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Business deals

Zozo founder Maezawa takes big stake in Japan apparel makers

Entrepreneur bought 8% of United Arrows and 6% of Adastria

Yusaku Maezawa established Zozo's predecessor company in 1998 and stepped down as president in 2019.

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.

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