Tokyo, Japan, Dec. 05, 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 provides a business update for its duty-free shopping services. With the inbound tourism recovery in Japan, the Company strives to explore the market opportunities of domestic duty-free shopping. The Company began providing pickup services since November 11, 2022, at its Urawa store and KoshigayaRyutsudanchi store in Saitama, Japan and its Hakuba store in Nagano, Japan. The Company has become the first company to offer pickup services at pharmacies in Tokyo and the first company to offer duty-free shopping service on TaxFreeOnline.jp ("TFO”) in Nagano.
As previously disclosed on a press release dated July 6, 2022, the Company partnered with Digital Transformation Service Provider, iEnt Co., Inc., a digital transformation (“DX”) service company that provides Online-Merge-Offline (“OMO”) solutions and operates a duty-free shopping website. This move marks a key milestone of the Company to enter the domestic duty-free E-commerce market for foreign visitors. Foreign visitors can now shop on TFO and pick up orders at designated places.
On October 11, 2022, Japan re-opened its boarders to individual travelers. According to a report by Kyodo News Agency, the Japanese government aims for annual tourist spending to reach 5 trillion yen (US$34 billion) as soon as possible, which, if successful, would eclipse tourist spending in 2019 by approximately 4.8 trillion yen. The government anticipates maintaining its existing goal of an annual 60 million foreign visitors by 2030. The Company plans to implement discount promotion activities for duty-free products and sweepstakes promotional activities at its retail stores to meet the demands of increasing foreign visitors.
Mr. Mei Kanayama, the Principal Executive Officer of Yoshitsu Co., Ltd, commented, “We are excited to see that the Japanese government opened its borders to foreign visitors, which should prompt the inbound tourism recovery in Japan. We strive to attract foreign visitors by providing TFO and pickup services at our stores, which offer them a convenient shopping experience during their stay in Japan. Looking forward, we will remain focused on providing unparalleled services and diversified selection of products at our stores. We are confident that our improved customer experience and promotion activities will attract foreign visitors and our strong capacity will meet the anticipated increased needs of foreign visitors.”
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/.
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
Ascent Investors Relations LLC