With Demand For Japanese Beauty Products Growing, Yoshitsu Sets Its Sights On The US, Gears Up For More Brick-And-Mortar Expansion

StreetInsider04-23

TOKYO, JAPAN / ACCESSWIRE / April 23, 2024 / The Japanese beauty market is growing as consumers from the U.S. to England seek to get their hands on a class of products with a reputation in the ...

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These beauty products also offer consumers a minimalist approach to skincare instead of a multi-step, complicated morning and bedtime routine. It is something consumers are increasingly embracing. Endorsements from social media influencers and celebrities are also helping drive demand for Japanese-based beauty products in the U.S. and beyond. As of 2022, the global J-beauty products market size was valued at $33.11 billion and is projected to grow at a CAGR of 3.9% from 2023 through 2030.That strong demand for J-beauty products is an opportunity for Japanese health and beauty companies including Yoshitsu Co., Ltd. (NASDAQ: TKLF). The company makes and sells beauty, health and household products to consumers and businesses, operating physical and online stores in Japan, Hong Kong, China and Korea. Yoshitsu also operates franchise stores in the U.S., Canada and the U.K. and is focused on expanding more in the U.S., building on the momentum it had in 2023.USA In Its Sights\"Our primary focus in 2024 will be on brand expansion, particularly in the United States. We plan to open more flagship stores, offering an unparalleled shopping experience that showcases the essence of our brand,\" Mei Kanayama, the principal executive officer of Yoshitsu, said in a recent letter to shareholders. \"Building on our successful launches in 2023, we plan to inaugurate more direct-sale stores in key cities including New York, Boston, Las Vegas and Los Angeles. The move is a critical step in our global expansion strategy. We expect these stores to not only serve as retail outlets but also as cultural ambassadors of the unique value and exceptional quality that Yoshitsu represents. We hope the flourishing of our direct-sale model will develop deeper customer connections and enhance our brand awareness in the local market.\"Yoshitsu is taking a multi-prong approach to build its brand awareness in the U.S. and drive sales. For starters, it is inking alliances with established retailers in the U.S. to get the word out about its products. Among these alliances is Yoshitsu's deal with CROSSING Inc., the Los Angeles-based collectible card retailer and live-streaming distributor.As part of the deal reached last fall, CROSSING has the exclusive rights to procure and distribute Yoshitsu's products through its sales channels including live-streaming e-commerce channels and online shops. Seen as a springboard for future similar alliances, Yoshitsu said at the time that the alliance is a mechanism to amplify the company's visibility in the U.S. market, elevate its brand and drive customer demand.Reaching US Consumers DirectlyIn addition to selling its products through partners' sales channels, Yoshitsu is also reaching consumers directly in the U.S. by opening up retail locations in big cities around the country. The goal is to launch stores in New York, Boston, Seattle, Las Vegas and Los Angeles. In December it opened its first U.S. store in Seattle near the University of Washington. The U.S. flagship store is 6,000 square feet, featuring a range of more than 8,000 in-stock items, and is located near the expressway and the light rail station, which enhances accessibility, the company said.To cater to local customers, Yoshitsu said the store sells a lot of tech-related products. In New York, Yoshitsu plans to focus on introducing a variety of cosmetics that cater to international tastes, and in Las Vegas, the store displays and counters will be full of products for customers traveling to Sin City.The goal with its U.S. stores is to stock them with a diverse portfolio of products including cosmetics, skincare, over-the-counter drugs, nutritional supplements, home goods, food and alcoholic beverages. The stores will also have a local warehouse to support operations. Yoshitsu also created two new subsidiaries in the U.S.: Tokyo Lifestyle Holding Inc. and REIWATAKIYA BOS LLC. The company said it will use the two units to grow in the U.S., streamline international logistics and improve cross-border communications. With a local U.S. presence, the company has established a broad U.S. presence to better meet domestic U.S. market demands.\"Launching our direct-sale Stores in the U.S. is a transformative step for Yoshitsu. By streamlining operations in-house in the U.S., we're not just aiming to build closer ties with the U.S. market, but we are also seeking to enhance operational control to improve our service standards,\" said Kanayama. \"We believe that the opening of the Stores will be instrumental in elevating our customers' shopping experience, from their initial interaction to post-purchase support.\"Featured photo courtesy of Yoshitsu.Contact:Circadian Group[email protected]About Yoshitsu Co., LtdHeadquartered in Tokyo, Japan, Yoshitsu Co., Ltd is a retailer and wholesaler of Japanese beauty and health products, sundry products, luxury products, electronic products, as well as 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), luxury products (including branded watches, perfume, handbags, clothes, and jewelry), electronic products (including entertainment gaming products), 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 StatementsCertain 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.SOURCE: Yoshitsu Co., Ltd. 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