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Hypemachine launches a PR subscription platform with a powerhouse network of top PR executives from bluechip agencies such as Edelman, FleishmanHillard, and Ogilvy

Hypemachine

New York-based company Hypemachine today announced the launch of their platform and bluechip PR network ( www.hypemachine.io ). The company has attracted early-stage to publicly traded firms globally as clients and replaced what mid-sized PR agencies used to do with its technology and business model. Hypemachine offers à la carte PR subscriptions that can be scaled up or down quickly based on client needs. The company provides bluechip PR agency quality results at a fraction of "big agency” fees. How Hypemachine is different: Hypemachine Match – Hypemachine identifies what media relationships PR executives have, the sectors they worked in, and what they enjoy doing most in PR and matches senior PR teams to clients in tech, consumer, venture capital, and other sectors. Hypemachine Intuitive Dashboard – Hypemachine’s intuitive dashboard provides PR data and recommendations from Hypemachine's executives. The next stage of the dashboard will use artificial intelligence combined with executives' personalized insights. Hypemachine’s dashboard also streamlines the administrative and account management work that junior staffers typically do. Hypemachine Story Strength Score – The company has also created a ‘Hypemachine story strength score’, which assesses clients' announcements and story assets and offers recommendations on how to make them more compelling for reporters. “As a two-time startup founder and former agency SVP at a leading PR agency in New York City, I saw that the agency model was broken for most brands and founders,” says Hypemachine Founder and CEO Olga Orda. "A big part of why we’ve attracted so much incredible A-list, senior talent at Hypemachine is that they feel their work and senior counsel is valued, both in our network and by our clients," Orda said. “Contrary to what many may assume about public relations, we get paid to think, and public relations is more than just who you know. Even if I’m best friends with a reporter at the Wall Street Journal, no reporter will put their career on the line for a terrible or boring story. That’s why we hire the best talent in the industry from leading brands and agencies. We're passionate about helping clients strengthen their storylines and get media coverage.” “Adapting to the changing public relations industry, Hypemachine has created a powerful model for clients to capture tomorrow's audiences," says Andrew Graham, Founder and Head of Strategy at Bread & Law and 2021 PRSA-NY president. About Hypemachine Launched in 2023, Hypemachine ( www.hypemachine.io ) offers a PR subscription platform and powerhouse network of former PR executives from bluechip firms such as Edelman, FleishmanHillard, Ogilvy, and other leading agencies. Hypemachine’s senior associates have advised brands and organizations such as Google, GE, Samsung, Unilever, Netflix, Salesforce, and Amazon. The company offers bluechip PR agency capabilities at a fraction of “big agency” fees and an intuitive Hypemachine PR dashboard for clients. Based in New York City, Hypemachine’s clients include early-stage to publicly traded companies globally. Contact Details Hypemachine Media Relations info@hypemachine.io Company Website https://www.hypemachine.io

