Tencent Technologies News, 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's Japanese company said in a statement that it would seek to obtain 50.1 per cent of the company's shares with the support of 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's prospects for e-commerce. Yahoo's biggest shareholder is a soft-silver group. Zozo has a market value of 67.5 billion yen ($6.3 billion) before the announcement, and it has been competing with aggressive rivals 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.
He later said he needed to raise more money to distribute it to Twitter fans. His cash transfer has won him millions of online fans. (Tencent Technology Reviser / Chengxi)