MOSCOW, Nov 10 (Businesshala) – Russia’s Yandex (YNDX.O) said on Wednesday it has sold clothing, footwear and accessories on its Yandex.Market e-commerce service, months after pulling out of a deal to buy online fashion retailer KupyVIP. Started selling equipment. ,
Sometimes described as the Google of Russia, Yandex offers services ranging from advertising and search to ride-hailing and food delivery and has said it plans to spend about $650 million on e-commerce initiatives this year.
Yandex.Market did not disclose financial terms, but said in a statement that it will spend “tens of millions” of dollars to develop its fashion division in 2022.
“We plan to increase the share of this category in the business of all e-commerce services of Yandex to about 20%,” said Darya Zolotukhina, head of new initiatives of Yandex.market.
Zolotukhina expects clothing and fashion sales to be one of its main market growth drivers in the future.