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Russia's Yandex to spend 'tens of millions of dollars' on fashion

Reuters
·1 min read
FILE PHOTO: The logo of Russian internet group Yandex is pictured at the company's headquarter in Moscow

MOSCOW (Reuters) - Russia's Yandex said on Wednesday it had started selling clothing, footwear and accessories on its Yandex.Market e-commerce service, months after pulling out of a deal to buy online fashion retailer KupiVIP.

Sometimes described as Russia's Google, Yandex offers services ranging from advertising and search to ride-hailing and food delivery and has said it plans to spend around $650 million on e-commerce initiatives this year.

Yandex.Market did not disclose financial terms, but said in a statement that it would spend "tens of millions of dollars" to develop its fashion division in 2022.

"We plan to increase the share of this category to around 20% of goods turnover of all Yandex's e-commerce services," said Darya Zolotukhina, who will head Yandex.Market's new initiative.

Zolotukhina expects clothing and fashion sales to be one of its main marketplace growth drivers in the future.

(Reporting by Gleb Stolyarov; Writing by Alexander Marrow; Editing by Alexander Smith)