Yahoo Japan to buy fashion retailer Zozo for 400 bil. yen

TOKYO - Yahoo Japan Corp. said Thursday it will make online fashion retailer Zozo Inc. a subsidiary for about 400 billion yen ($3.7 billion) in a friendly takeover.Yahoo's online sales are expected to surpass 2.6 trillion yen after bringing Zozo under its umbrella. Zozotown is one of Japan's largest fashion e-commerce sites offering more than 730,000 items to the more than 8 million visitors to its site.Yusaku Maezawa, a billionaire entrepreneur who founded the operator of the Zozotown clothing store, stepped down as CEO the same day and was replaced by Kotaro Sawada.Wearing…READ FULL ARTICLE