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AddVenture invests $2 million in online jewellery store

0 2 December 2013

Investment fund AddVenture have invested $2 million in online jewelry shop According to the publication Roem, the majority of the money will be spent on the development of IT-infrastructure and more agressive marketing.

According to AddVenture, the jewelry market in Russia will be valued at $11 billion by 2016; of which the share of online commerce will be around 10% of this amount. The number of customers is estimated to increase by around 2 million. To compare, the market was estimated to be worth $8 billion last year and online shopping of jewelry only contributed to 1% of this.

Managing partner of AddVenture, Maxim Medvedev, said that this company has every possibility to grab the leading position in the jewelry market and make the highest profits. According to him, focuses on a wide range of consumers and has great potential to start trading in international markets if they so wish.

At the moment is one of the most popular online jewelry merchants. It offers customers over 70,000 types of product. Founder Olga Suvorova is positive about the future of e-commerce for jewelry. It eliminates the need for customers to go to a shop themselves and gives them time to think very carefully before they make a purchase in the comfort of their own home.

In the forseeable future, the company plans to open a network of showrooms in smaller regions that don’t have any other thriving jewelry businesses. was launched in 2008 by Olga Surova. According to the project, it has a monthly turnover of £1.1 million with 6,000 orders per month. Average customer purchase is valued at 1-8000 rubles. Shares in the company are divided in the following proportions: Olga Suvorova - 72%, the fund AddVenture - 24%; AddVenture partner Maxim Medvedev - 4%.


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