Z Holdings agreed to acquire majority stake Zozo, Japan’s biggest online fashion retailer, for $3.7bn. Z Holdings would launch a tender offer to buy up to a 50% stake in Zozo for ¥2620 ($24) per share. The deal offers Z Holdings a chance to take the lead in Japan’s online fashion space where Amazon and Rakuten have struggled to make headway, and where Zozotown controls around 50% of the market for mid- to high-end fashion.