Ozon, a Russian online shoes and accessories retailer often compared to Amazon in that region, has acquired 100 percent of Sapato.ru, a Russian company often compared to Zappos, early Sapato.ru investor Fast Lane Ventures recently reported in a press release.
The deal has received the approval from the Federal Antimonopoly Service (FAS) of the Russian Federation. The transaction was completed Feb. 15. Terms of the deal were not disclosed.
“We have worked hard to master the art of online fashion retail, and our expansive and loyal customer base speaks for itself,” said Matthieu Lannegrand, CEO of Sapato.ru. “This is a result of efforts made by our team and its firm commitment to quality and success.”
Founded in 1998, OZON raised $100 million from a range of sources that include Rakuten, the popular Japanese shopping site, and Swiss group Alpha Associates back in September, so it certainly had the cash to fork over.
Launched 18 months ago, Sapato.ru marks Fast Lane Ventures’ first exit. The Russian Zappos-like company receives 2.5 million visitors per month and offers more than 90,000 pairs of men’s, women’s, and children’s shoes and bags from over 200 brands. More than 7 million Russians made purchases through the company in 2011.
“Sapato.ru was the first online business founded by Fast Lane Ventures,” said Marina Treshchova, CEO of Fast Lane Ventures. “The company has demonstrated dynamic growth over the last two years and captured significant market share to develop into a leading online retailer in Russia.”
As a reminder, Amazon acquired Zappos back in 2009. This acquisition too should make a mutually beneficial fit.