Retailer Magnit to Acquire KazanExpress and Launch Magnit Market Platform

The retailer Magnit has announced its plans to purchase the KazanExpress company and create its own platform called Magnit Market, according to representatives from Magnit and AliExpress, as reported by RBC.

Deal Financing and Regulatory Approval

The exact amount of the deal has not been disclosed, but a representative from Magnit stated that the funding will come from the retailer’s own resources. To proceed with the acquisition, Magnit will submit a petition to the Federal Antimonopoly Service after signing the purchase agreement.

Launch of Magnit Market

Magnit’s intention is to launch its own market platform, Magnit Market, utilizing the newly acquired KazanExpress website.

Expansion Plans

Magnit plans to expand the geography and number of delivery points by opening pickup locations in Magnit stores. The retailer also aims to enhance product categories and attract new sellers to the platform.