TOKYO -- Yusaku Maezawa, former president and founder of online fashion retailer Zozo, has become a major shareholder in two of Japan's two leading apparel makers, United Arrows and Adastria.
As of Aug. 7, Maezawa appears to have bought a nearly 8% stake in United Arrows and 5.6% of Adastria on the open market for an estimated 8 billion yen ($74.9 million) in total. According to a large shareholdings report released on Thursday, the stakes give Maezawa the right to advise or make proposals to the two companies' management on a friendly basis.
