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Russian internet giant Yandex acquires online fashion retailer KupiVIP
04 Jun '21
1 min read
Pic: KupiVIP
Russian internet-giant Yandex has announced that it is acquiring the online fashion retailer KupiVIP for integrating it in Yandex.Market, a platform for displaying products by retail and online stores. The acquisition is expected to help Yandex accelerate its entry into the apparel and footwear market. The deal will be completed in Q3 2021.
The acquisition is subject to regulatory approvals and the terms have not been disclosed.
This year, Yandex plans to spend close to $400-500 million on its e-commerce drive, according to global media reports.
After the agreement is finalised, KupiVIP products will feature on Yandex.Market.
Fibre2Fashion News Desk (KD)
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