Yahoo Japan has announced its intention to buy online fashion retailer Zozotown for JPY675bn ($3.7bn). The SoftBank Group-owned internet company aims to acquire 50.1% of the shares in Japan's largest online fashion firm as it gears up to take on e-commerce giants Amazon and Rakuten. Zozo has reportedly agreed to the deal, which will incorporate the firm into Yahoo Japan's PayPay online shopping mall, while its founder and CEO Yusaku Maezawa stepped down this week to pursue personal interests. According to a report from Nikkei Asian Review, Zozotown's sales have been declining since last year, when it was valued at around JPY 500bn.
Yahoo Japan has announced its intention to buy online fashion retailer Zozotown for JPY675bn ($3.7bn). The SoftBank Group-owned internet company aims to acquire 50.1% of the shares in Japan's largest online fashion firm as it gears up to take on e-commerce giants Amazon and Rakuten. Zozo has reportedly agreed to the deal, which will incorporate the firm into Yahoo Japan's PayPay online shopping mall, while its founder and CEO Yusaku Maezawa stepped down this week to pursue personal interests. The news sent Zozo's shares up 15.14% to JPY2,497, and the larger company's stock up briefly by 5.7%.