Yusaku Maezawa who is known for his splashy art collection and space travel ambitions will step down as chief executive at Zozo. The company which brags as Japan’s largest online fashion retailer has struggled recently with falling profits.
The billionaire has agreed to sell most of his stake in online fashion firm to yahoo Japan as part of a deal worth 3.7 billion dollars. Zozo has made a failed attempt at custom-fit clothing and has so far closed down its US and Europe operations.
Yahoo Japan,which is a subsidiary of tech and investment conglomerate Softbank, has offered to pay 400 billion yen for a 50.1% stake in Zozo. The move would allow Yahoo Japan to better compete with rivals Amazon and Rakuten.
As part of the deal, Mr Yusaku agreed to sell a stake of around 30% to Yahoo Japan and will step down from Zozo’s top job. Yusaku first became famous as the drummer in punk band Switch Style, but made his fortune in the fashion world.He’s worth $2.2bn, according to Forbes, and has spent a much of his fortune on art.