Yahoo Japan is buying online fashion retailer Zozo for $3.7B

The company is one of the largest internet businesses in Japan, and it said that buying Zozo will increase its efforts to rival e-commerce competitors such as Rakuten and Amazon. Zozo is Japan's dominant online fashion service, but it has fallen steeply over the past year following problems -- it previously commanded a valuation of $14B. Still, Yahoo Japan is paying a 20% premium on Zozo's latest share price which makes this one of the most significant pieces of tech M&A from Japan in recent years.


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