The Delhi-based online marketplace, Snapdeal has acquired online fashion retailer Exclusively.com for an undiclosed amount to further strengthen its fashion business and reaching $2 Bn in gross merchandise volume in the fashion category this year.
Under this partnership, Exclusively will complement Snapdeal’s existing ecosystem and will provide a consolidated offering for the luxury and lifestyle shopper.
Speaking on the development, Kunal Bahl, Co-Founder & CEO, Snapdeal said, “Snapdeal has always operated ahead of the curve in the ecommerce space, especially when it comes to category leadership. We have witnessed a surge in the demand from consumers across the country for premium and luxury products, however, given that access to luxury brands is severely limited in our country, we have brought Exclusively into our family to provide our 40 Mn+ users the access to widest range of aspirational, high end products and services.”
As per the deal terms, Exclusively will continue to function as an independent site and all aspects of company’s online shopping experience will remain intact, with new collection and service augmentations in the pipeline.
Currently, Exclusively retails hundreds of India’s leading designers on its site, 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.
Snapdeal was founded in 2010 by Kunal Bahl and Rohit Bansal. The company claims to have 10 Mn+ products across 500+ diverse categories. With over 40 million members and seller base approaching 100,000 sellers, Snapdeal.com offers delivery to 5000+ cities and towns in India.
According to a recent KPMG-ASSOCHAM report, Luxury products and services is a $14Bn market in India, growing at 30% YoY. Report also says that more than 70% consumers want to shop for luxury products in India rather than abroad.