February 06, 2023 10:30 AM Eastern Standard Time

NASDAQ-Listed HeartCore Inc. Looks Back On The Past Year With Pride

HeartCore Enterprises

By David Willey, Benzinga As the market settles into its new year, companies are gearing up for the fresh challenge of a new quarter and are looking to build on the successes of the past twelve months. Software-as-a-Service (SaaS) company HeartCore Enterprises Inc. (NASDAQ: HTCR) may have every reason to look back with pride as it takes stock of a previous year filled with exciting developments that could point to a promising 2023. The looming recession has given the 2022 market its share of difficulties, but Japan-based HeartCore has had some wins throughout the year. A digital transformation, customer experience management and IPO consulting company, HeartCore has established itself in a software business and services market worth over $121 billion. Other companies in the space include Infobird Co. (NASDAQ: IFBD), Zendesk (NYSE: ZEN) and HubSpot (NYSE: HUBS). The first half of the year saw exciting developments for the company as HeartCore became only the third Japanese company to list on the NASDAQ market. It has since launched “ Go IPO ” - a consulting service to help other Japanese companies navigate the complex processes of making an initial public offering (IPO). As part of its consultancy expertise, HeartCore signed a consulting and services agreement with SBC Medical Group, Inc. (SBC) to aid in SBC’s uplisting process. The company expects to generate $900,000 in sales fees through this and several similar service agreements. Looking Back On 2022 - And Forward To 2023 As per the company’s Q1 report for 2022, the company saw a gross profit increase of 74%, gross proceeds from the IPO totaling $15 million, and a global enterprise customer base increase to 858 over the first quarter. Confident in the trajectory of the company’s growth, the board then authorized a share buyback of $3.5 million. The company launched a couple of major products and services over the year, including its e-commerce Robot Store which provides Robot Automation Processes (RPA) services. These RPA bots are part of HeartCore’s digital transformative services to help clients automate and integrate key tasks, such as invoice processing, employee onboarding, ERP data entry, and more. It also launched its truRes-12K. The company says this product is the first 360° real-time virtual reality (VR) camera that is compatible with 12k resolution. Compared with alternative cameras that capture in 4 or 8k, the product offers a high-resolution VR experience which the company especially markets to the medical, manufacturing, aerospace, e-commerce and travel sectors. HeartCore also recently acquired the American information technology (IT) company Sigmaways. This important acquisition represents a vertical integration for the company, providing HeartCore with in-house solutions it previously outsourced. It extends the company’s digital solutions, and both companies profit from cross-selling and upselling to their respective client bases. At the end of October, the company licensed its product Apromore to Japanese tech company Transcosmos Digital Technology Inc. (TCDT). This advanced process mining tool will provide TCDT with increased business visualization and is part of HeartCore’s commitment to providing businesses with cutting-edge digital transformations. The company has plans to build on this past year of development and growth as it advances into 2023. To learn more about HeartCore, visit its website. This article was originally published on Benzinga here. Headquartered in Tokyo, Japan, HeartCore Enterprises, Inc. is a leading software development company offering Software as a Service (SaaS) solutions to enterprise customers in Japan and worldwide. The Company also provides data analytics to create tailored web experiences for their enterprise clients. HeartCore’s customer experience management platform (CXM Platform) includes marketing, sales, service, and content management systems, as well as other tools and integrations, which enable companies to enhance the customer experience and drive engagement. HeartCore also operates a digital transformation business that provides customers with robotics process automation, process mining, and task mining to accelerate the digital transformation of enterprises. This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. Contact Details TraDigital IR - Malaika Temu malaika@tradigitalir.com Company Website https://heartcore-enterprises.com/

February 06, 2023 09:45 AM Eastern Standard Time

tvScientific Announces New Leadership Addition, Expanding World Class Technology Team

tvScientific

tvScientific, the first and only CTV advertising platform built for performance marketers, today announced its appointment of Chris Johnson, as the company’s first VP of Technology. This expansion of the leadership team further demonstrates the company’s commitment to driving sustainable growth in performance advertising today. “Chris brings an extensive amount of leadership expertise to tvScientific, from successfully scaling infrastructures to building out robust and talented teams,” said Jason Fairchild, CEO at tvScientific. “Our mission at tvScientific is to push the boundaries of what’s possible with CTV advertising, and we have set ambitious 2023 organizational goals to continue to drive product innovation in the space. We’re proud of the engineering culture we’re building at the company and value the type of visionary tech leadership Chris will bring in this new role.” As the new VP of Technology, Chris will be responsible for overseeing teams under tvScientific's technology umbrella, including software engineering, data science, DevOps, and IT. Prior to joining tvScientific, he served as VP of Engineering at Infillion – a full-service media solutions provider, housed of leading adtech companies true[X] and Gimbal. “Looking at where the industry is headed and how performance advertising fits into current trends, I’m so grateful to be a part of the tvScientific team, trailblazing the future of CTV advertising,” said Johnson. “This is an organization that has shown immense growth and traction within the industry. tvScientific is forging a new path forward for performance marketers, one in which they can get to a place of radical transparency and unlock a new level of real-time and granular CTV measurement that wasn’t possible previously.” ABOUT TVSCIENTIFIC tvScientific is the first and only CTV advertising platform purpose built for performance marketers. tvScientific offers a self-managed solution that leverages data and cutting edge science to automate and optimize TV advertising to enable massive growth for businesses of all sizes. Our solution combines media buying, optimization, measurement, and attribution in one, efficient platform. Our data science driven attribution technology and automated campaign optimization work together to drive strong business outcomes. The platform reaches 95% of AVOD inventory using proprietary, deterministic ID technology to measure ad exposure to outcome in an approachable, radically transparent and scalable way. tvScientific was co-founded by senior executives with deep roots in programmatic advertising, digital media, and ad verification. tvScientific is backed by some of the world’s leading tech investors and media companies, including Norwest Venture Partners, NBCU/Comcast, Hearst Ventures and Idealab. Today, the company continues to make strategic alignments with key players — the most recent being NBCUniversal — to advance CTV performance advertising forward. The company is headquartered in Pasadena, California. For more information, visit https://www.tvscientific.com. Contact Details Kite Hill PR Julia Worthington +1 973-722-7881 julia@kitehillpr.com

