June 11, 2019 | Digital Commerce 360
Last week Alibaba, Mail.Ru Group, Russian telco MegaFon and sovereign fund Russian Direct Investment Fund (RDIF) announced they received approval from Russia’s antimonopoly authorities for their “social commerce joint venture.”
The JV will leverage on the existing businesses of AliExpress Russia, the B2C marketplace owned by Alibaba which controls a large part of the ecommerce flows between China and Russia. The partners will pour their “capital, strategic assets, leadership, resources and expertise” in the JV.
Related Water Street Insight: Split Ends: How to Exit a JV by Untangling the Assets