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Russian Yandex cancels transaction to buy online fashion retailer Kupi VIP

Photo: Yandex.ru

Russian tech giant Yandex announced last week that it would withdraw its contract to buy online fashion retailer Kupi VIP, but said it was considering alternative retailers in the fashion arena. In May, we agreed to purchase online retailers on private terms to enhance Yandex.Market, a free platform for displaying products in retail stores and online stores.

The transaction was expected to close in the third quarter of this year.

“Yandex.Market does not exercise the option to purchase the Kupi VIP Group,” Global Newswire quoted Yandex in a statement.

Yandex plans to spend between $ 400 million and nearly $ 500 million on e-commerce drives this year.

Fiber2Fashion News Desk (DS)

Russian tech giant Yandex announced last week that it would withdraw its contract to buy online fashion retailer Kupi VIP, but said it was considering alternative retailers in the fashion arena. In May, we agreed to purchase online retailers on private terms to enhance Yandex.Market, a free platform for displaying products in retail stores and online stores.



Russian Yandex cancels transaction to buy online fashion retailer Kupi VIP

Source link Russian Yandex cancels transaction to buy online fashion retailer Kupi VIP

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