MOSCOW: Yandex, the Russian IT behemoth, announced on Friday that it was dropping out of a deal to buy online fashion shop KupiVIP, but that it is looking into other options in the fashion industry. Yandex said in May that it had reached an agreement to purchase the online retailer on undisclosed terms in order to expand its Yandex.Market service.
Yandex indicated in a statement that it will not exercise its option to buy the KupiVIP group.
(Gleb Stolyarov contributed reporting; Alexander Marrow wrote the story; David Evans edited it.)
Reuters is the source of this information./n
