Wildberries

Source: Wikipedia, the free encyclopedia.
Wildberries
IndustryE-commerce
Founded2004
Headquarters
Moscow
,
Russia
Key people
Tatyana Bakalchuk
Revenue$814 million[1] (2017)
$26.7 million[1] (2017)
$7.34 million[1] (2017)
Total assets$336 million[1] (2017)
Total equity$29.1 million[1] (2017)
Websitewildberries.ru

Wildberries is the largest Russian online retailer. It was founded in 2004 by Tatyana Bakalchuk.[2]

Besides Russia, Wildberries serves: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, and Uzbekistan.[3][4] Wildberries has more than 48,000 employees as of 2020.[5] Until 2022, the company previously had services in France, Germany, Israel, Italy, Moldova, Poland, Slovakia, Spain, Turkey, the United States, and Ukraine. Wildberries sells 37,000 brands of clothing, shoes, cosmetics, household products, children goods, electronics, books, jewelry, food and much more. The company processes an average of 750,000 online orders per day.[5]

History

The company was founded in 2004 by Tatyana Bakalchuk.[2] Bakalchuk started the business in 2004 at age 28 in her Moscow apartment while on maternity leave from teaching. She realized how difficult it was for her and other young mothers to shop for clothes for themselves with a newborn at home. Her husband, Vladislav, an IT technician, soon joined her to help build the business.[6]

In 2017, Wildberries became Russia's largest online retailer, surpassing Ulmart.[7] The company, originally based in Milkovo, Moscow Oblast, relocated to Moscow in 2018.[7]

In 2018, Wildberries pulled in $1.9 billion in sales and attracted 2 million daily visitors.[8] Based on Forbes’ analysis, Bakalchuk is worth approximately $1 billion in 2019.[9]

In 2019, Wildberries had revenues for $3 billion with net profit increasing from Rbs1.88bn to Rbs7bn, confirming Wildberries’ leading role in the Russia’s fast-growing $30bn ecommerce market.[5]

In January 2020, Wildberries started work in the European Union with the launch of sales in Poland. It plans to open about 100 order distribution units in Poland and has opened the first in Warsaw.[10]

The company managed to expand in the aftermath of the 2008 financial crisis, as foreign companies sought to offload their excess inventory at a steep discount.

Forbes Magazine included Bakalchuk to the list "The 10 Most Notable New Billionaires Of 2019".[6]

During the COVID-19 pandemic in 2020, the company reported an increase in sales volumes almost doubled - up to $ 6 billion. About $305 million are accounted for overseas markets.[11]

In February 2021, Bakalchuk bought a small Russian bank Standard Credit (official site). The bank's capital is 302 million rubles, the purchase price is unknown. In Wildberries the bank will be used for settlements with suppliers and for servicing consumer services.[12] In August 2021, the bank was rebranded as Wildberries Bank.[13] In January 2022, Wildberries Bank started withdrawing prepaid virtual bank`s "WB-cards" with a digital wallet.[14]

In April 2021, Wildberries launched an online store in the United States.[11]

Since June 2021, Wildberries has started online sales by installment and on credit in Russia.[15]

In July 2021, Ukraine imposed sanctions against Wildberries and its owner Tatyana Bakalchuk. Trade in military uniforms and anti-Ukrainian books was named as the reason.[16] The company said it didn't have assets in Ukraine or capital, so sanctions wouldn't harm Wildberries, but only Ukrainian entrepreneurs using its platform. Wildberries told that it sold goods that other foreign players sold in Ukraine. Wildberries accused Ukraine of double standards and discrimination of business. The company's speaker Wildberries didn't expect harm to the company.[17]

In February 2022, the company launched the program of 5 billion roubles to subsidy assistance of merchant discount rate for local sellers providing quick delivery.[18]

In the summer of 2022, the company became a kit manufacturer for various Russian Premier League clubs, such as FC Spartak, PFC CSKA and FC Zenit.

