Yahoo Japan Corp. /zigman2/quotes/207641152/delayed JP:4689 -2.32% intends to buy a majority stake in Japanese online fashion retailer Zozo Inc. /zigman2/quotes/206072585/delayed JP:3092 -0.17% 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. /zigman2/quotes/210331248/composite AMZN -4.13% and Japan-based Rakuten Inc. /zigman2/quotes/201861450/delayed JP:4755 -1.15% . 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.