Yoshitsu Co. Ltd. announced that it plans to launch new business in the sauce, dressing and condiment market. To demonstrate the Company's business expansion ambition and development strategy, the Company has determined to change the name of its operating entity from Tokyo Lifestyle Co.

Ltd. to Kaika International Co. Ltd. In addition to providing consumer home and health products, the Company plans to explore offering sauces, dressings and condiments in its stores in Japan by the end of 2022. The sauce, dressing and condiment market has shown a significant growth potential, according to Statista, the German data provider.

Statista projects that the revenue from such market in Japan will amount to USD 21.44 billion in 2022, and is expected to grow at a compound annual growth rate, or CAGR, of 1.48% from 2022 to 2027. In relation to total population figures, the revenue from the sauce and condiment market in Japan per person is projected to amount to USD 170.80 in 2022, according to Statista, which further projects that the volume of the sauce and condiment market in Japan is expected to reach 7,772.8mkg by 2027, with the average volume per person for the sauce and condiment market in Japan expected to amount to 59.4kg in 2022.