February 06, 2023 09:00 AM Eastern Standard Time

LevLane Advertising Appoints Chief Marketing Officer and Chief Client Officer

LevLane

LevLane Advertising, a full-service, award-winning advertising agency, has announced the promotion of Elizabeth Weir to Chief Marketing Officer (CMO), and Kevin Dunn to Chief Client Officer (CCO), effective February 1, 2023. Both are newly created roles for the 40-year-old Philadelphia-based agency. The announcement comes on the heels of continued expansion for the agency, which has experienced healthy growth over the past 5 years. Weir and Dunn have held leadership positions at LevLane for six and four and a half years respectively, and during their tenure have contributed substantially to the cultural and financial growth of the organization. As CMO, Weir, who previously held the title of SVP, Content, Social Media and PR, will lead and oversee agency promotion efforts, refining and elevating the brand and mission both internally and externally, and will lead all marketing operations for LevLane. “Liz’s breadth of marketing experience and dedication to keeping her finger on the pulse of the future of marketing makes her an invaluable leader,” said Bruce Lev, Founder and CEO of LevLane. “The role of Chief Marketing Officer is a natural progression, as she has shown incredible depth and extraordinary talent for content and storytelling.” Dunn previously held the title of SVP, Strategy & Client Engagement in the Life Sciences division. In his role as CCO, Dunn will continue to lead the agency’s Life Science clients in addition to consolidating Account Management processes across all strategic verticals. “Kevin brings tremendous marketing expertise and extensive leadership capabilities to the agency, and I am thrilled that we are expanding his services across our client roster,” said Josh Lev, President of LevLane. “He has a consistent track record of providing our clients with first-class experiences and has built a strong, customer-centric culture within his team.” About LevLane LevLane is an award-winning, full-service, independent advertising agency in Philadelphia, PA that has been building brands that people love for nearly 40 years. Contact Details Lauren Stralo +1 484-747-0172 lstralo@levlane.com Company Website https://www.levlane.com

February 06, 2023 09:00 AM Eastern Standard Time

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BIO-key’s Innovative IAM Solutions Address C-Suite Top Priority – Managing Cyber Risk

BIO-key International, Inc.

