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Russia's Yandex Pulls Out of Deal to Buy Online Fashion Retailer KupiVIP

Employees move boxes at a logistics center of the Yandex.Market e-commerce platform in Moscow, Russia June 21, 2021. REUTERS/Evgenia Novozhenina/Files
Employees move boxes at a logistics center of the Yandex.Market e-commerce platform in Moscow, Russia June 21, 2021. REUTERS/Evgenia Novozhenina/Files
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Russia's Yandex Pulls Out of Deal to Buy Online Fashion Retailer KupiVIP

Employees move boxes at a logistics center of the Yandex.Market e-commerce platform in Moscow, Russia June 21, 2021. REUTERS/Evgenia Novozhenina/Files
Employees move boxes at a logistics center of the Yandex.Market e-commerce platform in Moscow, Russia June 21, 2021. REUTERS/Evgenia Novozhenina/Files

Russian tech giant Yandex (YNDX.O) said on Friday it was pulling out of a deal to buy online fashion retailer KupiVIP.

According to Reuters, Yandex 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.

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Fashion

Zalando Beats First-quarter Revenue Forecast, Confirms 2025 Goal

FILE PHOTO: Zalando packaging from an online delivery is seen discarded in a cardboard box in Galway, Ireland, August 27, 2020. REUTERS/Clodagh Kilcoyne/File Photo
FILE PHOTO: Zalando packaging from an online delivery is seen discarded in a cardboard box in Galway, Ireland, August 27, 2020. REUTERS/Clodagh Kilcoyne/File Photo
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Zalando Beats First-quarter Revenue Forecast, Confirms 2025 Goal

FILE PHOTO: Zalando packaging from an online delivery is seen discarded in a cardboard box in Galway, Ireland, August 27, 2020. REUTERS/Clodagh Kilcoyne/File Photo
FILE PHOTO: Zalando packaging from an online delivery is seen discarded in a cardboard box in Galway, Ireland, August 27, 2020. REUTERS/Clodagh Kilcoyne/File Photo

European online fashion retailer Zalando reported first-quarter revenue on Tuesday that was stronger than expected, boosted by additional customers and a good start to spring and summer sales, while confirming its 2025 guidance.
Revenue of 2.420 billion euros ($2.74 billion) for the three months ended March 31 beat analysts' average forecast of 2.367 billion.
The number of active customers rose to a new high of 52.4 million, up from 49.5 million in the first quarter last year, Reuters reported.
Zalando said it confirmed its guidance "despite a fast-changing geopolitical and macroeconomic environment", referring to global trade tariffs that have driven many in the consumer and retail sector to cut expectations for 2025.