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Thanks to its unusually high profitability, which derives from the high commissions it charges brands for selling their products on its website, its market cap is now some $12 billion, four times that of Japan's biggest department store operator, Takashimaya. The success has also turned 42-year-old Maezawa into one of Japan's youngest billionaires, with a net worth of $2.7 billion, according to Forbes. He grabbed international headlines last year, when he bought a painting by the late American artist Jean-Michel Basquiat at an auction for a record $110.5 million. But while Start Today is a well-known brand domestically, it is largely unknown outside Japan. "We were relying too much on domestic success," Maezawa said at an analyst meeting in April. Zozo is not the company's first overseas venture. In 2011, it set up Zozotown's own pages on Alibaba's e-commerce site Tmall, known then as Taobao Mall, in China and eBay in South Korea. Both sites were eventually shut down after failing to gain traction. "Zozotown is not well-known abroad, and people were probably not so interested in Japanese brands," said Takahiro Kazahaya, senior analyst at Deutsche Securities. Maezawa nurtured the private label concept for seven to eight years, a company spokesperson said, adding that he gathered a team and hired pattern makers and sewing operators about three years ago. "It took time to produce something that met our standards." Start Today plans to launch its Zozosuit and private label in 72 countries beginning in July, and it has set up subsidiaries in Germany and the U.S.
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