Tatyana Bakalchuk looks happy with the wealth she’s accrued. Photo: @Forbes/Twitter
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How Wildberries founder Tatyana Bakalchuk became the richest woman in Russia
The e-commerce entrepreneur – who is proudly of Korean heritage – built a US$1.4 billion fortune from the online start-up she launched as an English teacher on maternity leave with just US$700 in the bank
Tatyana Bakalchuk, the richest woman in Russia, is the founder of the country’s largest online retailer, Wildberries. Photo: YouTube
Meet Tatyana Bakalchuk, the richest woman in Russia today with a net worth of US$1.4 billion, thanks to her online retail business. Here are four things you need to know about the 44-year-old entrepreneur, proudly of Korean heritage.
She was educated in Russia
Tatyana Bakalchuk, the richest woman in Russia. Photo: @MoscowTimes/Twitter
Bakalchuk graduated specialising in English and German from Moscow State Regional Social and Humanitarian Institute. That’s how she went on to become an English teacher. But she was hardly able to make ends meet. That’s when she came up with the interesting idea of an online retail business to turn things around for the sake of her family.
Her e-commerce start-up
Screenshot of Wildberries, Russia's largest online retailer. Photo: Wild berries
In 2004, while taking a rest at home on maternity leave, she established the online retailer Wildberries with just US$700 left in her savings account.
At the time, she was only 28, but this didn’t deter Bakalchuk from taking risks. It was just a matter of time before her husband, Vladislav, became part of her company. In the early days of the business, she mostly traded and resold Quelle products from the German retailer Otto Group. Since then, her online business has come a long way, boasting 15,000 brands today.
Screenshot of Wildberries, Russia's largest online retailer, which sells anything from cosmetics, clothing, electronics to household goods. Photo: Wildberries
It sells everything one needs. According to Forbes, her online business sold over US$1.9 billion worth of clothing in 2018. While her retail online business enjoys a strong foothold in Russia, it’s no less popular in the former Soviet Union colonies such as Belarus, Kazakhstan, Kyrgyzstan and Armenia.
While everybody was reeling under the stress of recession in 2008, this period proved to be absolutely a blessed one for Bakalchuk. Adidas was severely hit by this global financial crisis leaving it with unsold clothes and trainers worth more than a million euros. She emerged as a saviour for Adidas and decided to purchase the whole supply on credit and sold these unsold goods over the next two years.
Spreading its wings in Europe
This way, Wildberries grew to become the largest online retailer in Russia, and it is now ranked as the third most visited e-commerce site in the world, behind only H&M and Macy's, according research by SEMrush marketing analytics firm.
Extraordinary accolades
Forbes Names Wildberries Owner Tatyana Bakalchuk Russia’s Richest Woman https://t.co/MSs0cYKHfR pic.twitter.com/HgittsoaSg
— The Pakistan Post (@TPPNewsOfficial) February 20, 2020
Bakalchuk has been widely recognised for her extraordinary achievements. In 2018, she won the Veuve Clicquot Business Woman Award and the RBC Entrepreneur of the Year Award. Then in 2019, she was named by Forbes on its list of 15 business personalities who changed the perception of Russia globally.