By Gita Karunakaran, Benzinga In recent times, the potential threats of ransomware and data breaches have been gaining more attention among corporations around the world. Companies are constantly faced with the threat of loss of control over customer data and the adverse impact of an attack on their brand reputation. This has resulted in cybersecurity risk being elevated to discussions at the most senior levels of corporations. Despite the C-suite attention the subject has garnered in corporate boardrooms, the implementation of suitable risk-mitigating solutions in organizations has seemingly been lagging. Some of the reasons for this could be a lack of understanding of the level of cyber risk an organization is subject to and willing to accept, and thereafter the inability to decide on which cyber security solutions they would need to implement to stay ahead of potential attackers and protect critical data. Companies like BIO-key International Inc. (NASDAQ: BKYI) offer Identity and Access Management (IAM) cybersecurity solutions for enterprises and often play a key role in bridging this gap in understanding by providing their expertise to design customized solutions to suit the individual needs of organizations. Cybersecurity Risk Increasingly Ranks As A Top Corporate Risk Worldwide Potential cyber incidents and business interruption remained the two leading worldwide corporate risk concerns for the second year in a row, according to a report published by Allianz Global Corporate & Specialty. The report included IBM data showing that ransomware attacks remained the top threat, and the average cost of a data breach hit a record of $4.35 million in 2022, with the cost expected to surpass $5 million this year. While ransomware has become a serious concern – with threat actors engaging in double and triple extortion against companies resulting in reputational harm – another aspect that has equally become an area of consternation is the tightening of regulations surrounding the protection of customer data. Non-compliance with privacy laws and regulations, like Europe’s General Data Protection Regulation (GDPR) or state laws, including the California Consumer Privacy Act (CCPA), could result in hefty privacy violation fines adding to the cost of data breaches. With all the attention that cybersecurity breaches and risks have been garnering, it is no wonder that the global cybersecurity market is booming and reportedly expected to reach $403 billion by 2027. What Can Organizations Do To Reduce Cybersecurity Risk? While cybersecurity and IAM are about ensuring that legitimate authenticated users are the ones gaining access to data and resources in an organization, risk management has always had a more strategic focus with the goal to understand the threat landscape and make informed decisions on the strategy that would work for the organization. It has been seen time and again that regardless of the sophisticated technologies being used to keep hackers out, no system is perfect or 100% risk-free. But organizations can indeed take steps to reduce the likelihood and potential impact of such threats, including educating employees, ensuring adequate housekeeping of software and hardware, and restricting staff access in accordance with job role-based needs. According to BIO-key, the method used to authenticate is a core area that organizations need to focus on when assessing risk and informing their IAM strategy. While relying on passwords to authenticate users may be an easy and inexpensive solution, it comes with the risk of weak security and easily breached networks. As a result, companies have begun adding an extra layer of security with Multi-factor Authentication (MFA), which is believed to prevent as much as 90% of cyberattacks. BIO-key says that it incorporates Multi-factor Authentication (MFA), Single Sign-on (SSO), and its one-of-a-kind biometric authentication option (Identity-Bound Biometrics) under a single, unified IAM platform, PortalGuard, to create holistic cybersecurity solutions for its customers. BIO-key has been a trusted provider of Identity and Access Management (IAM) and Identity-Bound Biometric solutions for over 25 years. The company has been playing an active part in changing mainstream Multi-factor Authentication (MFA) within IAM by offering easier and more secure ways to authenticate the identity of employees, customers, and suppliers, while managing access across devices and applications, for enterprises, educational institutions, and consumers. Its innovations are backed by years of research and expertise and its products and solutions are trusted by leading organizations across industries, including Fortune 500 companies in financial services, healthcare, education, manufacturing, communication, transportation, military and government sectors. With a burgeoning global cybersecurity market and increased cyber-risk awareness in organizations, BIO-key seems poised to thrive and grow by offering the most flexible, secure, and easy-to-use solutions to help organizations combat increasing threats. Learn more about BIO-key’s cybersecurity solutions here. This article was originally published on Benzinga here. BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy to deploy, convenient and secure access to devices, information, applications, and high-value transactions. BIO-key's patented software and hardware solutions, with industry-leading Identity-Bound Biometric (IBB) capabilities, enable large-scale Identity-as-a-Service (IDaaS) solutions, as well as customized on premises solutions. This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Catalyst IR- William Jones, David Collins +1 212-924-9800 BKYI@catalyst-ir.com Company Website https://www.bio-key.com/

February 03, 2023 09:25 AM Eastern Standard Time

AI-Powered Congressional Transcripts From FiscalNote (NYSE: NOTE) So You Never Miss Another Floor Speech

