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'Amazon will follow our model': Ulmart CEO

If e-commerce giant Amazon thought it had tough competition from China's Alibaba, it might want to consider a new Russian dark horse in the shape of Ulmart.

Headquartered in St Petersburg, the online retailer has broken away from its domestic rivals and has started to post promising sales, making it the biggest online retailer in Russia by revenue. Often regarded as Russia's answer to Amazon with its sales of electronic goods and computer hardware, Chairman Dmitry Kostygin fired a warning shot at its U.S. counterpart.

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"We bet that even in a couple of years even Amazon will switch to our model, " he told CNBC on Thursday at the St Petersburg International Economic Forum (SPIEF).

That model? Well, Kostygin believes Ulmart's model represents the "next generation of the internet retailing", meaning faster delivery and greater reliability. "We can argue that we are somewhat better than Amazon," he added.

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Tipped for a London flotation either this year or next, Ulmart reported sales for 2013 that exceeded $1 billion earlier this year and claimed that it has more "dynamic" growth than Amazon. By investing heavily in a nation-wide system of fulfillment centers which are located in large cities, it believes it can make deliveries in as little as two hours.

Helped by a growing domestic middle class in Russia, Kostygin believes that the future is bright for online retail in the country and said that there had been no significant fallout for Ulmart with regards to Russia's annexation of Crimea in April and the ensuing sanctions.

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"It's always tough, there's not even the slightest change in the business in Russia," he said on Thursday.