After bodysuit blow, Japan's Zozo embarks on hiring spree to shore up online mall by SamNusseyRTRS
TOKYO - For Japan’s Zozo Inc, a brash online fashion retailer, 2018 marked a turning point, but not in the way that anyone had hoped.
The turmoil forced Zozo to slash its profit outlook in January. Soon after, publicity-loving Maezawa, known for signing up to be the first private passenger on Elon Musk’s SpaceX voyage around the moon, said he was taking a hiatus from Twitter to concentrate on his “real job”. To bolster its mall business, Zozo is recruiting engineers to make shopping online more tailored to a user’s preferences as well as to work on areas such as advertising, said Kanayama, who started up fashion tech company Vasily before selling it to Maezawa in 2017.
It has said it expects operating profit to have dropped to 26.5 billion yen, down by a third from an earlier estimate and 19 percent below the previous year’s results. Cash and deposits have also fallen sharply, to 8.2 billion yen as of end-December, down by two-thirds compared to nine months earlier.
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