Gathering Momentum for its Global Expansion

Tokyo, Japan, Feb. 05, 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, is proud to announce that on January 30, 2024, Hudson Bay Capital Management LP ("Hudson Bay") and seven other institutional investors have become new beneficial owners of the American Depositary Shares ("ADSs") of the Company. The Company believes that the joining of the institutional shareholders demonstrates the Company's strengthened capital forces for market expansion around the world.

The Company's previously announced successful completion of the follow-on equity offering (the "Offering") has empowered it as the first Nasdaq listed Japanese company to complete a follow-on offering after its initial public offering. Notably, following the Offering, the Company believes that it has been endorsed by Hudson Bay, a global investment management firm, along with seven other institutional investors. Hudson Bay, the 2023 HFM U.S. Performance Award winner, manages approximately $9.7 billion assets, with a remarkable growth rate of 116.27% in Assest Under Management (AUM) since December 2021.

Mr. Mei Kanayama, Principal Executive Officer of Yoshitsu, commented, "It's a momentous occasion for us to be the first Nasdaq listed Japanese firm to undertake a follow-on equity offering. Over the years, we've been committed to expanding our market footprints globally, showcasing to the world the essence of the Japanese lifestyle with our high-quality homegrown Japanese products. We expect the successful Offering and the powerful partners on board to inject strong impetus into our market expansion in the U.S. market, pushing us forward in our journey of sustainable development. We appreciate the trust and support of our investors. In particular, we've been greatly encouraged by the recognition from the reputable Hudson Bay and other institutional investors. In response to their support, we plan to continue our steps in executing our global vision and fostering new driving forces for our long-term business growth."