Benzinga

By Jad Malaeb, Benzinga Artificial intelligence (AI) made huge strides in 2022. The release of OpenAI’s ChatGPT exemplified AI’s evolution. The chatbot broke news headlines in November 2022 when its user count crossed 1 million in the first week of its launch. The mind-boggling user growth inspired comparisons to the growth rates of its larger corporate counterparts, and the results were outstanding. ChatGPT achieved 1 million users faster than Netflix, Facebook, Spotify and Instagram by a significant margin. It took Netflix, for example, nearly three and a half years to achieve 1 million users. The outstanding growth rates reflect ChatGPT’s incredible capabilities. The chatbot has been used to write content, conceive business plans, design new recipes, dictate code for a stock market strategy, create novels, solve math problems and provide professional advice. ChatGPT’s usefulness has prompted the rise of AI in a number of industries, including, perhaps surprisingly, politics. How AI Has Played A Role In Politics As a tech-based agency specialized in collecting data on the regulatory processes in the U.S. and abroad, FiscalNote (NYSE: NOTE) has had extensive experience integrating AI into their data intelligence solutions. FiscalNote leverages AI’s computing and locating abilities to transform a bulk of unstructured data into actionable insights. FiscalNote’s clients, for example, receive a timeline of key events relating to millions of companies, and the timeline is augmented with AI-generated scores for quick assessment. FiscalNote’s AI solutions also provide industry coverage based on billions of data points extracted from over 100 million documents, and these are updated daily with millions of data points. The breadth and timeliness of this data makes FiscalNote a unique source for actionable political and financial information. The company has also provided AI solutions better suited for specific tasks. FiscalNote’s AI capabilities, for example, extend onto Environmental, Social and Governance (ESG) reporting, Earnings Call Transcripts, Market Sentiment, News Pulse and SEC filings, all of which allow clients to remain ahead of the competition. FiscalNote Leverages AI-Powered Transcription For Congressional Speeches On Nov. 29, 2022, FiscalNote announced that Fireside – its constituent relationship management (CRM) software for Federal, State and Local governments – will be upgraded with the integration of AI-powered transcripts and videos of elected officials’ floor speeches, debates and committee hearings. Fireside’s AI integration will empower communication between legislators and the general public by providing a streamlined path to important political speeches. FiscalNote’s proprietary CRM will enable direct access to these speeches, transcribing them and transporting them to the Fireside platform within an hour after the delivery of the remarks. <iframe width="560" height="315" src="https://www.youtube.com/embed/hw4iZUte6qM" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> This is a game-changer for press secretaries, communication directors, chiefs of staff, speechwriters and district office staff who rely on fast and secure communications to stay ahead of traditional media coverage. At the same time, this service offers some of the quickest paths to the generation of reliable, swift and actionable content for press releases, newsletters and other constituent-facing communications. “Fireside has always been the essential go-to toolkit on Capitol Hill for the management of constituent communications and engagement, and with this integration of Congressional speeches and remarks, Fireside is set to deliver even more value for our customers at a time when electoral change and redistricting has made communications and transparency even more of a critical priority for lawmakers and their staff,” said Josh Resnik, President & Chief Operating Officer, FiscalNote. This article was originally published on Benzinga here. This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

February 03, 2023 09:25 AM Eastern Standard Time

Comcast Hosts Community Event and Makes a $50,000 Contribution to Santa Cruz Non-Profit Organizations for Storm Relief and Recovery

