Askul looks to cut ties with Yahoo
| 17 July, 2019
Japanese reseller Askul is looking to end its partnership with its major shareholder Yahoo Japan, according to Nikkei Asian Review.
This latest development follows Yahoo's announcement that it will vote against the reappointment of Askul chief executive Shoichiro Iwata next month.
Yahoo owns 45% of the Tokyo-listed Askul, making it a consolidated subsidiary. Askul is now talking with several companies and investment funds in an effort to find an alternative to Yahoo.
The two companies formed a partnership in 2012 and together launched online shopping site Lohaco, which generated 51.3 billion yen ($474 million) in revenue last fiscal year.
Yet, while the e-commerce venture has seen double-digit revenue growth, it is still operating at a loss. Yahoo "came to question CEO Iwata's ability to plan and execute businesses," the internet company said in a statement.