Yahoo Japan will acquire Zozo billionaire ex-CEO

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[Summary] This deal may boost Yahoo Japan’s prospects in the field of e-commerce.
According to the latest news from foreign media on Thursday, Yahoo Japan has agreed to acquire a majority stake in Zozo, Japan’s online fashion shopping website, in order to compete more fiercely with Amazon and Lotte in the field of e-commerce.
According to foreign media reports, Yahoo Japan said in a statement that it would seek a 50.1% stake in Zozo with the support of former Zeyou, the founder of Zozo.
Yahoo Japan offered 2620 yen a share, a 21% premium to yesterday’s closing price.
In addition, from Thursday, former Ze Youzuo will resign as chief executive of Zozo and be replaced by its director Kotaro Sawada.
The deal could boost Yahoo Japan’s prospects for e-commerce. Yahoo Japan’s largest shareholder is Softbank Group. Zozo, with a market capitalization of 675 billion yen ($6.3 billion) before announcing the announcement, has competed with aggressive competitors such as Amazon in the field of online fashion.
Former Ze Youzuo was one of the most colorful and dazzling entrepreneurs in Japan. From Basquiat’s paintings to a private jet with Hermes cushions, he has invested hundreds of millions of dollars in personal consumption and paid for advance payments for flying around the moon in SpaceX’s spacecraft.
In May, he said on Twitter that he was selling more famous art collections to raise money.
“Yes, I don’t have money. I spend too fast.” In May, when asked about his financial situation, he smiled and tweeted.
He later said he needed to raise more money to distribute to Twitter fans. His discovery has won him millions of online fans. (Tencent Technology Revision/Chengxi)