Snapdeal aims to strengthen its fashion business, looking to touch $2 Billion in gross merchandise value in the fashion category this year. Online marketplace, Snapdeal acquired Exclusively.com, an online portal for premium and luxury fashion, for an undisclosed amount. Luxury products and services are a $14 Billion market in India, growing at 30% year on year. More than 70% consumers want to shop for luxury products in India.
The acquisition of Exclusively is similar to that of domestic e-commerce firm and Snapdeal rival, Flipkart acquiring online fashion retailer Myntra for an estimated Rs 2,000 crore deal in May last year, making it the biggest consolidation in the e-commerce space in India. The company has brought Exclusively.com to provide its over 40 Million users access to widest range of aspirational, high-end products and services.
Under this partnership, Exclusively.com will complement Snapdeal existing ecosystem and will provide a consolidated offering for the luxury and lifestyle shopper, making it India’s first online luxury mall. Luxury and premium fashion brands across the world can now open stores in Exclusively.com online luxury mall. Exclusively.com will continue to function as an independent site and all aspects of Exclusively.com online shopping experience will remain intact, with new collection and service augmentations in the pipeline.
The firm expects the luxury products portal to reach a GMV of USD 100 Million by 2015 end and USD 1 Billion in next three years. Exclusively.com today retails hundreds of India’s leading designers on its site, including Manish Malhotra, Tarun Tahiliani, Manish Arora, Ritu Kumar, and Varun Bahl. This year, Exclusively.com plans to launch leading international luxury brands and designers on the site. Snapdeal has so far risen over USD 1.5 Billion from a clutch of investors that include Japan Softbank and Ratan Tata.