Yandex warned about its brand risks, associated with possible cooperation of Sberbank with AliExpress, according to the Internet company’s annual report, RNS reports.
“Recently, the speculations over the fact that Sberbank and Aliexpress discuss the possibility of creation of joint venture in electronic commerce, which could potentially compete with our business in e-commerce appeared in press”, according to the report.
In particular, Yandex indicates that the cooperation of Sberbank with the “subsidiary” of the Chinese internet holding Alibaba Group can negatively affect Yandex brand.
“Our business Yandex.Money is managed through the joint venture with Sberbank. The recent information that Sberbank discusses the creation of joint venture in e-commerce with AliExpress can potentially compete with our business in electronic commerce and negatively affect our brand and business”, according to company materials.
Although the company intends to use its control and protection means as the minority partner in Yandex.Money JV, the internet company cannot guarantee that this business will always develop in accordance with the style, which Yandex brand follows.
Previously, the Kommersant Daily reported that Sberbank and Alibaba Group can create the joint venture in e-commerce in the first half of 2017 – Alibaba Group will contribute its operating business on the cross-border trade in Russia and CIS, and probably in other countries; Sberbank, which will obtain control in business, will mainly need to make financial investments.
