May 27th, 2009

Boom times for local online auction sites

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Revenue of Hungarian online auction site Vatera.hu, owned by South Africa’s Naspers, doubled to about half a billion forints in 2008, exceeding the target, managing director Viktor Gero said at a press conference on Tuesday.

This year, Vatera.hu targets revenue growth of 70-80pc, Mr Gero said.

Goods worth about HUF 12bn were auctioned on Vatera.hu in 2008. Electronics and brand-name clothing were the most popular auction lots, but users — Vatera.hu has 822,000 registered users — sold antiques, cars and even real estate, too.

Naspers’ other online auction site in Hungary, TeszVesz, has 717,000 registered members, mainly women. The site generated revenue of HUF 150m in 2008.

Naspers plans to merge the two sites, but the brand names will remain as there is only about 25pc overlap between Vatera.hu and TeszVesz users.

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