Yandex, “Russia’s Google”, buys online fashion retailer KupiVIP

Yandex, the so-called ‘Google of Russia’, has announced it has agreed to buy online fashion retailer KupiVIP. The deal will be completed after the summer.

Yandex will buy and then integrate online clothing store KupiVIP into Yandex.Market, the company said in a statement Monday. The deal should be completed in the third quarter of this year, once it gets approval of the Federal Antimonopoly Service, Yandex said.

According to the statement, the deal will allow Yandex.Market to accelerate its entry into the clothing, footwear, and accessories market thanks to its well-established infrastructure, supplier base and long-term experience of the KupiVIP team. According to Yandex, this sector is one of the most attractive ones in the Russian e-commerce landscape.

Yandex to tap into fashion, the most promising e-commerce niche in Russia

Yandex advanced that at first Market and KupiVIP will work and develop in parallel, but gradually the services will be integrated. Soon after the deal closes, products from KupiVIP will start appearing on Yandex’s marketplace. In addition, the store will connect to Yandex Plus, and orders can be picked up at Yandex checkpoints.

With the acquisition, Yandex wants to enhance its ecommerce offering on Yandex.Market and tap into its millionaire e-commerce drive plans. Reuters reported over the weekend that Yandex announced plans to spend between 330 and 410 million euros on an ecommerce drive this year.

KupiVIP online store was founded in 2008. It offers clothing, footwear and accessories from over 1,000 fashion brands. KupiVIP operates in Russia, Belarus and Kazahstan and works with more than 3,000 Russian and foreign suppliers. It also operates a logistics complex.

Image: KupiVIP