Posted by Georgina Caldwell | Nov 16, 2021 | Europe, Fashion, Fashion Finance, Fashion Retail, Fashion Technology, Finance, Retail, Technology |
THE WHAT? Russian search engine, Yandex has branched out into fashion retail, according to a report published by Reuters.
THE DETAILS The digital platform recently pulled out of a deal to purchase online clothing retailer, KupiVIP, per Reuters, and has clearly decided to go it alone instead. The online service provider said that it would pile ‘tens of millions of dollars’ to grow its new venture.
THE WHY? Darya Zolotukhina, who has been chosen to head up the new fashion unit, told Reuters, “We plan to increase the share of this category to around 20 percent of goods turnover of all Yandex’s e-commerce services.”
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