Yahoo Japan to buy fashion retailer Zozo for 400 bil. yen english.kyodonews.net

KYODO NEWS - 7 hours ago - 22:45 | All, Japan[Supplied photo]TOKYO - Yahoo Japan Corp. said Thursday it will make online fashion retailer Zozo Inc. a subsidiary for about 400 billion yen ($3.7 billion) in a friendly takeover.
Yahoo's online sales are expected to surpass 2.6 trillion yen after bringing Zozo under its umbrella.
Maezawa has agreed to sell a 30 percent stake in the company for more than 240 billion yen, leaving him with a 7 percent holding.
Maezawa, 43, who founded Start Today, the predecessor of Zozo, in 1998, has been seen as an unconventional entrepreneur.
It posted a group net profit of 15.99 billion yen on sales of 118.4 billion yen in fiscal 2018 that ended March.