Online marketplace Snapdeal.com has announced the acquisition of luxury fashion platform Exclusively.com (formerly Exclusively.in). With this acquisition, Snapdeal.com looks to further strengthen its fashion business and reach $2 billion in GMV, in the fashion category this year.
Kunal Bahl, co-founder and CEO, Snapdeal.com, says, "We have witnessed a surge in 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 million+ users the access to the widest range of aspirational, high-end products and services."
Luxury and premium fashion brands from across the world can now open stores in Exclusively's 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.
Exclusively retails products from 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.
Exclusively's portfolio of partners also includes recently launched premium fashion MBOs and retailers such as Angsutra, Bungalow 8, CMYK, Ekaya, En Inde, Le Mill, Neel Sutra and Studio Rudraksh. Exclusively plans to launch leading international luxury brands and designers on the site this year.
Sunjay Guleria and Mohini Boparai-Guleria, co-founders of Exclusively, say, "With increased awareness and growing disposable incomes, premium and luxury consumption in India is seeing a significant upward trend. 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."
Launched in 2010, Snapdeal claims to have 10 million+ products across 500+ diverse categories from regional, national and international brands and retailers. With over 40 million members, and seller base approaching 100,000 sellers, Snapdeal delivers to 5000+ cities and towns in India. More than 60 per cent of its orders come from mobile phones. It is backed by investors and individuals such as Softbank, BlackRock, Temasek, eBay Inc., Premji Invest, Intel Capital, Bessemer Venture Partners and Ratan Tata, among others.First Published : February 18, 2015