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Business deals

Yahoo Japan to buy online fashion giant Zozo for $3.7bn

Retailer's founder and CEO Maezawa steps down from management

Zozo founder and CEO Yusaku Maezawa is expected to pursue personal interests after the sale of his business. (Photo by Ken Kobayashi)

TOKYO -- Yahoo Japan plans to buy the operator of the country's largest online fashion retailer, Zozo, the two companies announced on Thursday.

Yahoo Japan, part of the SoftBank Group, plans to tender an offer to acquire 50.1% of Zozo shares and make the company a subsidiary. The deal will be worth up to 400 billion yen ($3.7 billion).

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