The deal should be completed in the Q3 2021
Yandex has agreed to buy online fashion retailer KupiVIP, according to Ecommerce News. With the acquisition, Yandex wants to enhance its e-commerce offering on Yandex.Market.
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 e-commerce landscape.
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 e-commerce company also has operations in Belarus and Kazakhstan.
We’ve reported that retails risk losing customers due to bad returns experience.