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Yahoo Japan to launch bid for online retailer Zozo -NHK

Credit: REUTERS/STRINGER Japan

Yahoo Japan Corp, will launch a takeover bid for online clothing retailer Zozo Inc, public broadcaster NHK and other media reported on Thursday, to better compete in e-commerce against rivals such as Amazon.com Inc and Rakuten Inc.

Adds details, company declining to comment

TOKYO, Sept 12 (Reuters) - Yahoo Japan Corp 4689.T, will launch a takeover bid for online clothing retailer Zozo Inc 3092.T, public broadcaster NHK and other media reported on Thursday, to better compete in e-commerce against rivals such as Amazon.com Inc AMZN.O and Rakuten Inc 4755.T.

Zozo founder Yusaku Maezawa is willing to sell his shares in the tender offer, NHK said, citing sources. The deal would be worth "hundreds of billions of yen", NHK said. Zozo has a market value of around 660 billion yen ($6.1 billion), according to Refinitiv data.

Maezawa, a high-profile entrepreneur who has said he was selling his art collection because he has no money, will exit the management of the company after the deal, the Nikkei newspaper reported.

Maezawa has generated attention for his flashy lifestyle, including paying $110 million for a Jean-Michel Basquiat painting and signing up as the first private passenger to be taken around the moon by Elon Musk's SpaceX.

His company, which owns the popular Zozotown online mall, has also struggled as of late. In the last financial year it booked its first-ever annual drop in earnings on a failed experiment with bespoke tailoring and clashes with fashion brands.

A Yahoo Japan spokesman declined to comment. No one was immediately available for comment at Zozo.

Yahoo Japan is nearly a third owned by Japanese telecom wSoftBank Corp 9434.T.

($1 = 107.8100 yen)

(Reporting by Ritsuko Ando; Editing by David Dolan and Sandra Maler)

((david.dolan@tr.com; +81 3 6441 1526; Reuters Messaging: david.dolan.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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