Lifestyle

Russian Fashion E-Tailer KupiVIP Shuts Down

Russian flash gross sales website KupiVIP is shuttering following a cancelled sale to tech large Yandex earlier this 12 months. KupiVIP

On-line e-commerce platforms, KupiVIP and Mamsy, each managed by dad or mum firm, Personal Commerce, have introduced they are going to shut after 13 years in operation.

KupiVIP was established in 2008 and focussed on low cost gross sales. The corporate had over 3,000 suppliers from Russia and overseas. Based on Vogue Consulting Group, the platform’s turnover decreased by 10 p.c year-on-year in 2020, to 4.5 billion roubles ($61.7 million).

Mamsy specialised in mid-price merchandise for youngsters and ladies. Its income final 12 months, in accordance with SPARK-Interfax, amounted to 671.6 million roubles ($9.2 million), representing a year-on-year lack of 167.9 million roubles ($2.3 million).

In accordance Personal Commerce’s monetary experiences, the corporate’s losses in 2020 amounted to 414 million roubles ($56.8 million). The corporate appeared unable to benefit from Russia’s on-line style market rising 45 p.c in a pandemic-impacted 2020, its personal turnover decreased 40 p.c over the identical interval.

Rivals, in the meantime, noticed progress roughly in keeping with that of the net style market, Wildberries elevated turnover 45 p.c year-on-year and Lamoda’s turnover was up 43 p.c on the 12 months.

In Might 2021, Yandex.Market introduced it might buy of Personal Commerce, however in July the tech large introduced it was pulling out of the deal with out disclosing why.

Be taught extra:

Russian Tech Giant Yandex Reveals Fashion Growth Ambitions

Though Yandex backed out of a deal to purchase style e-tailer KupiVIP in July, the tech large hasn’t given up on the style phase, saying earlier this week at its Yandex Vogue Day convention that its personal Yandex.Market platform can be doubling down on style class growth.

https://www.businessoffashion.com/news/global-markets/russian-fashion-e-tailer-kupivip-shuts-down | Russian Vogue E-Tailer KupiVIP Shuts Down

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