December 3, 2019 / 10:32 AM / 5 days ago

Russia's Yandex.Market venture Bringly stops taking orders

MOSCOW, Dec 3 (Reuters) - Yandex.Market, a joint venture between Russian internet giant Yandex and the country’s largest lender Sberbank, has stopped taking orders on its cross-border shopping site, Bringly, the company said on Tuesday.

The move comes two weeks after Yandex proposed changes to its governance structure, endorsed by the Kremlin, that would reduce the company’s involvement with Sberbank, whose “golden share” in Yandex will pass to a newly-created “public interest foundation”.

“On the (Bringly) site, you can not make a new order. All orders that customers have already made will definitely reach the recipients,” a Yandex.Market spokeswoman told Reuters.

The company has decided to focus on developing its Beru online market place, she added, including adding the ability to buy goods in other countries.

Yandex and Sberbank signed a deal in 2018 to create a joint venture based on the Yandex.Market comparison shopping site and later that year launched local online market place Beru, which translates as ‘I’ll take it’, and bringly.ru.

Bringly offered Russian shoppers about four million products from China, Turkey, Japan, South Korea, the United States and the United Kingdom, but the site never went beyond the beta testing phase.

Sberbank agreed to buy a stake in internet company Mail.ru in October as Chief Executive German Gref transforms the lender into a banking-to-online services company. (Reporting by Nadezhda Tsydenova, Writing by Alexander Marrow; Editing by Katya Golubkova, Kirsten Donovan)

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