Yahoo Japan to acquire online fashion firm Zozo

12 Sep 2019 / 16:55 H.

YAHOO Japan said Thursday it will acquire a majority stake in the online fashion retailer Zozo founded by billionaire Yusaku Maezawa, known for buying pricey art and his space travel plans.

The Japanese IT giant, a subsidiary of telecoms giant and investor SoftBank Group, aims to buy up to 152.95 million shares or a 50.1% stake in Zozo.

The cost of the acquisition will be as high as 400.7 billion yen (RM15.4 billion), with Yahoo Japan offering a 21% premium over Zozo’s Wednesday closing price.

The deal includes an agreement to acquire 92.7 million shares from Maezawa, equivalent to the 30.37% he owns in Zozo.

Maezawa, known for his extravagant lifestyle and eccentric comments, will step down as Zozo chief executive from Thursday.

“I will leave Zozo’s future in the hands of a new president, and I’ll move on to a new path,“ he said in a tweet, adding that he will expand on his future plans at a press conference later Thursday.

The move is part of Yahoo Japan’s efforts to strengthen its e-commerce businesses.

Maezawa is a former wannabe rock star whose personal fortune was this year valued around US$2 billion (RM8.3 billion), making him Japan’s 22nd richest person.

He made international headlines by booking a ticket aboard a SpaceX rocket, as well as for his purchase in 2017 of a Jean-Michel Basquiat masterpiece for US$110.5 million (RM460.6 million). — AFP Relaxnews

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