The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
AliExpress Russia has acquired a controlling stake of 50.1 percent in KazanExpress, one of the fastest-growing marketplaces in Europe, for an undisclosed sum. AliExpress Russia previously purchased a 30 percent stake in the platform, which has delivery points in 91 cities of 18 Russian regions, in March.
AliExpress said it aims to further expand the company, strengthen logistics, including opening a one million-square-metre fulfilment centre in Kazan, which would be one of the largest in Europe. AliExpress Russia expects the acquisition to push it to the top of Russia’s e-tailing heap in terms of order numbers, by 2024.
KazanExpress has grown 800 percent over the past year, according to its own data. In September, the platform processed 50,000 orders per day and by December, expects this figure to double.
AliExpress Russia was created in October 2019 as a joint venture of the Chinese Alibaba Group, Russian telecom company MegaFon, Internet giant Mail.ru Group and the Russian Direct Investment Fund (RDIF).
Learn more:
AliExpress Russia Prepares for 2022 IPO
AliExpress Russia, the e-commerce joint venture between Mail.ru Group and Alibaba Group, is considering going public in 2022, Tatiana Volochkovich, Investor Relations Director of Mail.ru Group, announced during a Mail.ru Group webinar.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.