PRESS: Sber may invest in X5 online business to develop e-commerce

MOSCOW, Sep 1 (PRIME) -- Russia’s bank-turned-ecosystem Sber is considering investment in in the online business and express delivery of X5 Group, which runs grocery chains Pyaterochka, Perekrestok, and Karusel as a way to develop on the burgeoning market of food e-commerce, business daily Kommersant reported on Wednesday quoting sources.

Sber declined to comment, while X5 said it has not chosen a development strategy for its online business and can hold an initial public offering amid the risks of a potential divorce with partners.

X5 said it had discussed various forms of possible cooperation with several potential partners on the e-commerce market, investment funds and banks with investment businesses.

“We’re still analyzing the scenarios of development and it’s still early to speak about any option,” an X5 representative told the daily, adding that competences and expertise of the leading marketplaces would be most complementary for the retail group.

A source said that marketplace AliExpress Russia also shows interest in X5’s online business.

According to researcher INFOLine, X5 is the country’s largest grocery online retailer with the digital services turnover spiking by 64.4% on the year to 23.6 billion rubles in January–June. Sber’s SberMarket is second with a turnover of 21.7 billion rubles, up 223% on the year.

(73.2781 rubles – U.S. $1)

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