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Now it is official: Russian online store Ozon (a.k.a Amazon of Russia), which has recently obtained an approval from Federal Antimonopoly Service to buy the online shoe store Sapato, has completed the transaction.
Fast Lane Ventures, which calls itself the developer of Internet companies in the Russian internet market (rather than an incubator), has sold 100 percent of Sapato, its first online business. According to Fast Lane Ventures, Sapato is the third most recognized online retailer in Russia, attracting 2.5 million visitors per month. What is interesting, there are over 7 million Russians who shopped online in 2011. In 2010 it was 6 million, which is still low compared to 38 million online shoppers in Germany that year, but the number is growing fast.
According to Igor Taber, Investment Director of Intel Capital Russia and CIS, “As part of Ozon, Sapato.ru will be even better positioned to maintain its leadership as an online footwear retailer”.
The sales conditions were not disclosed and the transaction completed on February 15, although one probably guess that Sapato (which received in total $20 million investment), have not gotten all of Ozon’s $100 million funding.
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