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

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 marketplace for being high-quality, effective and long-lasting. 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.

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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.