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.
It said the purchase would help Yandex.Market expand faster in the online fashion market, which it described as one of the most attractive sectors of Russia’s e-commerce space.
KupiVIP, a retailer that works with more than 3,000 Russian and foreign suppliers to offer products from over 1,000 brands, also has operations in Belarus and Kazakhstan and will gradually be integrated into the Yandex.Market platform.
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