Leading online market place, Snapdeal.com, is further strengthening its fashion business and has acquired Luxury Fashion on portal ‘Exclusively.com’.
With the acquisition, Snapdeal.com expects to reach US$ 2 billion in gross merchandise volume (GMV) in the fashion category this year, the company said in a press release.
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. With the partnership, luxury and premium fashion brands from across the world will be able to open stores in Exclusively’s online luxury mall.
Sanpdeal said, 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. However, with its nationwide reach, robust technology platform and deep consumer insights, Snapdeal will help Exclusively scale up and expand its current business and reach.
Commenting on the announcement, Kunal Bahl, co-founder and CEO, Snapdeal.com 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 million+ users the access to widest range of aspirational, high-end products and services.”
Sunjay Guleria and Mohini Boparai-Guleria, co-founders of Exclusively said, “Exclusively has built and grown a cache of leading premium Indian designers, brands and boutiques. 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.”