Russia's Amazon goes shoe shopping
20.05.12
Sapato is being sold by Fast Lane Ventures, a developer of Russian internet companies that functions as a sort of incubator for start-ups. Basing its business on the principle that a site that has been successful in the west will also be successful in Russia, Fast Lane helps entrepreneurs develop Russian businesses that can be sold off in three to five years. (Sapato, the first business to be spun off, was sold in 18 months.)
“18 months ago, 20 months ago, everyone was telling me it was simply not possible to sell shoes by internet,” says Marina Treshchova, Fast Lane’s chief executive. “In fact we actually managed to sell it to one of the best known companies in the internet sector.”
The deal appears to make sense for Ozon , as the site has been looking to expand outside the book, video and music business, says Jean Kaplan, an emerging markets technology analyst at HSBC in London.
While Ozon already does sell clothing and shoes, it has been less successful in the market than Sapato, for instance, which registers 2.5m visitors per month.
Source: Financial Times (blog)