AGL 40.10 Decreased By ▼ -0.90 (-2.2%)
AIRLINK 127.80 Decreased By ▼ -0.34 (-0.27%)
BOP 6.60 Decreased By ▼ -0.10 (-1.49%)
CNERGY 4.60 Increased By ▲ 0.08 (1.77%)
DCL 8.58 Decreased By ▼ -0.03 (-0.35%)
DFML 41.40 Increased By ▲ 0.31 (0.75%)
DGKC 86.50 Decreased By ▼ -0.63 (-0.72%)
FCCL 32.13 Decreased By ▼ -1.26 (-3.77%)
FFBL 65.40 Decreased By ▼ -0.01 (-0.02%)
FFL 10.27 Decreased By ▼ -0.20 (-1.91%)
HUBC 110.60 Decreased By ▼ -0.03 (-0.03%)
HUMNL 14.70 Decreased By ▼ -0.60 (-3.92%)
KEL 5.15 Increased By ▲ 0.17 (3.41%)
KOSM 7.15 Decreased By ▼ -0.28 (-3.77%)
MLCF 41.69 Decreased By ▼ -1.30 (-3.02%)
NBP 60.20 Decreased By ▼ -0.22 (-0.36%)
OGDC 194.48 Decreased By ▼ -3.16 (-1.6%)
PAEL 27.95 Decreased By ▼ -1.06 (-3.65%)
PIBTL 7.98 Decreased By ▼ -0.28 (-3.39%)
PPL 150.52 Decreased By ▼ -3.64 (-2.36%)
PRL 27.08 Increased By ▲ 2.08 (8.32%)
PTC 16.08 Decreased By ▼ -0.01 (-0.06%)
SEARL 78.20 Decreased By ▼ -0.25 (-0.32%)
TELE 7.42 Increased By ▲ 0.05 (0.68%)
TOMCL 35.70 Decreased By ▼ -0.39 (-1.08%)
TPLP 7.90 Decreased By ▼ -0.17 (-2.11%)
TREET 15.87 Decreased By ▼ -0.09 (-0.56%)
TRG 52.70 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.65 Decreased By ▼ -0.06 (-0.22%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 9,920 Decreased By -52.1 (-0.52%)
BR30 30,751 Decreased By -346.3 (-1.11%)
KSE100 93,225 Decreased By -423.8 (-0.45%)
KSE30 28,885 Decreased By -132.9 (-0.46%)

Yahoo Japan Corp said on Thursday it aims to buy 50.1 percent online fashion retailer Zozo Inc for about 400 billion yen ($3.70 billion), joining forces to better compete with rivals such as Amazon.com Inc and Rakuten Inc. Zozo founder Yusaku Maezawa will sell around 30 percent of the retailer in a tender offer to Yahoo Japan, leaving him with a stake of about 6 percent, and step down as CEO of the company, which has struggled following a series of botched initiatives by the flamboyant billionaire.
Yahoo Japan's offer price of 2,620 yen per share is a premium of around 21 percent compared to Wednesday's undisturbed closing price. Zozo shares jumped as much 19 percent in early Tokyo trading with Yahoo Japan shares up around 4 percent. Zozo has a market value of around 680 billion yen, according to Refinitiv data. The deal would give Maezawa a windfall or around $2.3 billion.
"I will entrust Zozo to a new president and take my own path," Maezawa said in a Twitter post. The entrepreneur has generated attention for his flashy lifestyle, including paying $110 million for a Jean-Michel Basquiat painting and signing up as the first private passenger to be taken around the moon by Elon Musk's SpaceX. However, Maezawa has recently sold part of his extensive art collection, saying he has no money.
His company, which runs the Zozotown online mall, has been struggling. In the last financial year it booked its first annual drop in earnings due to a failed experiment with bespoke tailoring and clashes with fashion brands over discounting. Yahoo Japan is a consolidated subsidiary of telco SoftBank Corp, which in turn is controlled by tech conglomerate SoftBank Group Corp.

Copyright Reuters, 2019

Comments

Comments are closed.