In July 2023, Wildberries announced the launch of travel services on its platform. Users are offered package tours, as well as booking hotels and hostels, both in Russia and abroad. At the time of the launch of the service, the company sold only offers from travel agencies and aggregators.[19]

On 13 January 2024 a fire broke out at the company's warehouse in the village of Shushary near St. Petersburg (coordinates: 59°47′01″N 30°26′44″E / 59.78361°N 30.44556°E / 59.78361; 30.44556), whose area was 70 thousand m².[20] Extinguishing of the fire lasted 30 hours. According to preliminary estimates, the amount of damage from the fire was approximately 11 billion rubles.[21] The warehouse had operated without permission from the Russian State Construction Supervision Inspectorate (Gosstroynadzor) and had never been visited by the fire inspectorate.[22]

References

  1. ^ a b c d e Error: Unable to display the reference properly. See the documentation for details.
  2. ^ a b Khrennikov, Ilya (30 August 2018). "Russia's Biggest Web Retailer Was Founded by a Language Teacher on Maternity Leave". Bloomberg. Retrieved 19 October 2018.
  3. ^ "Wildberries запустил в Азербайджане программу по открытию пунктов выдачи заказов — новости от редакции «Бизнес Секреты — Тинькофф". Бизнес-cекреты (in Russian). 2023-08-09. Retrieved 2023-08-20.
  4. ^ "Wildberries запустил продажи в Узбекистане" (in Russian). ТАСС. 2022-02-14.
  5. ^ a b c Seddon, Max (11 May 2020). "How Tatyana Bakalchuk took Russia's ecommerce throne". Financial Times. Retrieved 2020-05-12.
  6. ^ a b From Kylie Jenner To Daniel Ek, The 10 Most Notable New Billionaires Of 2019 (Forbes, March 2019) [1]
  7. ^ a b ""Неинтересно продавать то, что произведено в Китае и завозится без налогов"". Коммерсантъ. 30 March 2018. Retrieved 19 October 2018.
  8. ^ Oprah, Kylie Jenner And The Other Richest Self-Made Women In the World (Forbes, March 2019) [2]
  9. ^ Former English Teacher And Founder Of Online Retailer Becomes Russia’s Second-Ever Female Billionaire (Forbes, February 2019) [3]
  10. ^ "Russian online retailer Wildberries starts sales in Poland". Reuters. 2020-01-09. Retrieved 2020-01-15.
  11. ^ a b "Wildberries, Russia's Answer To Amazon, Launches US Sales". www.benzinga.com. 2021-04-12.
  12. ^ "В Wildberries объяснили приобретение банка «Стандарт-кредит»" (in Russian). RBC. 2021-02-12.
  13. ^ "Банк Татьяны Бакальчук сменил название" (in Russian). Интерфакс. 2021-08-06.
  14. ^ "Дочерний банк Wildberries начал предлагать покупателям предоплаченные карты" (in Russian). Интерфакс. 2022-01-20.
  15. ^ "Wildberries запустил сервис покупки в рассрочку и кредит" (in Russian). TASS. 2021-06-07.
  16. ^ "Украинский министр объяснил введение санкций против Wildberries" (in Russian). kommersant.ru. 2021-07-24.
  17. ^ "Russia's Wildberries says Ukraine sanctions will hurt entrepreneurs, not company". Reuters. 2021-07-27. Retrieved 2021-07-28.
  18. ^ "Wildberries направит 5 млрд рублей на поощрение продавцов с быстрой доставкой" (in Russian). Интерфакс. 2022-02-02.
  19. ^ "Wildberries запускает продажи туров и сервис для брони отелей". Banki.ru (in Russian). 2023-07-19.
  20. ^ 01/13/18122791.shtml Все товары сгорели. Главное о пожаре на складе Wildberries в Петербурге, Газета.ру, 13.01.2024
  21. ^ Ущерб от пожара на складе Wildberries в Шушарах может достичь 11 млрд рублей, Коммерсантъ, 13.01.2024
  22. ^ Власти заявили, что сгоревший склад Wildberries работал без разрешения, РБК, 13.01.2024

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