Pic: Yandex.ru
Russian tech giant Yandex last week announced pulling out of a deal to buy online fashion retailer KupiVIP, but said it is considering alternative outlets in the field of fashion. In May, it had agreed to buy the online retailer on undisclosed terms to enhance its Yandex.Market, a free platform for displaying products by retail and online stores.
The deal was expected to be completed in the third quarter of this year.
"Yandex.Market will not exercise its option to buy the KupiVIP group," a global newswire quoted Yandex as saying in a statement.
Yandex plans to spend close to $400-500 million on its e-commerce drive this year.
Fibre2Fashion News Desk (DS)
Russian tech giant Yandex last week announced pulling out of a deal to buy online fashion retailer KupiVIP, but said it is considering alternative outlets in the field of fashion. In May, it had agreed to buy the online retailer on undisclosed terms to enhance its Yandex.Market, a free platform for displaying products by retail and online stores.