MOSCOW, May 31 (Reuters) - Russian internet giant Yandex on Monday said it had agreed to buy online fashion retailer KupiVIP on undisclosed terms to enhance its Yandex.Market e-commerce offering.
Sometimes described as Russia’s Google, Yandex offers a raft of services, from advertising and searches to ride-hailing and food delivery, and has said it plans to spend $400-500 million on an e-commerce drive this year.
The deal is subject to regulatory approval and should be completed in the third quarter of 2021, Yandex said in a statement.
It said the purchase would help Yandex.Market expand faster in the online fashion market, which it described as one of the most attractive sectors of Russia’s e-commerce space.
KupiVIP, a retailer that works with more than 3,000 Russian and foreign suppliers to offer products from over 1,000 brands, also has operations in Belarus and Kazakhstan and will gradually be integrated into the Yandex.Market platform. (Reporting by Alexander Marrow; Editing by Kirsten Donovan)