Is Lamoda profitable in 2025?

No net income figure was disclosed for FY2025. Lamoda reported 113 billion rubles revenue (+10% YoY) and 213 billion rubles platform GMV for FY2025, per CB Insights aggregation dated 2026-04-26, but profitability was not confirmed in available sources.

Lamoda is privately owned by Iakov Panchenko, owner of the Stockmann department-store chain, via JSC LM Holding. He bought the Russia/Kazakhstan/Belarus business from Global Fashion Group for at least 95 million euros in December 2022.

Is Lamoda still the top online fashion retailer in Russia?

Yes, Lamoda ranked #1 in Russia by both online apparel sales value and order count in 2024 per Data Insight/Statista data published 2025-06-09. However, Ozon's fashion vertical grew turnover about 86% YoY versus Lamoda's roughly 10% in FY2025.

Could AI replace Lamoda?

Unlikely soon. Lamoda's moat is physical: 380+ own pickup points, 17,000+ partner points, 90+ Lamoda Sport stores, and 4,000+ brand relationships built for Russia's sanctioned market. AI mainly touches recommendations, chat support, and forecasting, not logistics or brand curation.

Is Wildberries a bigger threat to Lamoda than Ozon?

Wildberries is larger overall, controlling roughly 40-45% of Russian online retail with over 4 trillion rubles annual turnover as of mid-2026, but Ozon poses faster fashion-specific pressure, growing its fashion vertical about 86% YoY versus Lamoda's 10% in FY2025.

Did Lamoda buy any brands recently?

Yes. Lamoda acquired a 90% stake in premium Russian brand Selfmade (Fast Fashion LLC) around April to May 2026, its first strategic investment in Russian fashion retail, giving Selfmade access to Lamoda's platform infrastructure, per Denuo Legal dated 2026-05-20.

E-commerce and marketplaces · Russia

Lamoda

lamoda.ru ↗

Russia's leading online fashion marketplace, #1 in apparel sales and orders as of 2024.

Losing its protection

Assessed 22 July 2026 · Evidence as of 22 July 2026

The structural protection is eroding.

On the recordSince 22 July 2026 · Checkable from Q1 2026 · Every call on the record Checkpoint: Next quarterly growth comparison between Ozon fashion vertical and Lamoda category growth

The call

Lamoda still leads Russian online fashion by revenue and orders, but Ozon and Wildberries are growing faster in the same category from a much larger base.

Lamoda sells clothes and shoes online and leads Russia in fashion e-commerce by sales and order numbers. However, the two giant online stores, Ozon and Wildberries, are much larger overall and are now pushing hard into fashion, with Ozon's fashion sales growing much faster than Lamoda's total business is growing. This means Lamoda's advantage comes partly from focusing only on fashion rather than from something competitors cannot copy, and the bigger stores can copy it if they choose to. The biggest wild cards are whether Russia's war situation hurts Lamoda's warehouses or delivery, and whether Lamoda can lock in fancy brands that the huge general marketplaces cannot easily get.

Why

AI pressure: None apparent. No AI-native fashion agent or shopping bot is named as displacing Lamoda today; the pressure is from bigger generalist marketplaces, not algorithms. Could AI do the core job? Unlikely.

Bigger players: Ozon and Wildberries. Ozon's fashion vertical grew 86% YoY while Lamoda grew 10% overall, and Wildberries already holds 40-45% of Russian online retail with far bigger GMV. Could a giant copy it? Yes, easily.

What protects it. Deep fashion specialization: 10M+ products, 4,000+ brands, and premium/Selfmade tie-ups generalists have not replicated yet.

What would change this call

Ozon or Wildberries report fashion-vertical growth 5 to 8x Lamoda's category rate for 4 straight quarters. Would show generalists are structurally overtaking Lamoda's core apparel niche.
Lamoda's category-specific growth reaccelerates to 30%+ matching its Q3 2025 print. Would show Lamoda is defending its specialization rather than losing share.
Public confirmation of exclusive brand deals (e.g. Selfmade, premium labels) unavailable on Ozon or Wildberries. Would show a real differentiation moat generalists cannot copy.

