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Russia's Yandex pulls out of deal to buy online fashion retailer KupiVIP – CNA

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Business
Russian tech giant Yandex said on Friday it was pulling out of a deal to buy online fashion retailer KupiVIP, but is considering alternative outlets in the fashion sector.
Employees move boxes at a logistics centre of the Yandex.Market e-commerce platform in Moscow, Russia June 21, 2021. REUTERS/Evgenia Novozhenina/Files
MOSCOW: Russian tech giant Yandex said on Friday it was pulling out of a deal to buy online fashion retailer KupiVIP, but is considering alternative outlets in the fashion sector.
Yandex said in May it had agreed to buy the online retailer on undisclosed terms to enhance its Yandex.Market offering.
“Yandex.Market will not exercise its option to buy the KupiVIP group,” Yandex said in a statement.
(Reporting by Gleb Stolyarov; Writing by Alexander Marrow; editing by David Evans)
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