Russian firm Fast Lane Ventures will sell a majority stake in its portfolio company Shopping Live to Germany’s Home Shopping Europe for an undisclosed sum, Fast Lane Ventures said on Wednesday.
Fast Lane Ventures General Director Marina Treshchova said partnership with the German firm will help Shopping Live boost its audience and sales.
Home Shopping Europe has been on the supervisory board of Shopping Live since November 2011. Shopping Live General Director Ilya Kirik said the partnership had helped increase the online shop’s sales and market share.
Shopping Live is an online shop that sells goods via the format of teleshopping and went on the air for the first time in July 2011. Shopping Live currently runs a round-the-clock channel with live programs.