Yandex acquires KupiVIP

Tuesday 1 June 2021 08:28 CET | News

Yandex, also known as the Google of Russia, has agreed to buy online fashion retailer KupiVIP.

According to Ecommerce News Europe, with the acquisition, Yandex plans to enhance its ecommerce offering on Yandex.Market. The deal should be completed in the third quarter of 2021. 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.

Furthermore, thanks to the acquisition of KupiVIP, Yandex.Market will be able to expand faster in the online fashion market. According to the company, this sector is one of the most attractive ones in the Russian ecommerce landscape. Additionally, Yandex announced plans to spend between EUR 330 and 410 million on an ecommerce drive in 2021.

KupiVIP is a Russia-based online fashion retailer that has partnered with over 3,000 local and foreign suppliers to offer fashion items from over 1,000 brands. The ecommerce company also has operations in Belarus and Kazakhstan, Ecommerce News Europe reported.

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Keywords: acquisition, ecommerce, online shopping
Categories: Payments & Commerce | Ecommerce
Countries: Russian Federation
This article is part of category

Payments & Commerce