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.
Russian tech giant, Yandex, has decided not to proceed with its purchase of fashion e-commerce player, KupiVIP, according to Russian media reports.
Yandex not only has a widespread technology portfolio that has led it being called “Russia’s Google”, the company’s Yandex.Market also makes it one of Russia’s main e-commerce platform players but its acquisition of KupiVIP was meant to represent the company’s more serious foray into fashion. The initial KupiVIP acquisition (for an undisclosed sum) was announced in late May and was expected to be completed in the third quarter of 2021.
“The company is considering alternative entries into the fashion segment,” a press statement from Yandex on the cancelled deal read in part.
The option to purchase KupiVIP in May did not oblige Yandex.Market to conclude the deal. Following the results of Yandex.Market’s due diligence investigations, the company realised that the asset was not suitable for it, a source told local media.
ADVERTISEMENT
Further Reading: How to Capture More of Russia’s E-Commerce Market
With Wildberries racing to become Russia’s answer to Amazon, many brands are turning to devoted fashion platforms like Lamoda.ru and Aizel.ru but the market has many challenges.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.
This week’s round-up of global markets fashion business news also features Brazil’s JHSF, the Abu Dhabi Investment Authority and the impact of Taiwan’s earthquake on textile supply chains.
This week’s round-up of global markets fashion business news also features Dubai’s Majid Al Futtaim, a Polish fashion giant‘s Russia controversy and the bombing of a Malaysian retailer over blasphemous socks.