East-West Digital News 19 June 2012
KupiVip’s CEO Oskar Hartmann confirms plans to hold an IPO in New York “within two years,” Reuters reported yesterday. ”We have already made quite good progress and [an IPO] is likely. We need to grow to reach the size [of business] that allows us to do a round of $120 million or more,” Hartmann told reporters.
Launched in October 2008, KupiVip has successfully brought to Russia the concept of online flash sales, which such players as Vente-Privee.com and Gilt.com had made popular in the West years before.
The site sells name brand fashion at deep discounts, up to 70% off, targeting middle class Russians, both men and women, in “every region, every city.” Offers include products from such designers as Dolce & Gabbana and Roberto Cavalli, global sportswear brands as well as Russian labels. KupiVip works directly with 1,300 suppliers. KupiVip hosts up to 20 private, online flash sales each day. Members get daily email notifications about new flash sales.
KupiVip’s revenues for 2011 have not been disclosed. The Russian edition of Forbes magazine estimated them at $160 million, but a source in the industry told East-West Digital News they may not have reached $100 million.