Yahoo Japan Corp. said Thursday it will make online fashion retailer Zozo Inc. a subsidiary for about 400 billion yen ($3.7 billion) in a friendly takeover.
The operator of the Zozotown clothing store said it has appointed Kotaro Sawada as chief executive officer to replace Yusaku Maezawa.
The acquisition comes as Yahoo intends to use online sales as part of its growth strategy, trying to nip the heels of Amazon.com Inc. and Rakuten Inc. in Japan.
Yahoo will start a takeover bid as early as early October, while setting a 50.1 percent cap on purchase of shares in Zozo. Maezawa has agreed to sell a stake of 30 percent out of his 37 percent holdings in Zozo.
Maezawa stepped down on Thursday at his own wish, the Chiba-based company said.
The unconventional entrepreneur is set to become in 2023 the first person to travel to the Moon since the Apollo program ended in 1972.
He is booked to be the first private passenger to orbit the Moon in a Big Falcon Rocket spaceship being developed by Space X, the space transportation firm of U.S. tech billionaire Elon Musk.
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