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 Hong Kong, mainland China, Japan, North America, and the United Kingdom, today announced that it has established its wholly-owned Canadian subsidiary, RAKKISTAR HOLDING INC. (the “Subsidiary”) on September 6, 2023. The Subsidiary, headquartered in Ontario, is expected to further enhance Yoshitsu’s service standards in the North American market, as well as strengthen customer relationships in the region, and increase sales.
The Subsidiary will have direct control over the operation processes and distribution channels in the local market. The measures are intended to streamline procedures to improve the effectiveness of service standards and the efficiency of product delivery, along with improving the quality of after-sales service. With the support of local warehouses, the Subsidiary will be providing a local source of Yoshitsu products to its customers in Canada.
In addition, the direct-sale model is expected to bring the Company closer to its customers. The Subsidiary plans to engage with local customers through its diverse and tailored services and product portfolio. By interacting more closely with customers, the Company believes it will be better positioned to understand market needs, communicate marketing messages, and provide a pleasant shopping experience.
Mr. Mei Kanayama, the Principal Executive Officer of Yoshitsu, commented, “Our move to establish the Subsidiary in Canada is in line with our long-term strategies to upgrade our service quality and strengthen our consumer base, especially in overseas markets. We are seeking to optimize our management structure and facilitate the delivery of customized high-quality services to our Canadian consumers. We hope this will lower our operating costs, build stronger customer relationships, and establish our foothold in the North American market.”
