Yahoo to Acquire Online Fashion Retailer Zozo

Economy

Tokyo, Sept. 12 (Jiji Press)--Internet portal Yahoo Japan Corp. <4689> said Thursday that it will acquire online fashion marketplace operator Zozo Inc. <3092> for up to 400 billion yen.

Yahoo Japan, a unit of Softbank Group Corp. <9984>, aims to acquire a stake of up to 50.1 pct in Zozo in a tender offer designed to better compete with rivals Amazon.com Inc. and Rakuten Inc. <4755>. Zozo will remain publicly traded.

Zozo founder Yusaku Maezawa stepped down as president and chief executive officer on Thursday. He plans to sell about a 30 pct stake in Zozo out of his overall 37 pct stake in the company to earn a windfall of some 240 billion yen.

Maezawa has said that he will join a trip around the moon as the first passenger on a flight by U.S. rocket company Space Exploration Technologies Corp., known as SpaceX.

"I decided to resign to make preparations and work out for my space travel," Maezawa said at a press conference on Thursday.

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Jiji Press