--News Direct--
Yoshitsu Co. Ltd. (NASDAQ: TKLF), the Japanese retailer and wholesaler of beauty and health products, home goods and food, leased its first 2,362-square-foot warehouse in London.
Leasing the warehouse is a significant move for the company, which has been enhancing its warehouse operations and solidifying its customer services to support global expansion in Europe.
The warehouse, at Unit 5, Hanover West Industrial Estate, 161 Acton Lane, London, NW10 7NB, started operating on Oct. 25. It can keep up to 100 categories of products and store up to 50,000 items every one to 1½ months.
The London warehouse comes a few weeks after the company leased its first warehouse of about 4,150 square feet in Texas, U.S.
The new warehouse will improve access to inventory and augment customer services in the European region, Yoshitsu Co. Ltd Principal Executive Officer Mei Kanayama said of the recent development.
"With the warehouse operation in London, we expect to effectively fulfill the increasing demand in the European markets for our products, boost our revenue in the region and improve our operating efficiency," Kanayama said.
Europe's Beauty And Health Products Market
In Europe,
72% of consumers use beauty and personal care products because they believe they are the key to maintaining a healthy and hygienic lifestyle, making the continent one of the world's largest markets for beauty and personal care products.
Revenue for the market is expected to reach $119.7 billion in 2022, with a growth projection of $145.8 billion for 2023.
By adding a new warehouse in Europe, Yoshitsu may optimize its fulfillment process and serve more customers quickly by shortening the delivery time, which could result in the company becoming a major player in the region.
It also could reduce Yoshitsu's transportation costs, lower operating costs and increase the company's gross profit margins.
About Yoshitsu
Tokyo-based Yoshitsu has been in business for 15 years domestically and abroad. The firm has an extensive business network, including over 200 wholesale clients, numerous online stores in China, Korea and Japan, many company-operated stores in Japan and franchise stores in the United States, Canada, China (Hong Kong) and the United Kingdom.
In addition to putting products in its retail and wholesale outlets worldwide, Yoshitsu says it also has its products stocked in many online stores across Japan, China (Hong Kong) and Korea. The company’s online stores, franchised stores and wholesale operations account for up to 95% of its revenue, which hit $221.51 million in 2021, up from $139.57 million in 2020.
In the next five years, the firm plans to grow its sales by opening an additional 50 stores — 10 of these in Japan and another 10 spread across franchised locations in the U.S., Canada, Australia, China (Hong Kong) and the U.K.
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