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.
Online marketplace Westfalika.ru announced in a recent quarterly earnings report that its revenue grew 382 percent to 370 million roubles ($500,000) in 2021′s first quarter, compared to the same period last year.
The relatively new platform vastly expanded in 2020 in order to cater to added pandemic-fuelled demand, including adding more product segments and launching a mobile version of the marketplace in the fourth-quarter.
The emerging e-commerce platform belongs to OR Group (formerly known as Obuv Rossii), based in Novosibirsk, which is also the parent company of several fashion brands, including Westfalika, Peshechod, Emilia Estra, Rossita and Lisette.
In total, OR Group’s revenue decreased by 15 percent in its first quarter, compared to the same period last year, to 2.3 billion roubles ($30 million), a fall it attributed to the impact of the pandemic. The company has a brick and mortar network of more than 830 stores in 333 Russian cities and is now focused on further developing its online retail reach.
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OR Group said it expects e-commerce sales to make up 30 percent of its total revenue by the end of this year and has inked deals with e-commerce giants like Wildberries and AliExpress, as well as developing its own e-commerce, in order to reach new customers.
Though e-commerce reshaped retailing in the US and Europe even before the pandemic, a confluence of economic, financial and logistical circumstance kept the South American nation insulated from the trend until later.
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