Yoshitsu Co.’s US stock. rose 70% to $2.67 in early trading after the company said it would buy Japanese cosmetics retailer Tokyo Lifestyle Ltd.
Yoshitsu, a Tokyo-based retailer and wholesaler of beauty and health products in Japan, said on July 20 it entered into an agreement with All Seas Global Limited to buy Hong Kong-based Tokyo Lifestyle, which imports Japanese beauty and cosmetics.
The transaction will cost Yoshitsu JPY392 million in cash and is expected to close by the end of July.
The deal is part of Yoshitsu’s expansion into the Southeast Asian market and its push to digitize direct e-commerce in its retail operations, the company said.
Write Dean Seal at dean.seal@wsj.com
