Snapdeal strengthens fashion kitty, acquires luxury eCom giant Exclusively

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Snapdeal strengthens fashion kitty,
acquires luxury eCom giant Exclusively
Adding to its fashion kitty, e-tailer Snapdeal has acquired online luxury fashion retailer Exclusively.com. Through this acquisition, Snapdeal aims to reach $2 billion GMV in the fashion category this year.

“Snapdeal has always operated ahead of the curve in the e-commerce 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 over 40 million users the access to widest range of aspirational, high end products and services,” said Kunal Bahl, co-founder and CEO, Snapdeal.com.

As per the agreement, Exclusively will be responsible for offering a consolidated line of luxury products in the fashion category, which would be in sync with Snapdeal’s existing ecosystem. The company plans to make it India’s first online luxury mall.
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“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,” added Bahl.

While Exclusively will provide luxury offerings, Snapdeal will be responsible for scaling up the target company’s business by providing a technology support and consumer insights.

It should be noted that the luxury products and services market in India is pegged at $14 billion and is growing at 30% year-on-year.
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Currently, Exclusively retails collections of established designers which includes Manish Malhotra, Tarun Tahiliani, Manish Arora, Anita Dongre, Rohit Bal, Gaurav Gupta, JJ Valaya, Ritu Kumar, Varun Bahl, Shivan & Narresh and Neeta Lulla, among others.