The full acquisition is the biggest investment in the Slovenian online retail sector to date, Mimovrste said.

The move comes after Netretail, which runs online shops in the Czech Republic, Poland, Hungary, Slovakia and Slovenia, invested EUR 3m to acquire a minority share in Mimovrste in September last year.

Netretail sees the acquisition as an opportunity to expand its business in Slovenia and the wider region, Mimovrste said, quoting Netretail founder and director Ondrej Fryc.

Mimovrste is the most popular on-line shopping venue in Slovenia, according to a recent survey by polling company Valicon.

In September, the company said its revenues grew 20% in 2011 compared to the year before when it generated EUR 20m. Similar or higher rates of growth are expected in the future as well, the company added.