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Russia’s Yandex to Spend ‘Tens of Millions of Dollars’ on Fashion

Yandex to spend ‘tens of millions of dollars’ on fashion. Shutterstock.
Yandex to spend ‘tens of millions of dollars’ on fashion. Shutterstock.

Russia’s Yandex said on Wednesday it had started selling clothing, footwear and accessories on its Yandex.Market e-commerce service, months after pulling out of a deal to buy online fashion retailer KupiVIP.

Sometimes described as Russia’s Google, Yandex offers services ranging from advertising and search to ride-hailing and food delivery and has said it plans to spend around $650 million on e-commerce initiatives this year.

Yandex.Market did not disclose financial terms, but said in a statement that it would spend “tens of millions of dollars” to develop its fashion division in 2022.

“We plan to increase the share of this category to around 20 percent of goods turnover of all Yandex’s e-commerce services,” said Darya Zolotukhina, who will head Yandex.Market’s new initiative.

Zolotukhina expects clothing and fashion sales to be one of its main marketplace growth drivers in the future.

By Gleb Stolyarov and Alexander Marrow; Editor: Alexander Smith

Learn more:

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 local e-commerce market poses many challenges.

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