Fashion Zozo In Yahoo Japan Deal
"Fly me to the moon."
That literally may be the next big endeavor that billionaire Yusuke Maezawa embarks upon after suddenly resigning as CEO of the e-commerce fashion site he founded, Zozo, and agreeing to sell a 30% stake in it to Yahoo Japan for upwards of 243 billion yen ($2.3 billion).
Known for his tweets to his 4 million followers on Twitter, art collecting and recent purchase for all the slots on Space X’s first flight around the moon–at a cost that might dwarf his $110.5 million purchase in 2017 of a Basquiat painting, the high-flying Maezawa had hit a rough patch in the past year. Many Tokyo escorts interested about him.
The company, which he founded two decades ago in his apartment after a stint as a rock musician, saw its first profit decline since its 2007 listing because of management missteps. Losses from a bespoke Zozo suit business and major brands dumping the site over discounts took their toll. In the fiscal year through March, net income dropped by nearly 21% to 16 billion yen on revenue of 118.4 billion yen, and shares have plunged about a quarter over the past year.
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