Yoshitsu Expands Its Reach In China By Opening A New Store In China (Hong Kong) By Sam Msiska, Benzinga
Tokyo, Japan
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November 11, 2022 08:15 AM Eastern Standard Time
Japanese health and beauty products, home goods, as well as food retailer and wholesaler Yoshitsu Co. Ltd (NASDAQ: TKLF) opened a new store on Oct. 20 in China (Hong Kong). The new shop is part of the company's long-term plan to expand its presence in the country.
The store at Citylink Plaza, 1 Shatin Station Circuit in the city’s Shatin neighborhood, will be open from 11 a.m. to 8 p.m. Monday through Thursday and from 12 p.m. to 9 p.m. Friday through Sunday.
It will provide customers with cosmetics, skincare, fragrances, cosmetic applicators and body care products. The store's excellent and convenient services will keep customers up to date with trending products, the latest collections and special releases, the company says.
Yoshitsu Principal Executive Officer Mei Kanayama said the company is thrilled to serve customers in Shatin with its wide range of products and services from various Japanese brands.
"We are excited to serve our customers in Shatin and provide them with valuable products and services,” Kanayama said in a statement on Aug. 30 when Yoshitsu opened a store in Tsuen Wan. “We look forward to continuing our expansion efforts in the future, strengthening our store network and raising our brand awareness." He had then also revealed plans to open two more stores in China (Hong Kong), including the one in Shatin, by the end of the year.
About The Company
Headquartered in Tokyo, Yoshitsu has more than 15 years of operating history in Japan and overseas. The company has a robust business network and customer base that includes many company-operated stores in Japan and franchise stores in the U.S., Canada, China (Hong Kong) and the U.K., numerous online stores in Japan, Korea and China and over 200 wholesale customers.
Yoshitsu may be gaining media and investor attention in China. It was featured as one of the top five stocks to buy in China in this recently published article, which reports China contributed 75% of the company's 2021 annual revenue.
Japan's health and beauty products market is expected to grow from $24.6 billion in 2022 to $29.7 billion in 2025. For North America and China, the statistics are more impressive. The industry in North America is projected to reach $455.1 billion by 2025, while in China it's expected to grow to $137.7, in the same time frame. Yoshitsu could be positioned for good growth in an industry showing no sign of slowing down.
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