Yahoo Japan Corp on Thursday offered to buy the majority of online fash...
FILE PHOTO : A website of Yahoo Japan Corp is seen on a computer screen at a Yahoo! Cafe, a free internet cafe by Yahoo Japan Corp, in Tokyo August 19, 2009. REUTERS/Stringer/File Photo
Yahoo Japan's offer of 2,620 yen per Zozo share represents a premium of around 21% versus Wednesday's closing price. The stock jumped as much 19% in early Tokyo trade, while Yahoo Japan shares rose as much as 6% in a near-flat marketThe deal offers Yahoo Japan a chance 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 nearly 50% of the market for mid- to high-end fashion.
“I will entrust Zozo to a new president and take my own path,” Maezawa said in a Twitter post. His replacement will be Zozo director Kotaro Sawada, the companies’ statements showed.
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