Fast Lane Ventures, the Moscow-based serial Internet startup developer, has teamed up with Springstar, the German incubator backed by Oliver Jung and Klaus Hommel, to localize Juvalia&You on the Russian market.
Juvalia&You targets women Internet users who are willing to launch their own small businesses, regardless of their professional background or age. The company provides them with the opportunity to sell its jewellery through online and offline social activity, with flexible working hours and in some cases from home.
The www.juvalia.ru website was launched last week but still has some bugs. Other versions were introduced simultaneously in Germany, Brazil and India.
Fast Lane Venture’s analysts estimate that the size of the Russian fashion jewellery market and that of the network marketing market are both around $3 billion. By operating on both markets, Juvalia&You expects to generate $2 million by the end of 2012 and to increase this figure at least 10-fold in 2013.
“This venture is based on a proven business model and we expect to see it become the leading social selling company for jewellery. We anticipate that within the first three years the site will attract around 10,000 stylists in Russia alone,” said Marina Treshchova, CEO of Fast Lane Ventures.
Christian Graggaber, a multilingual Austrian who graduated from the Skolkovo School of Management in Moscow and the Bocconi University in Milan as well as from MIT in Boston, was appointed CEO of the company.