Yahoo Japan Corp. intends to buy a majority stake in Japanese online fashion retailer Zozo Inc. for about $3.7 billion, according to multiple reports Wednesday. Nikkei Asian Review reported Yahoo Japan plans to purchase 50.1% of Zozo and make it a subsidiary. Zozo founder and CEO Yusaku Maezawa has stepped down, and Reuters reported he will sell his 30% stake in the company. The move will allow Yahoo Japan to compete in e-commerce with Amazon.com Inc. and Japan-based Rakuten Inc. . Reports said the billionaire Maezawa will shift his focus to pursuing his many personal interests. In 2017 he bought a Basquiat painting for a record $110.5 million, and last year SpaceX announced he will be the first space tourist to fly to the moon.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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