Yahoo Japan offers to buy majority stake in online fashion retailer Zozo for $3.7b

Yahoo Japan offers to buy majority stake in online fashion retailer Zozo for $3.7b

Photo: Reuters

Yahoo Japan Corp said on Thursday it aims to buy 50.1% online fashion retailer Zozo Inc for about 400 billion yen ($3.70 billion), joining forces to better compete with rivals such as Amazon.com Inc and Rakuten Inc.

Zozo founder Yusaku Maezawa will sell around 30% of the retailer in a tender offer to Yahoo Japan, leaving him with a stake of about 6%, and step down as CEO of the company, which has struggled following a series of botched initiatives by the flamboyant billionaire.

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