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Can Mercari follow Marie Kondo and 'spark joy' in investors?

Success of Japan's former unicorn depends on Americans emptying their closets

Mercari has had a difficult 12 months since it IPO'd in Tokyo: It has closed its U.K. operations, shut down its video streaming service and bled more red ink in America.

TOKYO -- Investors are focusing their attention on the U.S. operations of Mercari, which operates an eBay-like app and was known as Japan's first tech unicorn before its initial public offering one year ago.

It has been a difficult 12 months since Mercari listed. In December, it withdrew from the U.K. Earlier this month it said it was pulling the plug on its live video streaming service. In the U.S., Mercari is plugging away but operates in the red.

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