Yandex acquires KupiVIP
Yandex, also known as the Google of Russia, has agreed to buy online fashion retailer KupiVIP. With the acquisition, Yandex wants to enhance its ecommerce offering on Yandex.Market. The deal should be completed in the third quarter of this year.
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Yandex.Market is an online platform where both regular retail shops and online stores show the products they offer. The website is being used by over 17 million people every month.
With the announced acquisition of KupiVIP, Yandex.Market should be able to expand faster in the online fashion market. According to Yandex, this sector is one of the most attractive ones in the Russian ecommerce landscape.
Yandex to spend €330-410 million on ecommerce drive
Reuters says Yandex announced plans to spend between 330 and 410 million euros on an ecommerce drive this year. Its online platform Yandex.Market is just one of many online services its offer, from advertising and searches to ride-hailing and food delivery.
KupiVIP offers fashion items from 1,000 brands.
KupiVIP is an online fashion retailer from Russia that has partnered with over 3,000 local and foreign supplires to offer fashion items from over 1,000 brands. The ecommerce company also has operations in Belarus and Kazakhstan.