The Japanese retailer Yoshitsu is to buy all of the equity stakes in Tokyo Lifestyle from All Seas Global.
Headquartered in Tokyo, Yoshitsu sells a range of goods, including home goods, food, and alcoholic beverages, as well as cosmetics, skincare, fragrance, and body care products.
Tokyo Lifestyle (TL) imports and sells Japanese cosmetics and beauty products in Hong Kong. Through its wholly-owned subsidiary, Shenzhen Qingzhiliangpin Network Technology (SQNT), it also engages in live e-commerce.
The purchase is part of the company’s plan to increase its commercial presence in Southeast Asia and advance the digitalisation of live streaming e-commerce in its retail operations.
According to Yoshitsu, the company agrees to purchase all of the equity interests in TL, subject to certain conditions, under the agreement of roughly US$2.8 million in cash.
“The capabilities of TL and SQNT and our expansion and digital transformation strategy are well matched,” said Mei Kanayama, principal executive officer of Yoshitsu.
“With the acquisition of TL, we expect to improve our operational efficiency and establish a solid foundation in Hong Kong to develop the Southeast Asian market further and strengthen our brand awareness in the region.”