{"filing": {"accession": "0001213900-26-077137", "cik": "0001836242", "ticker": "TKLF", "company_name": "Tokyo Lifestyle Co., Ltd.", "form_type": "20-F", "filing_type": "20-F", "filing_date": "2026-07-10", "accepted_datetime": null, "acceptance_datetime": null, "accepted_at": null, "primary_doc_url": "https://www.sec.gov/Archives/edgar/data/1836242/000121390026077137/0001213900-26-077137-index.htm", "filing_url": "https://www.sec.gov/Archives/edgar/data/1836242/000121390026077137/0001213900-26-077137-index.htm", "period_of_report": "2026-03-31"}, "html_url": "/api/filings/000121390026077137/stream", "exhibits": [], "sections": [{"section_name": "part_1", "section_title": "Part I", "start_position": 5503, "end_position": 6165}, {"section_name": "part_2", "section_title": "Part II", "start_position": 6165, "end_position": 6988}, {"section_name": "part_3", "section_title": "Part III", "start_position": 6988, "end_position": 576424}], "tables": [{"table_index": 0, "table_type": "text", "caption": null, "header_text": "Title of each classTrading Symbol(s)Name of each exchange\n on which registered"}, {"table_index": 2, "table_type": "text", "caption": null, "header_text": "Large accelerated filer\u2610Accelerated filer\u2610"}, {"table_index": 5, "table_type": "exhibit_index", "caption": null, "header_text": "INTRODUCTIONii"}, {"table_index": 6, "table_type": "text", "caption": null, "header_text": "\u25cf\u201cADRs\u201d are to the American Depositary Receipts that may\n evidence the ADSs (defined below);"}, {"table_index": 8, "table_type": "text", "caption": null, "header_text": "\u25cf\u201crepeat customer\u201d for a specified period are to any customer\n who (1) is an active customer during such period and (2) had purchased products from us at least twice during the period from our\n incept"}, {"table_index": 10, "table_type": "text", "caption": null, "header_text": "March 31,"}, {"table_index": 11, "table_type": "text", "caption": null, "header_text": "\u25cfrecognize and define product and beauty trends;"}, {"table_index": 12, "table_type": "text", "caption": null, "header_text": "\u25cftranslate market trends into appropriate, saleable product offerings\n in our stores in advance of our competitors;"}, {"table_index": 13, "table_type": "financial", "caption": null, "header_text": "\u25cfreducing the availability of our cash flow to fund working capital,\n capital expenditures, acquisitions, and other general corporate purposes as a result of our debt service obligations;"}, {"table_index": 14, "table_type": "financial", "caption": null, "header_text": "\u25cfour ability to increase brand awareness and product consumption in\n areas where we open stores;"}, {"table_index": 15, "table_type": "text", "caption": null, "header_text": "\u25cfrequiring that an increased portion of our cash from operations and\n available cash be applied to pay our lease obligations, thus reducing liquidity available for other purposes;"}, {"table_index": 16, "table_type": "text", "caption": null, "header_text": "\u25cfeconomic downturns in Japan;"}, {"table_index": 17, "table_type": "text", "caption": null, "header_text": "\u25cfa decrease in popularity of shopping malls or street locations in which\n a significant number of our stores are located;"}, {"table_index": 18, "table_type": "financial", "caption": null, "header_text": "\u25cfpossible environmental liabilities;"}, {"table_index": 19, "table_type": "text", "caption": null, "header_text": "\u25cfan economic downturn in Hong Kong;"}, {"table_index": 20, "table_type": "text", "caption": null, "header_text": "\u25cfchanges in economic conditions and unemployment rates;"}, {"table_index": 21, "table_type": "text", "caption": null, "header_text": "\u25cfvaried, unfamiliar, unclear, and changing legal and regulatory restrictions,\n including different legal and regulatory standards applicable to our products;"}, {"table_index": 22, "table_type": "financial", "caption": null, "header_text": "\u25cfpotential labor strike, lockouts, work slowdowns, and work stoppages;"}, {"table_index": 23, "table_type": "financial", "caption": null, "header_text": "\u25cfactual or anticipated fluctuations in our revenue and other operating\n results;"}, {"table_index": 24, "table_type": "text", "caption": null, "header_text": "\u25cfprice and volume fluctuations in the overall stock market, including\n as a result of trends in the economy as a whole;"}, {"table_index": 25, "table_type": "text", "caption": null, "header_text": "\u25cfa majority of its board of directors consist of independent directors;"}, {"table_index": 27, "table_type": "text", "caption": null, "header_text": "\u25cfa limited availability for market quotations for the ADSs;"}, {"table_index": 29, "table_type": "text", "caption": null, "header_text": "\u25cflimited amount of news and analyst coverage; and"}, {"table_index": 30, "table_type": "financial", "caption": null, "header_text": "\u25cfAt least 75% of our gross income for the year is passive income; or"}, {"table_index": 31, "table_type": "text", "caption": null, "header_text": "(1)Represents 13,575,104 Ordinary Shares held by Tokushin G. K., which\n is owned by Mr. Kanayama and his family, as of the date of this annual report."