International law firm Simmons & Simmons has advised ZOZO, which operates the leading Japanese fashion e-commerce platform, on its acquisition of UK fashion platform Lyst.
Under the major transaction, ZOZO has agreed to purchase 100% of the shares of Lyst, which will become a wholly-owned subsidiary of ZOZO.
Listed on the Tokyo Stock Exchange, ZOZO is one of Japan's most successful e-commerce groups - estimated to capture over 20% of the apparel e-commerce market in Japan. The acquisition of Lyst represents a key part of the group's international expansion strategy.
Founded in 2010, Lyst is a leading global fashion shopping platform that connects 160 million shoppers annually with 27,000 of the world's premium and luxury brands and retailers. Lyst is renowned for its cutting-edge use of AI to inform users' experiences and is powered by one of fashion's largest data sets.
Working alongside colleagues at the firm's JV partner firm TMI Associates, the experienced Simmons team supporting ZOZO on its acquisition was led by Jason Daniel, partner and M&A and cross-border transaction specialist in the firm's Corporate and Commercial practice.
Commenting on the transaction, Jason Daniel said: "This acquisition is an exciting development for the fashion e-commerce industry and its deployment of AI and technology, and we congratulate both parties on securing this major international deal. We very much enjoyed working with the ZOZO team in realising this complex, cross-border M&A transaction to redefine online fashion shopping."
Mutsumi Yasuda, VP of Legal Department of ZOZO, commented: "We are deeply grateful to Jason and the team at Simmons & Simmons for their invaluable support throughout this significant cross-border transaction. Their outstanding expertise in M&A and international deals, combined with a deep understanding of the cultural contexts of both Japan and the UK, enabled them to consistently provide us with strategic and legally sound guidance. They truly understood our vision and goals, and their partnership was instrumental in the successful execution of this deal."
