She spent $700 to set up an e-commerce site; Now she is the richest woman in Russia, worth $7.4 billion

Currently, Tatiana Bakalchuk is the richest woman in Russia, her fortune is estimated at $7.4 billion. Despite her enormous fortune, the 48-year-old entrepreneur maintains an extremely discreet figure and leads a modest lifestyle. Unlike many billionaires who live in opulent mansions, Bakalchuk reportedly prefers renting rather than owning his own property. In a 2018 interview with AFP, she described herself as an “introvert”.

In 2004, while on maternity leave, Bakalchuk founded an e-commerce company called Wildberries, investing just $700 to build a website. Fast forward to 2023, and Wildberries has generated an impressive $6 billion in revenue and $27.8 billion in gross merchandise volume. Wildberries, often referred to by Bloomberg’s Billionaires Index as Russia’s version of Amazon, is a fast-growing online retailer offering a diverse range of products including clothing, electronics and home goods from over 60,000 brands.

Humble beginnings

Bakalchuk was born in 1975 in the Moscow Oblast and continued 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 explore the e-commerce industry by starting her own online store. Wildberries started as a small clothing resale business from German retailer Otto. In a 2018 interview with Bloomberg, Bakalchuk explained how she handled all deliveries herself in the early days of the company. “In the beginning, I did everything myself, I picked up the goods and delivered them by metro or bus to customers at the other end of Moscow,” she said.

Expansion and growth

As Wildberries began to grow, Bakalchuk hired delivery drivers and rented facilities to store more inventory. As the business continued to grow, it began to attract investment. Bakalchuk now owns 99% of the company, with her husband owning the remaining 1%. In 2006, Russian bodybuilder Sergei Anufriev also invested in Wildberries. According to The Moscow Times, Wildberries began operating in Europe in 2021, eventually expanding to Germany, Italy, Spain, and France.

In 2020, questions arose about Bakalchuk’s claim to be a self-made billionaire when The Bell reported that she made $5 million selling stock in an internet company. However, Wildberries representatives were quick to clarify that the founding of Wildberries had nothing to do with that money.

Current efforts

Bakalchuk is currently involved in the development of an alternative payment system aimed at supporting Russia’s economy in the face of foreign sanctions. Following Russia’s full-scale invasion of Ukraine in February 2022, the Society for Worldwide Interbank Financial Telecommunications (SWIFT) imposed sanctions on seven Russian banks. The European Commission issued a joint statement condemning the invasion, saying the ban “will ensure that these banks are disconnected from the international financial system and harm their ability to operate on a global scale.”

According to a recent Bloomberg report, Bakalchuk plans to partner with advertising firm Russ Group to create a new digital trading platform to replace SWIFT. The project will be supervised by former Minister of Economic Development Maksym Oreshkin, who was personally appointed by Russian President Vladimir Putin as the project leader.

Tatyana Bakalchuk’s journey from humble beginnings to becoming Russia’s richest woman highlights the importance of innovation, resilience and strategic growth to achieve extraordinary 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 of the global economic landscape.