Yahoo Japan is putting up a $3.7 billion tender offer for Japanese online retailer Zozo, whose celebrity founder will step down as chief executive, Yurikageyama reports. (corrects twitter handle)
FILE - In this Nov. 20, 2018, file photo, Zozo Chief Executive Yusaku Maezawa speaks during a press conference on the PGA Tour in Tokyo. Yahoo Japan Corp. said Thursday, Sept. 12, 2019 it will put up a tender offer, estimated at 400 billion yen , for Zozo Inc., a Japanese online retailer started by a celebrity tycoon. Maezawa is known for lavish spending on artworks by Jean-Michel Basquiat, a Stradivarius violin and a future trip to the moon.
Maezawa owns nearly 37% of the company and will sell nearly 93 million of his more than 112 million shares, according to the plan. Yahoo Japan will own up to 50.1% under the tender offer, set for early October, it said. “I want to thank all the employees for supporting and following someone who is so lacking like me. We laughed and we cried together. We had fun,” he said, choked with emotion.
He never graduated college and is known for a free-wheeling managerial style and corporate culture that are rare in Japan’s staid business world. Sawada told reporters that after 21 years it was time for Zozo to grow up. But he promised Zozo will remain creative, and not become boring. Son and Maezawa appeared on stage wearing matching T-shirts designed by Maezawa that said “Let’s Start Today” with a peace sign. Zozo originally was named Start Today.
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