Maezawa, the chief executive of Zozo, speaks at an event launching the debut of its formal apparel items in Tokyo. File photo/ Reuters
Yahoo Japan said on Thursday it will acquire a majority stake in the online fashion retailer Zozo founded by billionaire Yusaku Maezawa, known for buying pricey art and his space travel plans.
The Japanese IT giant, a subsidiary of telecoms giant and investor SoftBank Group, aims to buy up to 152.95 million shares or a 50.1 per cent stake in Zozo.
The cost of the acquisition will be as high as 400.7 billion yen ($3.7 billion), with Yahoo Japan offering a 21 per cent premium over Zozo’s Wednesday closing price.
The deal includes an agreement to acquire 92.7 million shares from Maezawa, equivalent to the 30.37 per cent he owns in Zozo.
Maezawa, known for his extravagant lifestyle and eccentric comments, will step down as Zozo chief executive from Thursday.
“I will leave Zozo’s future in the hands of a new president, and I’ll move on to a new path,” he said in a tweet, adding that he will expand on his future plans at a press conference later Thursday.
The move is part of Yahoo Japan’s efforts to strengthen its e-commerce businesses.
Maezawa is a former wannabe rock star whose personal fortune was this year valued around $2 billion, making him Japan’s 22nd richest person.
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