Naspers buys largest Romanian online retailer eMAG
Stanciu will stay as general manager of eMAG and Apostolescu will be the development director.
The acquisition of eMAG was mainly triggered by its position in regional retail, according to a statement. The retailer will expand on the main markets in Eastern Europe, with a first step in Bulgaria and planned operations on other large regional markets.
Naspers, with a turnover of USD 5.3 billion in its latest financial year, owns PayU Romania, online platforms autovit.ro, mercador.ro, compari.ro and is a shareholder in Fashion Days.
eMAG was launched 11 years ago, “On a non-existent market and adapting a trade model which seemed taken from the movies for Romania. Without clear plans and without knowing where we were heading,” said Radu Apostolescu, co-founder of eMAG.
editor@romania-insider.com
(photo source: eMAG)