}, {"table_index": 32, "table_type": "text", "caption": null, "header_text": "Product CategoryProduct\n Description"}, {"table_index": 33, "table_type": "text", "caption": null, "header_text": "Product CategoryProduct Description"}, {"table_index": 34, "table_type": "text", "caption": null, "header_text": "Product CategoryProduct Description"}, {"table_index": 35, "table_type": "text", "caption": null, "header_text": "Product CategoryProduct Description"}, {"table_index": 36, "table_type": "text", "caption": null, "header_text": "Product CategoryProduct Description"}, {"table_index": 37, "table_type": "text", "caption": null, "header_text": "Product CategoryProduct Description"}, {"table_index": 38, "table_type": "text", "caption": null, "header_text": "Product CategoryProduct Description"}, {"table_index": 39, "table_type": "text", "caption": null, "header_text": "Fiscal Year EndedMarch 31,2026Fiscal Year EndedMarch 31,2025Fiscal Year EndedMarch 31,2024"}, {"table_index": 40, "table_type": "text", "caption": null, "header_text": "Fiscal Year EndedMarch 31,2026Fiscal Year EndedMarch 31,2025Fiscal Year EndedMarch 31,2024"}, {"table_index": 41, "table_type": "text", "caption": null, "header_text": "Fiscal Year EndedMarch 31,2026Fiscal Year EndedMarch 31,2025Fiscal Year EndedMarch 31,2024"}, {"table_index": 42, "table_type": "text", "caption": null, "header_text": "Store NameCitySize(Square Feet)Opened"}, {"table_index": 47, "table_type": "text", "caption": null, "header_text": "CityNumber ofFranchiseStoresTotal Size(Square Feet)Opened"}, {"table_index": 48, "table_type": "text", "caption": null, "header_text": "CityTotal Size(Square Feet)Opened"}, {"table_index": 49, "table_type": "text", "caption": null, "header_text": "Function:Number"}, {"table_index": 50, "table_type": "text", "caption": null, "header_text": "LocationSpace(in square feet,excludingparking lots)UseLeaseTerm(years)"}, {"table_index": 51, "table_type": "text", "caption": null, "header_text": "No.TrademarkType ofMarkList of Goods andServicesRegistrationNumberRegistrationDateExpirationDate"}, {"table_index": 52, "table_type": "text", "caption": null, "header_text": "No.TrademarkType ofMarkList of Goods andServicesRegistrationNumberRegistrationDateExpirationDate"}, {"table_index": 53, "table_type": "text", "caption": null, "header_text": "No.TrademarkCountry/RegionType ofMarkList of Goods andServicesRegistrationNumberRegistrationDateExpirationDate"}, {"table_index": 54, "table_type": "text", "caption": null, "header_text": "15U.S.WordClass 3588675151December 29, 2020December 28, 2030"}, {"table_index": 55, "table_type": "text", "caption": null, "header_text": "(i)items listed in the Japanese pharmacopoeia;"}, {"table_index": 56, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years EndedMarch 31,Variance"}, {"table_index": 57, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March 31,Variance"}, {"table_index": 58, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March 31,Variance"}, {"table_index": 59, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March 31,Variance"}, {"table_index": 60, "table_type": "text", "caption": null, "header_text": "For the Fiscal Years Ended March 31,Variance"}, {"table_index": 61, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March 31,"}, {"table_index": 69, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years EndedMarch 31,Variance"}, {"table_index": 70, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March 31,Variance"}, {"table_index": 71, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March 31,Variance"}, {"table_index": 72, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March 31,Variance"}, {"table_index": 73, "table_type": "text", "caption": null, "header_text": "For the Fiscal Years Ended March 31,Variance"}, {"table_index": 74, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March 31,"}, {"table_index": 81, "table_type": "text", "caption": null, "header_text": "MaturityInterest RateMarch 31,2026March 31,2025"}, {"table_index": 88, "table_type": "text", "caption": null, "header_text": "MaturityInterest RateMarch 31,2026March 31,2025"}, {"table_index": 94, "table_type": "text", "caption": null, "header_text": "For the Fiscal Years ended March 31,"}, {"table_index": 95, "table_type": "text", "caption": null, "header_text": "Contractual obligationsTotalLess than 1 year1-2 years2-3 years3-4 years4-5 yearsThereafter"}, {"table_index": 100, "table_type": "text", "caption": null, "header_text": "NameAgePosition(s)"}, {"table_index": 102, "table_type": "text", "caption": null, "header_text": "\u25cfa majority of our board of directors consist of independent directors;"}, {"table_index": 103, "table_type": "text", "caption": null, "header_text": "\u25cfeach of our directors and senior management;"}, {"table_index": 104, "table_type": "text", "caption": null, "header_text": "Ordinary Shares"}, {"table_index": 109, "table_type": "text", "caption": null, "header_text": "Name of Related PartyRelationship to Us"}, {"table_index": 111, "table_type": "text", "caption": null, "header_text": "NameMarch 31,2026March 31,2025"}, {"table_index": 113, "table_type": "text", "caption": null, "header_text": "NameMarch 31,2026March 31,2025"}, {"table_index": 116, "table_type": "text", "caption": null, "header_text": "NameMarch 31,2026March 