Lamoda.ru, a Russian online fashion business, is raising an undisclosed amount of funding from JP Morgan.
The amount of the deal could range between $40m and $80m, reports said.
The company intends to use the capital to expand its product and brand portfolio as well as its presence in other adjacent markets such as Ukraine, Kazakhstan, Azerbaijan and Belarus.
Co-founded in 2010 by Dominik Picker, Florian Jansen, Niels Tonsen and Burkhard Binder, Lamoda currently offers about 500,000 products from some 700 global brands such as John Richmond, Clarks, Buffalo, Nike, Guess, Levi’s and Iceberg.
According to reports, the site has 5m unique users and 500,000 “loyal customers”.