Blog Fashion | NEWS | Russia
In a Big Move, Yandex of Russia Will Buy Online Fashion Retailer KupiVIP
- 1st Jun 2021
Founded in the year 2000 Yandex is a Russian Dutch based multinational company that offers more than 70 Internet-related products and services, including transportation, search and information services, e-commerce services, mobile apps, and online advertising to its users. Yandex is also referred to as the 'Google of Russia'.
Founded in 2008 KupiVIP is an online fashion retailer in Russia offering discounted fashion and home goods that includes high-street and luxury brands from over1,000 fashion brands. KupiVIP functions in Russia, Belarus and Kazahstan and deals with more than 3,000 Russian and foreign suppliers.
The Big News
The big news with Yandex currently is that it has confirmed its plan to purchase online fashion retailer KupiVIP. This particular acquisition is most likely to be formalized totally by the end of summer 2021 post the nod of the Federal Antimonopoly Service.
Yandex has disclosed that it plans to purchase KupiVIP and then amalgamate the online clothing store into Yandex.Market.
As per the details shared by Yandex, the acquisition will help Yandex.Market to speed up its foray into the clothing, footwear, and accessories market given the fact that KupiVIP has a strong experience, robust infrastructure and healthy supplier base. One of the main reasons that Yandex has taken this plunge is that the online fashion sector is a crowd puller within the Russian ecommerce scheme of things. With the strong presence that Yandex has this purchase will help it tap the Russian online fashion market in a very big way for sure.
Like most mergers and acquisitions, Yandex.Market and KupiVIP will initially function in sync as two separate entities and then gradually the online fashion business would be completely integrated into Yandex.market.
Among many other features that Yandex would bring to the table is the fact that it will offer additional facilities and services to online fashion buyers including Yandex Plus, and Yandex checkpoints from where the fashion goods could be collected.
The buying of KupiVIP fashion online store will surely help Yandex to boost its ecommerce services on Yandex.Market and breathe more power into its ambitious e-commerce drive plans. As per reports provided by the market Yandex has disclosed that it would spend almost around approximately 400 million euros on its ecommerce drive this in 2021.