Key numbers

FY2025 revenue 113 billion RUB, +10% YoY (2025-12-31)
Ozon fashion vertical grew 86% YoY (2025-08-21)
Q3 2025 turnover 19.2 billion RUB, +31.8% YoY (2025-08-21)

Named risks

War-related drone strikes on Russian e-commerce warehouse infrastructure disrupting logistics. Severity: high
Ozon and Yandex Market fashion-vertical growth vastly outpacing Lamoda's ~10% growth. Severity: high
Sanctions restricting imported brand supply, e.g. reported adidas import restrictions. Severity: medium
No IPO or disclosed liquidity path for private owner Panchenko. Severity: medium
Internally inconsistent historical revenue/net income figures raise data-quality concerns. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Ozon	losing to	Ozon fashion turnover grew ~86% YoY vs Lamoda's ~10% revenue growth in FY2025
Wildberries	contesting	Wildberries holds 40-45% of Russian online retail with 4T+ RUB turnover as of 2026-07
Yandex Market	contesting	Yandex Market leads Russian marketplace share at 41.3% per 2026-04-27 estimate
AliExpress Russia	contesting	Listed as cross-border marketplace alternative competing for Russian fashion shoppers

Questions people ask

Is Lamoda profitable in 2025?: No net income figure was disclosed for FY2025. Lamoda reported 113 billion rubles revenue (+10% YoY) and 213 billion rubles platform GMV for FY2025, per CB Insights aggregation dated 2026-04-26, but profitability was not confirmed in available sources.
Who owns Lamoda now?: Lamoda is privately owned by Iakov Panchenko, owner of the Stockmann department-store chain, via JSC LM Holding. He bought the Russia/Kazakhstan/Belarus business from Global Fashion Group for at least 95 million euros in December 2022.
Is Lamoda still the top online fashion retailer in Russia?: Yes, Lamoda ranked #1 in Russia by both online apparel sales value and order count in 2024 per Data Insight/Statista data published 2025-06-09. However, Ozon's fashion vertical grew turnover about 86% YoY versus Lamoda's roughly 10% in FY2025.
Could AI replace Lamoda?: Unlikely soon. Lamoda's moat is physical: 380+ own pickup points, 17,000+ partner points, 90+ Lamoda Sport stores, and 4,000+ brand relationships built for Russia's sanctioned market. AI mainly touches recommendations, chat support, and forecasting, not logistics or brand curation.
Is Wildberries a bigger threat to Lamoda than Ozon?: Wildberries is larger overall, controlling roughly 40-45% of Russian online retail with over 4 trillion rubles annual turnover as of mid-2026, but Ozon poses faster fashion-specific pressure, growing its fashion vertical about 86% YoY versus Lamoda's 10% in FY2025.
Did Lamoda buy any brands recently?: Yes. Lamoda acquired a 90% stake in premium Russian brand Selfmade (Fast Fashion LLC) around April to May 2026, its first strategic investment in Russian fashion retail, giving Selfmade access to Lamoda's platform infrastructure, per Denuo Legal dated 2026-05-20.

Timeline

2026-05-20Lamoda acquires 90% stake in premium brand Selfmade (Fast Fashion LLC)
2025-12-31FY2025 revenue reaches 113 billion rubles, up 10% YoY; GMV 213 billion rubles
2025-08-21Q3 net turnover hits 19.2 billion rubles, up 31.8% YoY
2024-01-25Lamoda announces plan to open Lamoda Sport stores in 20+ Russian cities
2024-0190+ Lamoda Sport stores open, some in former Adidas outlet locations
2023-06Maxim Grishakov becomes CEO, formerly of Yandex Market and Hoff
2022-12-12Global Fashion Group sells Lamoda Russia business to Iakov Panchenko for 95M euros
2014Global Fashion Group takes ownership of Lamoda
2013-06-11Lamoda raises $130M round led by Access Industries and Summit Partners
2011Lamoda founded in Moscow by four German entrepreneurs

Revision history

22 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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