Russian Fashion E-Tailer KupiVIP Shuts Down

After a failed sale to Yandex, the Russian flash sales site KupiVIP has been shut down. KupiVIP

After 13 years of operation, KupiVIP, and Mamsy are both online e-commerce platforms. They have been closed by Private Trade.

KupiVIP was founded in 2008 and focuses on discount sales. The company had more then 3,000 suppliers in Russia and overseas. According to Fashion Consulting Group, the platform’s turnover decreased by 10 percent year-on-year in 2020, to 4.5 billion roubles ($61.7 million).

Mamsy was a specialist in mid-priced products for women and children. According to SPARK Interfax, its revenue was 671.6 million rubles ($9.2 million), which is a loss of 167.9 millions roubles ($2.3million) year-over-year.

According Private Trade’s financial reports, the company’s losses in 2020 amounted to 414 million roubles ($56.8 million). The company seemed unable to take advantage of Russia’s online fashionThe market grew 45 percent in a Pandemic-Affected 2020, while its turnover fell 40 percent.

In contrast, the growth of competitors was roughly in line to that of the online market. fashion market, Wildberries increased turnover 45 percent year-on-year and Lamoda’s turnover was up 43 percent on the year.

Yandex.Market had announced in May 2021 that it would buy Private Trade. However, the tech giant announced in July that it would not be continuing the deal and did not disclose why.

Learn more

Russian Tech Giant Yandex reveals Fashion Growth Ambitions

Yandex pulled out of a deal to purchase, fashion e-tailer KupiVIP in July, the tech giant hasn’t given up on the fashionsegment announced earlier this week at the Yandex Fashion Day conference, that its Yandex.Market platform would be doubled. fashionExpanding categories

Related  Two SLC style mavens are making fashion friendlier for plus-size and gender-diverse people

Source link

Leave a Reply

Your email address will not be published.