TOKYO, Aug. 09, 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, Japan, North America, and the United Kingdom, today announced that its Hong Kong subsidiary, Tokyo Lifestyle Limited (“TLS”), entered into a US$2.75 million loan agreement (the “Agreement”) on July 10, 2024 with a wholly-owned subsidiary of Tasly (International) Healthcare Investment & Development Company Limited (“Tasly”), a pharmaceutical conglomerate based in China, to support TLS’s future growth and development.
Pursuant to the Agreement, TLS has secured US$2,750,000 in funding from Best Life Technology Limited, a subsidiary of Tasly, with the term of the loan running from July 15, 2024 to July 14, 2025. The loan is guaranteed by Yoshitsu and Shenzhen Qingzhi Liangpin Network Technology Co., Ltd., a wholly-owned subsidiary of TLS. Previously on October 18, 2023, the Company entered into a strategic cooperation agreement with Tasly to cooperate on matters related to investment in research and development and sales of health products globally. The Company expects that its collaboration with Tasly will help solidify and grow its presence in the health product sector.
Mr. Mei Kanayama, Principal Executive Officer of Yoshitsu, commented, “We are excited to secure this loan for our Hong Kong subsidiary. We believe that this loan not only highlights the confidence our investors have in our business model and growth potential, but also equips us with the necessary capital to advance our strategic initiatives. We are committed to utilizing these funds to enhance our operational capabilities and expand our market presence, ultimately delivering long-term value to 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 https://www.ystbek.co.jp/irlibrary/.
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: ir@ystbek.co.jp
Ascent Investor Relations LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: investors@ascent-ir.com
