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Custom fit fashion retailer Zozo pulls out of overseas markets

CEO's global ambitions shredded as German and US losses pile up

A year ago, founder and CEO Yusaku Maezawa was boasting about Zozotown's goal of becoming "a top 10 apparel company" with a valuation of 5 trillion yen.   © Reuters

TOKYO -- Japanese online fashion retailer Zozo is pulling out of international markets barely a year after unveiling an ambitious plan to sell its unique brand of custom-made clothing in over 70 markets.

In announcing its annual earnings on Thursday for the year ended March 2019, the company said that "upon reviewing our international operations, we have decided to withdraw." Zozo said it will book a nearly 2 billion yen ($17.8 million) loss as an impairment charge for its subsidiaries in Germany and U.S.

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