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By APD writer Alice
Yahoo Japan Corp. said on September 12 that it will buy the online fashion retailer Zozo Inc. for about 400 billion yen ($3.7 billion) in a friendly takeover.
The acquisition comes as Yahoo intends to use online sales as part of its growth strategy, trying to nip the heels of Amazon.com Inc. and Rakuten Inc. in Japan.
Yahoo Japan will start a takeover bid as early as early October, while setting a 50.1 percent cap on purchase of shares in Zozo.
The operator of the Zozotown clothing store said it has appointed Kotaro Sawada as chief executive officer to replace Yusaku Maezawa.
Maezawa stepped down on September 11 at his own wish, the Chiba-based company said. He has agreed to sell a stake of 30 percent out of his 37 percent holdings in Zozo.
The unconventional entrepreneur is set to become in 2023 the first person to travel to the Moon since the Apollo program ended in 1972.
He is booked to be the first private passenger to orbit the Moon in a Big Falcon Rocket spaceship being developed by Space X, the space transportation firm of US tech billionaire Elon Musk.
(ASIA PACIFIC DAILY)
