Yandex.Market is one of Russia’s leading e-commerce platform players. Shutterstock
Yandex not only has a widespread technology portfolio that has led it being called “Russia’s Google”, the company’s Yandex.Market also makes it one of Russia’s main e-commerce platform players. It has now taken aim at the fashion retail sector by acquiring online fashion destination, KupiVIP, for an undisclosed sum.
Yandex has said it was planning to spend $400 to 500 million this year to further develop its e-commerce prowess, and Forbes has previously estimated KupiVIP’s valuation at $318 million.
KupiVIP is an online retailer that was founded in 2008 and works with more than 3,000 Russian and foreign suppliers to offer products from over 1,000 brands, it also has operations in Belarus and Kazakhstan and will gradually be integrated into the Yandex.Market platform.
The transaction is expected to be completed in the third quarter of 2021 after approval by Russia’s Federal Antimonopoly Service.