31,2025"}, {"table_index": 118, "table_type": "text", "caption": null, "header_text": "NameMarch 31,2026March 31,2025"}, {"table_index": 120, "table_type": "text", "caption": null, "header_text": "NameMarch 31,2026March 31,2025"}, {"table_index": 124, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March\n 31,"}, {"table_index": 125, "table_type": "text", "caption": null, "header_text": "(1)DinnerBank is engaged in restaurant and dining businesses. We sell\n sundry products, such as masks, handwash, and detergent, to these companies and all transactions were on the same terms as those\n"}, {"table_index": 127, "table_type": "text", "caption": null, "header_text": "For the Fiscal Years Ended March\n 31,"}, {"table_index": 132, "table_type": "text", "caption": null, "header_text": "Monthly RentMonthly Rent"}, {"table_index": 134, "table_type": "financial", "caption": null, "header_text": "(a)the company\u2019s articles of incorporation so provide;"}, {"table_index": 135, "table_type": "financial", "caption": null, "header_text": "(a)the amount of surplus, as described below;"}, {"table_index": 142, "table_type": "financial", "caption": null, "header_text": "(1)the aggregate amount of the book value of the\n distributed assets, excluding the book value of such assets that would be distributed to shareholders but for their exercise of the\n right to receive "}, {"table_index": 151, "table_type": "text", "caption": null, "header_text": "(i)individuals who reside within Japan; or"}, {"table_index": 152, "table_type": "text", "caption": null, "header_text": "(i)individuals who do not reside in Japan; or"}, {"table_index": 153, "table_type": "text", "caption": null, "header_text": "(i)individuals who are exchange non-residents;"}, {"table_index": 154, "table_type": "text", "caption": null, "header_text": "\u25cfbanks;"}, {"table_index": 155, "table_type": "text", "caption": null, "header_text": "\u25cfpersons holding our Ordinary Shares or the ADSs as part of a straddle,\n hedging, conversion or integrated transaction;"}, {"table_index": 156, "table_type": "financial", "caption": null, "header_text": "\u25cfan individual who is a citizen or resident of the United States;"}, {"table_index": 160, "table_type": "financial", "caption": null, "header_text": "\u25cfat least 75% of its gross income for such taxable year is passive income;\n or"}, {"table_index": 161, "table_type": "financial", "caption": null, "header_text": "\u25cfthe excess distribution or gain will be allocated ratably over your\n holding period for the ADSs or Ordinary Shares;"}, {"table_index": 162, "table_type": "financial", "caption": null, "header_text": "Persons depositing\n or withdrawing shares or ADS holders must pay:For:"}, {"table_index": 163, "table_type": "text", "caption": null, "header_text": "For the Fiscal Years\n Ended March 31,"}, {"table_index": 167, "table_type": "text", "caption": null, "header_text": "\u25cfNasdaq Rule 5605(c)(2)(A) requires a listed company to have an audit\n committee composed entirely of not less than three directors, each of whom must be independent. Under Japanese law, a company may"}, {"table_index": 168, "table_type": "text", "caption": null, "header_text": "\u25cfNasdaq Rule 5605(e) requires that a listed company\u2019s nomination\n and corporate governance committee be comprised solely of independent directors. Our board of directors does not have a standalone\n no"}, {"table_index": 170, "table_type": "exhibit_index", "caption": null, "header_text": "Exhibit No.Description"}, {"table_index": 171, "table_type": "exhibit_index", "caption": null, "header_text": "4.5English\n Translation of Entrusted Service Agreement dated April 23, 2020, by and between Qingzhiliangpin and TKLF (incorporated by reference\n to Exhibit 10.23 of our Registration Statement on Form "}, {"table_index": 172, "table_type": "exhibit_index", "caption": null, "header_text": "4.11English\n Translation of Summary of Term Loan Agreement Second Modification Agreement dated June 25, 2024 (incorporated by reference to Exhibit\n 4.20 of our annual report on Form 20-F (File No. 001"}, {"table_index": 173, "table_type": "exhibit_index", "caption": null, "header_text": "8.1*List of subsidiaries of the Registrant"}, {"table_index": 176, "table_type": "text", "caption": null, "header_text": "Tokyo Lifestyle Co., Ltd."}, {"table_index": 177, "table_type": "financial", "caption": null, "header_text": "CONTENTSPAGE(S)"}, {"table_index": 178, "table_type": "financial", "caption": null, "header_text": "March 31,March 31,"}, {"table_index": 179, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years EndedMarch 31,"}, {"table_index": 180, "table_type": "financial", "caption": null, "header_text": "Ordinary\n SharesCapitalRetainedAccumulatedOtherComprehensiveTotalShareholders'Non-controllingTotal"}, {"table_index": 181, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March\n 31,"}, {"table_index": 182, "table_type": "text", "caption": null, "header_text": "Useful life"}, {"table_index": 183, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March 31,"}, {"table_index": 184, "table_type": "financial", "caption": null, "header_text": "For the Fiscal Years Ended March 31,"}, {"table_index": 186, "table_type": 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