Home / Knowledge / News / E-commerce / Yahoo Japan bids for control of fashion e-tailer Zozo

Yahoo Japan bids for control of fashion e-tailer Zozo

16
Sep '19
Pic: Zozo
Pic: Zozo
Yahoo Japan recently said it will take over Japan’s biggest online fashion retailer Zozo for $3.7 billion, aiming to breathe fresh life into it and compete better against rivals. Zozo’s billionaire founder Yusaku Maezawa said he will step down as chief executive and sell most of his stake after its market value dropped by more than half from last year.

For Maezawa, it would bring a windfall of around $2.3 billion. He said he will sell a stake of around 30 per cent, leaving him with about 6 per cent in the company, according to Japanese media reports.

The deal reportedly offers Yahoo Japan an opportunity to take the lead in Japan’s online fashion space where Amazon and Rakuten have struggled to make headway, and where Zozo’s mall Zozotown controls around 50 per cent of the market for mid- to high-end fashion.

Yahoo Japan, which will next month change its name to Z Holdings Corp, is a unit of SoftBank controlled by the investment conglomerate’s telecoms unit SoftBank Corp.

Maezawa signed up as the first private passenger to be taken around the moon by Elon Musk’s SpaceX, and paid $110 million to buy a Jean-Michel Basquiat painting. He sold part of his extensive art collection at Sotheby’s, saying he has no money.

Zozo has also been hit by the departure of several brands, some unhappy with its discounting policies and others wanting to create their own e-commerce services. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 25th Sep 2021

EU extends GSP plus status for Pakistan with 6 new conventions

The European Union (EU) has extended its general system of...

Pic: Shutterstock

Apparel/Garments | On 25th Sep 2021

Bangladesh seeks Russian support for ensuring direct exports there

Bangladesh commerce minister Tipu Munshi recently sought Russian...

Pic: Boris-B / Shutterstock.com

Retail | On 25th Sep 2021

US’ Halloween spending to reach $10.14 bn this year: NRF

Consumer spending in the US on Halloween-related items is expected to ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Switch was not 100% pandemic related

Textile Industry, Head honchos

Textile Industry
Head honchos

Next level is to inject new features:

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Ghatit Laheru,

Ghatit Laheru

When the 2001 tremblor wrecked the Kachchh region of Gujarat throwing many ...

Rajat Kapoor,

Rajat Kapoor

Seraphine is a British maternity brand providing affordable luxury fashion ...

Nantas Montonati,

Nantas Montonati

The Riri Group is a one-stop supplier of metal accessories for the luxury...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Sunita Shanker, Label Sunita Shanker

Sunita Shanker
Label Sunita Shanker

Inspired by the rich traditional crafts of India, Sunita Shanker’s work is ...

Raghavendra Rathore, Label Raghavendra Rathore Jodhpur

Raghavendra Rathore
Label Raghavendra Rathore Jodhpur

Being one of the first designers to use the "Brand India" positioning for...

Reynu Taandon, Label Reynu Taandon + Nikhita

Reynu Taandon
Label Reynu Taandon + Nikhita

Renowned womenswear designer <b>Reynu Taandon </b>has been serving the...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search