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. Last Updated: 07/27/2016

X5 Announces Online Joint Venture

MOSCOW — The country's top grocer X5 said on Wednesday that it had launched a joint venture with two Internet retailers as part of its plan to gain a bigger foothold in online trading.

X5's partners in the new venture are books and entertainment specialist and household appliances retailer 
X5 said it has purchased 51 percent in the new venture, IT Business, for $1 million and has the right to buy the remaining 49 percent within five years.

"Internet retailing is still in its infancy in Russia, and X5 has the opportunity to develop the leading online retail brand," X5 CEO Lev Khasis said in a statement.

Khasis told Reuters last month that X5 plans to launch Russia's answer to online retail giant Amazon. 
The companies and — who bring expertise and infrastructure to the joint venture — will continue to operate under existing brands, and next year X5 will decide on a launch of a new e-commerce brand, the statement said.