Comcast California

As Santa Cruz County works to recover and rebuild from the recent historic rainstorms that caused massive flooding, downed trees, landslides and other devastation, Comcast yesterday hosted a free event to support the community and made a $50,000 donation to the United Way of Santa Cruz and Community Bridges of Santa Cruz. “The Santa Cruz area has suffered so much from the recent storms – the devastation has been heart wrenching to experience and witness,” said Ray Cancino, CEO, Community Bridges. “This partnership and financial support from Comcast is coming at the ideal time and will provide important, valuable resources as the community strives to get back on its feet.” “We appreciate Comcast hosting yesterday’s event. It was so nice to enable this hard-hit community to take a break, come together and support each other, while having some fun.” said Keisha Browden, CEO, United Way of Santa Cruz County. “Comcast’s financial contribution to our community will help us not only expand our recovery efforts but also help us rebuild from this catastrophic disaster.” A unique feature at the Scotts Valley community event was the Xfinity Experience trailer, which features a 12 foot by 18-foot LED screen on which the movies Sing 2 and Minions: Rise of Gru were screened. The trailer also enabled free WiFi access and power so attendees could get online and charge their devices. Attendees can enjoy free food and beverages from local restaurants and there will be raffles with a variety of door prizes and special giveaways. Throughout the series of dangerous and severe storms, Comcast provided a range of services to evacuation and community support centers in Northern and Central California. Comcast’s network and engineering technicians monitored the storms’ impacts and worked diligently to restore Xfinity and Comcast Business services that were impacted as quickly and safely as possible so customers could stay connected. Comcast also made available for free use by anyone its 147,000 public Xfinity WiFi hotspots throughout Northern and Central California. This helped residents and emergency personnel stay connected during the rainstorms. # # # About Comcast Corporation Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company that connects people to moments that matter. We are principally focused on connectivity, aggregation, and streaming with 57 million customer relationships across the United States and Europe. We deliver broadband, wireless, and video through our Xfinity, Comcast Business, and Sky brands; create, distribute, and stream leading entertainment, sports, and news through Universal Filmed Entertainment Group, Universal Studio Group, Sky Studios, the NBC and Telemundo broadcast networks, multiple cable networks, Peacock, NBCUniversal News Group, NBC Sports, Sky News, and Sky Sports; and provide memorable experiences at Universal Parks and Resorts in the United States and Asia. Visit www.comcastcorporation.com for more information. Contact Details Adriana Arvizo +1 925-200-1919 Adriana_Arvizo@comcast.com

February 02, 2023 02:01 PM Pacific Standard Time

Power Digital Acquires Digital Marketing Agency Sproutward

Power Digital

Power Digital, the leading tech-enabled growth marketing firm—today announces the acquisition of the marketing agency Sproutward, headquartered in Boston and Columbus. It is the fifth acquisition since 2019, bringing in 30 new team members to grow the organization's headcount to 580 strategic, consultative marketers, creatives, data scientists and technologists. The leadership team at Sproutward has a wealth of experience working in marketing organizations. Prior to founding Sproutward, Kevin Biondi served as VP of Digital Marketing at Staples, while Anabela Perozek was the CMO of Shoes.com and the Head of Marketing for Staples.com. Third partner, Scott Zakrajsek, previously led digital analytics and optimization departments at adidas, Reebok and Shoes.com. “Sproutward’s growth mindset and culture are incredibly well-aligned with our core values,” said Grayson Lafrenz, CEO of Power Digital. “Having worked on the brand-side, the leadership team deeply understands the mindset, challenges and needs of today’s sharp business and marketing leaders.” Sproutward is a marketing consultancy that focuses on clients who are in the midst of a digital transformation, blending creativity with robust analytics. Their work is backed by a proprietary platform integrating data across systems to create a single customer-facing view of revenue, marketing spend and business. Sproutward’s platform will be integrated into Power Digital’s technology, nova, to realize a data science offering designed to guide marketing investments for revenue growth. “Being data-driven and technology-enabled is in the DNA of both of our companies. By joining forces, we will expand offerings to better serve our brand clients across the board,” said Kevin Biondi, Co-Founder at Sproutward. Through this acquisition, Sproutward’s advertiser clients will gain access to a range of new marketing services offered by Power Digital, including TikTok, creative, content, influencer, performance PR and more. Power Digital continues to grow rapidly and was recently ranked in Inc. 5000’s list for companies winning in a challenging and unpredictable global landscape––seeing 95% team retention and a 91% client retention rate. Power Digital was also named one of Adweek’s Fastest Growing Companies in 2022, as well Ad Age Best Places to Work in 2023. Potomac Business Capital acted as financial advisor to Sproutward in the acquisition. About Power Digital: Power Digital is a tech-enabled growth firm––at the intersection of marketing, consulting & data intelligence––igniting revenue and brand recognition for leading and emerging companies around the world. At the heart is proprietary technology, nova, which analyzes businesses through first-party data, simplifying investment planning for marketing and diligence in M&A––putting marketers in a strategic seat at the table––and providing value in unparalleled ways. Managing billions in media, Power Digital’s dynamic team––of consultative marketers, creatives, analysts and technologists––challenges traditional ways of planning and measurement through meticulous testing and data science across each milestone of the customer journey. Discover more at PowerDigital.com. Contact Details N6A Kevin Pryor +1 347-781-3074 powerdigital@n6a.com Company Website https://powerdigitalmarketing.com/

