Russia's MGKL Group launches its own online resale platform

MOSCOW. Feb 25 (Interfax) - MGKL Group , which operates under the Mosgorlombard brand, has launched its own online platform, Resale Market, for selling goods, the group said.

The new service allows users to either purchase pre-owned items or submit a sale request. The platform buys items from users, prepares them for resale, and then lists them for sale. The main product categories include jewelry, fur products, gadgets and electronics, but platform specialists can also evaluate and consider any liquid assets for resale.

Both individuals and businesses can use the platform. At this stage, a quick buyout service is available for legal entities, allowing them to sell both used and new goods in small and medium batches to the platform for resale. This enables businesses to quickly monetize their inventory by selling products to the platform and receiving instant payment.

The platform's functionality will continue to expand. A format where ordinary transactions for purchasing and selling goods between individuals will be introduced, allowing users to register and sell their items. Additionally, a marketplace format will be launched, enabling businesses to sell products under their own name, access sales analytics, and synchronize their accounting systems with the platform's mechanisms.

MGKL conducted an IPO on the Moscow Exchange at the end of 2023, raising approximately 303 million rubles, with a share price of 2.5 rubles per stock. Following the IPO, the company's free float stood at 14.6%. In May 2024, after converting preferred shares, free float increased to 27.6%, the company said.

MGKL Group operates in several areas - the pawn business under the Mosgorlombard brand, wholesale purchase and processing of precious metals under Lot-Zoloto NDS, and the resale business under Resale Market.