- Yoshitsu ( NASDAQ: TKLF ) shares gained 40% premarket , Friday, after the Japanese cosmetics marketer announced the deal to acquire Tokyo Lifestyle Limited in all-cash transaction.
- Based in Hong Kong, Tokyo Lifestyle Limited is a company principally engaged in the import and retail of Japanese beauty and cosmetic products and operates live e-commerce business through its wholly-owned subsidiary, Shenzhen Qingzhiliangpin Network Technology.
- Purchase Consideration: Yoshitsu said together with All Seas Global it has agreed to pay $2.81M (JPY392M) in cash for the purchase of 100% of Tokyo Lifestyle.
- The acquisition comes in line with Yoshitsu's strategy to expand its business in the Southeast Asia market and advance digital footprints.
- Closing of the transaction is expected by the end of July 2022.
- "The foregoing strategy is expected to improve our customers’ shopping experience and meet new market demands. We expect the acquisition of TL to strengthen our position in the marketplace and deliver higher value to our shareholders," said Mei Kanayama, the Principal Executive Officer of Yoshitsu.
- Earlier: Yoshitsu stock retreats 20% after rallying 30% in prior session
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Yoshitsu rallies on acquisition of cosmetics retailer 'Tokyo Lifestyle' at $2.8M deal