Indian e-commerce firm Snapdeal.com announced it has acquired Exclusively.com, an online fashion store, at an undisclosed price.
With this deal, Snapdeal.com looks to further strengthen its fashion business and reaching $2 billion in GMV in the fashion category this year, the company said.
The market for luxury products is growing at 30 percent YoY, according to a recent KPMG-ASSOCHAM report. Currently the market of luxury products and services is worth $14 billion in India.
More than 70 percent consumers want to shop for luxury products in India rather than abroad, the research shows.
Under the deal, Exclusively will complement Snapdeal’s existing ecosystem and will provide a consolidated offering for the luxury and lifestyle shopper, making it India’s first online luxury mall.
Exclusively will continue to function as an independent site and all aspects of Exclusively’s online shopping experience will remain intact, with new collection and service augmentations in the pipeline.
Snapdeal’s nationwide network and technology support will help Exclusively scale up and expand its current business and reach.
Commenting on this development, Kunal Bahl, co-founder & CEO, Snapdeal.com said access to luxury brands is severely limited in the country, so the deal with Exclusively will provide its 40 million+ users the access to widest range of high end products and services.
Exclusively features hundreds of designers including Manish Malhotra, Tarun Tahiliani, Manish Arora, Anita Dongre, Rohit Bal, Gaurav Gupta, JJ Valaya, Ritu Kumar, Varun Bahl, Shivan & Narresh and Neeta Lulla, to name a few.
Speaking about the announcement, Sunjay Guleria and Mohini Boparai-Guleria, co-founders of Exclusively said, “With Exclusively’s fashion experience and Snapdeal’s scale of operations, we look forward to not just servicing large metros, but also the aspirational demand in smaller towns across India.”