With over $1 billion pocketed, Snapdeal is on a roll.
Snapdeal has just announced it has acquired, Exclusively.com (formerly Exclusively.In) an online shopping site that sells luxury clothing and accessories from India-based designers, according to a statement released by Snapdeal executives.
Terms of the deal were not disclosed by either of the companies. With the acquisition, Exclusively will continue to operate 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, according to Snapdeal executives.
Kunal Bahl, co-founder and CEO of Snapdeal said, Snapdeal “has always operated ahead of the curve in the e-commerce space.”
“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 million+ users the access to widest range of aspirational, high end products and services,” he said.
With this acquisition, Snapdeal executives said they are looking further to strengthen Snapdeal’s fashion business hopefully reaching $2 billion in gross merchandise volume in the fashion category this year.
Sunjay Guleria co-founder of Exclusively said, the partnership with Snapdeal comes at the right time-with increased awareness and growing disposable incomes, premium and luxury consumption in India is seeing a significant upward trend.
“With the geographical limitations of the brick-and-mortar model, we strongly believe that the luxury and premium segments can only be grown by sharing access with the consumer,” he 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.”
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