Alibaba Group, MegaFon, Mail.ru Group (MAIL) and the Russian Direct Investment Fund (RDIF) have announced the completion of a joint venture transaction to integrate Russia’s key consumer internet and e-commerce platforms and launch of a leading social commerce joint venture in Russia and the CIS, which will operate in compliance with local data protection regulations.
AliExpress Russia JV is majority owned by Russian shareholders with a Board of Directors comprised of representation from RDIF, Alibaba Group, MegaFon and Mail.ru Group. Boris Dobrodeev will be the Chairman of AliExpress Russia JV Board of Directors. The parties have appointed two Co-CEOs – AliExpress Russia Head Liu Wei and First Deputy Chief Executive Officer of Mail.ru Group Dmitry Sergeev.
As part of the shareholder collaboration, the AliExpress Russia JV and Mail.ru Group entered into a strategic cooperation agreement relating to, among other things, user traffic and product initiatives. The AliExpress Russia JV will be featured on Mail.ru Group’s platforms through exclusive product integration and marketing solutions.
Source: Alibaba
