreements include a trademark license agreement with Tokyo Lifestyle Thailand Co., Ltd., a company incorporated in Thailand, the controlling shareholder of which is Grun Thailand, and a purchase and sales contract. The Company considers these Agreements a significant milestone in its regional expansion strategy.

Yoshitsu plans to establish a distribution network consisting of 18 franchise stores in Thailand and 15 franchise stores in Malaysia by the end of 2026. In Thailand, the Company expects to open three standard stores (with a floor plan of 100 to 150 square meters each) in downtown Bangkok in 2024 and eight lifestyle stores (with a floor plan of 80 to 120 square meters each) nationwide in 2025, reaching 18 stores nationwide by 2026. In Malaysia, the Company anticipates opening two standard stores in Klang Valley in 2024 and five lifestyle stores nationwide in 2025, reaching 15 stores nationwide by 2026.

Mr. Qiang (Johnny) Liao, Chief Executive Officer of Grun Thailand, stated, “We view Southeast Asia as a highly promising emerging market. By introducing the ‘Tokyo Lifestyle’ brand, originating in Japan, we believe Yoshitsu can attract local consumers, creating significant and sustainable growth opportunities. Our strategic site selection and network expansion plan are well-aligned with the characteristics of these local markets, offering a cost-effective top-down distribution network and a point-to-area popularization model. This collaboration will accelerate mutual growth, fostering opportunities and development for both companies.”

Mr. Mei Kanayama, Principal Executive Officer of Yoshitsu, remarked, “We are delighted that our strategic expansion into the Southeast Asia market is progressing steadily. We see Southeast Asia as a rapidly developing and promising region with vast growth potential. However, we also acknowledge the unique challenges and intense competition in the market. After careful consideration, we chose to partner with Grun Thailand and implement a franchise network expansion plan to establish our brand presence in the region. Through meticulous coordination, we selected downtown areas in Thailand and Malaysia as our expansion outposts, targeting the representative and fast-growing middle-class consumer groups. We aim to quickly and effectively build brand awareness. We are committed to providing high-quality fashion products, enhancing customer experiences, and contributing to improvements in life quality, cultural diversity, and the regional economy. This strategic move will unlock access to this emerging market, driving our long-term growth and ultimately creating more value for our shareholders.”

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
Email: 

Ascent Investor Relations LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: