She Spent $700 To Start An eCommerce Site; Now She's Russia's Richest Woman Worth $7.4B

Tatyana Bakalchuk@ourfuturehq via Instagram

Currently, Tatyana Bakalchuk holds the title of the wealthiest woman in Russia, boasting an estimated net worth of $7.4 billion. Despite her vast fortune, the 48-year-old entrepreneur maintains a remarkably low profile and leads a modest lifestyle. Unlike many billionaires who reside in opulent mansions, Bakalchuk reportedly prefers to rent her accommodation rather than own property. In a 2018 interview with AFP, she described herself as "introverted."

In 2004, while on maternity leave, Bakalchuk founded an e-commerce company called Wildberries, investing a mere $700 to build a website. Fast forward to 2023, and Wildberries had generated an impressive $6 billion in revenue and $27.8 billion in gross merchandise volume. Often referred to as the Russian version of Amazon by Bloomberg's Billionaires Index, Wildberries is a rapidly expanding online retailer offering a diverse array of products, including clothing, electronics, and housewares, from over 60,000 brands.

The Humble Beginnings

Bakalchuk was born in 1975 in the Moscow Oblast district and pursued her education at the Kolomna State Pedagogical Institute. She and her husband, IT entrepreneur Vladislav Bakalchuk, have seven children. Initially working as an English teacher, Bakalchuk decided to venture into e-commerce by establishing her own online store. Wildberries started as a small business reselling clothing from the German retailer Otto. In a 2018 interview with Bloomberg, Bakalchuk recounted how she handled all the deliveries herself during the company's early days. "At first, I did everything myself, collecting the goods and taking them to customers on the other side of Moscow by subway or bus," she said.

Expansion and Growth

As Wildberries began to expand, Bakalchuk hired delivery drivers and rented facilities to stock more inventory. With the continuous growth of the business, she started to attract investments. Currently, Bakalchuk owns 99% of the business, with her husband holding the remaining 1%. In 2006, Russian bodybuilder Sergei Anufriev also invested in Wildberries. According to The Moscow Times, Wildberries began its European operations in 2021, eventually expanding into Germany, Italy, Spain, and France.

In 2020, questions arose regarding Bakalchuk's claim to being a self-made billionaire when The Bell reported that she made $5 million from selling stock in an internet company. However, representatives from Wildberries swiftly clarified that the founding of Wildberries was unrelated to that money.

Current Endeavours

Bakalchuk is currently engaged in developing an alternative payment system aimed at supporting Russia's economy amidst foreign sanctions. Following Russia's full-scale invasion of Ukraine in February 2022, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) sanctioned seven Russian banks. The European Commission issued a united statement condemning the invasion, asserting that the prohibition would "ensure that these banks are disconnected from the international financial system and harm their ability to operate globally."

According to a recent Bloomberg report, Bakalchuk plans to collaborate with Russ Group, an advertising company, to create a new digital trading platform to replace SWIFT. The project will be overseen by Maxim Oreshkin, a former Minister of Economic Development who has been personally appointed by Russian President Vladimir Putin as the project leader.

Tatyana Bakalchuk's journey from a modest beginning to becoming Russia's wealthiest woman underscores the importance of innovation, resilience, and strategic growth in achieving remarkable success. As she continues to navigate the complexities of the business world, particularly in light of geopolitical challenges, Bakalchuk's ventures and strategic initiatives will undoubtedly remain a focal point in the global economic landscape.