February 02, 2023 10:29 AM Eastern Standard Time

How Yoshitsu Co (NASDAQ: TKLF) Drove Growth Amid A Turbulent Beauty Market – 2022 In Review

Benzinga

By David Willey, Benzinga It has been a year of milestones for the Japanese beauty company Yoshitsu Co Ltd (NASDAQ: TKLF). Yoshitsu is a retailer and wholesaler of beauty and health products that saw a year of growth despite difficulties in the market. The beauty industry is growing, worth over $90 billion in China and $131 billion in Europe. Meanwhile, North America continues as its largest market at $364.8 billion. Traditional stores, especially pharmacies, still represent the largest segment of beauty and health product sales, though there is an increasing shift towards e-commerce that was partially motivated by the lockdowns of the past few years. Companies in the beauty and health space have looked to seek new solutions in 2022 to meet the changing market needs. One company that struggled was New York personal care icon Revlon (OTCMKTS: REVRQ). The company had a tough year, first filing for bankruptcy before being suspended and delisted by the New York Stock Exchange in October, 2022. Parisian personal care company L’Oreal SA (OTCPK: LRLCY) started a research and development (R&D) collaboration with Alphabet Inc. (NASDAQ: GOOGL) subsidiary Verily to better understand skin health and aging processes. American company Ulta Beauty Inc. (NASDAQ: ULTA) saw a net increase of income of 17% in the first half of 2022, and also launched its Beauty& campaign to revolutionize the beauty industry and change perspectives on how to understand beauty and health wellbeing. Tokyo-based Yoshitsu Co. saw its product portfolio of cosmetics, skincare, fragrances, and cosmetic applicators expand to sauces, condiments, and various food products. Despite market challenges resulting from strict Japanese and Chinese lockdowns, Yoshitsu expanded in the past year, opened more physical locations, and saw record company growth. A Series of Successes? Opened Brick-and-mortar Locations. While some companies permanently closed their brick-and-mortar stores, Yoshitsu has been expanding. In November 2022 it opened a warehouse in London, UK, to respond to strong European demand for its products. It also added an additional store in Hong Kong, with significant interest coming from China, which reportedly made up 75% of Yoshitsu's revenue in 2021. Tourist Locations. COVID was tough for companies as Japan was closed to tourists for two years following the pandemic. But when Japan opened up its borders, Yoshitsu was there. It opened various pickup locations, offering duty-free cosmetics to entice tourists, with sites at its Urawa and KoshigayaRyutsudanchi stores in Saitama, as well as in Nagano. Wholesale Success. The company has also handled market challenges by capitalizing on its robust network of 200+ wholesale partners. 95% of its revenue came from online stores, franchised stores and wholesale operations in 2021. Credit Agreement. In November the company entered into a revolving credit facility agreement with a syndicate of national banks. The agreement - for JPY 8.15 billion (about $55.82 million) - expands the opportunity to reinvest in the company and to fulfill a balanced capital allocation. Food Products. Successes made possible by steps like the credit agreement include Yoshitsu’s addition of sauces, dressings, and condiments products to its portfolio, entering a market worth over $21 billion. It diversified this plan by later adding a host of food products, including frozen and refrigerated items, processed food, and confectionery. Record Growth. Perhaps unsurprisingly after a strong year, Yoshitsu saw record revenue growth. Reflecting on the successes, Principal Executive Officer of Yoshitsu Mei Kanayama said: “Although the global economy has been filled with uncertainties, we are satisfied with the accomplishments achieved in our key strategic initiatives, including the completion of our initial public offering in January 2022 and the expansion of our market coverage with new stores and wholesale customers.” To learn more about Yoshitsu, visit its website. This article was originally published on Benzinga here. This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

February 02, 2023 09:25 AM Eastern Standard Time

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