Just days after its investment in India was revealed, Ru-Net, a major Russian venture fund, is reported to have acquired a stake in Lidyana, a Turkish online jewelry retailer.
The fund’s investment amounts to “a few million dollars,” for an estimated 25% stake, according to a source close to the deal cited by Russian business daily Kommersant.
Lidyana’s catalog of 6,000 items includes 150 brands, with such well known names as Calvin Klein, Tiffany & Co, Prada, and Moschino, as well as popular Turkish jewelry designers. The site has also launched its own collection under the brand name ‘D’Ark,’ according to Kommersant’s source.
The online jeweler’s turnover doubles each month, says the source.
The overall Turkish online retail market has been estimated at $12.3 billion in 2011, slightly more than the Russian market.
One of the most established players on the Russian venture scene, Ru-Net has stakes in several market leaders including search company Yandex, online retailer Ozon, and daily site Biglion.ru. Last year, Ru-Net made its funds available to US tech startups through a dedicated entity, RTP Ventures, which has a representative office in New York City.
Ru-Net already invested heavily in Vietnam last year, taking part in a $60 million round of financing to launch MJ Group, a new e-commerce company.
The fund declined to comment on its latest international developments.
