Magnit agreed to buy 100% of KazanExpress LLC, which is developing the KazanExpress market, and launch its own on this basis, under the Magnit Market brand. This was reported by RBC with reference to representatives of Magnit, AliExpress and sources.
Experts estimated the amount of the transaction at 10 billion rubles, less than the cost of launching such a project from scratch.
The sellers of KazanExpress will be the structure of AliExpress Russia – Aggregator-Online (owns 56.3% of the shares of the LLC), the owner of the Kazan FIX holding Sergey Eremeev (33.8%) and the founders of the Linar marketplace Khusnullin (7.8%) and Kevin Handa (2.1%).
The parties do not officially disclose the amount of the transaction. Magnit only clarified that it will be financed with the retailer’s own funds.
Based on the new asset, the company plans to launch its own marketplace, Magnit Market. The geography and number of delivery points will increase significantly compared to what KazanExpress has due to the opening of pick-up points in Magnit stores. Magnit also plans to develop product categories and attract new sellers to the site.
A source close to the agreement stated that the purchase of a ready-made market will accelerate the company’s entry into this segment by two to four years. He also clarified that the cost of acquiring an asset is less compared to the amount of launching a site from scratch.
KazanExpress was launched in 2017. At the end of 2022, according to Data Insight, it was one of the largest Russian marketplaces in terms of the number of orders, behind Wildberries, Ozon, Yandex.Market, SberMegaMarket and AliExpress Russia. Currently, the platform’s audience exceeds 5 million people per month and 12,000 Russian sellers cooperate with it.
Author:
Anastasia Marina
Source: RB
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