Yoshitsu Co., Ltd. Issues 2024 Chairman’s Letter to Shareholders Highlighting Recent Accomplishments and Outlook for 2024

Tokyo, Japan, Feb. 13, 2024 (GLOBE NEWSWIRE) -- 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, mainland China, Japan, North America, and the United Kingdom, today announced that Mr. Mei Kanayama, the Principal Executive Officer of the Company, has issued a letter to shareholders highlighting the Company’s recent accomplishments and plans for 2024. The full text of the letter follows.

Dear Shareholders,

As we embrace the post-pandemic resurgence of our business, it is my privilege to reflect on our journey and chart the course for an exhilarating 2024. The past year has been a transformative period for Yoshitsu, filled with both challenges and milestones that have shaped our journey. Your unwavering support and trust have been the cornerstone of our achievements, and it is with this mutual commitment that we turn our gaze towards a promising 2024.

Reflecting on Our Journey of 2023: A Year of Strategic Expansion and Brand Recognition

The year 2023 was a testament to our business resilience and adaptability. Amidst a global landscape of recovery and change, we believe that our ethos, 'Crafted in Japan,' resonated profoundly with markets worldwide. Our expansion into the United States and Europe through the establishment of Tokyo Lifestyle Holding Inc. in Delaware and REIWATAKIYA BOS LLC in Massachusetts, and the launch of our direct-sale store in Seattle and the REIWATAKIYA flagship store in London, marked significant milestones in our mission to bring the essence of Japanese craftsmanship to the global audience.

Our financial performance in the first six months of fiscal year 2024 has been a testimony to our strategic progress and operational excellence. We believe that the substantial growth in revenue from our physical stores and the promising results from our new luxury product lines, as disclosed on the Company’s Periodic SEC filings for the period reflect our brand's ever-increasing appeal and our ability to adapt to market dynamics.

The Vision for 2024: Brand Expansion and Collaborative Excellence

As we step into 2024, our vision is clear and our resolve is unwavering. We are poised to amplify our brand presence, particularly in the United States, Canada, and the United Kingdom, catering to the burgeoning global demand for premium Japanese products. We believe that the consumer market outlook for 2024 predicts a continued revival of consumer demand, especially in business sectors such as health, beauty, and luxury, where Yoshitsu stands as a paragon of excellence. In response to the growing customer base overseas, we are proactively expanding our footprints globally by adopting the measures below.