TOKYO: Yahoo Japan Corp said will take over Japan's top online fashion retailer Zozo Inc for ¥400 billion , aiming to breathe fresh life into the website and upping its own game against rivals such as Amazon.com.
It also comes as investors have grown increasingly wary about growth prospects for Zozo - a more affordable, Japan-focused version of Britain's Farfetch Ltd - after a failed experiment with bespoke tailoring and clashes with brands over discounting. Maezawa signed up as the first private passenger to be taken around the moon by Elon Musk's SpaceX, and paid US$110 million for a Jean-Michel Basquiat painting.
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. In March, it said it secured a ¥15 billion commitment line from banks.
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