Snapdeal acquires luxury goods portal Exclusively.com
Online retailer Snapdeal.com has acquired luxury fashion portal Exclusively.com for an undisclosed amount.
With this acquisition, Snapdeal is seeking to expand its presence in the high-end fashion segment and targeting $2 billion in gross merchandise value (GMV) by the end of the current calendar year.
It will also complement Snapdeal’s existing ecosystem and provide it with a consolidated offering for the luxury and lifestyle shopper, making it India’s first online luxury mall.
The acquisition of Exclusively is similar to India’s e-commerce giant and Snapdeal’s arch rival Flipkart. Earlier in May 2015, Flipkart had acquired online fashion retailer Myntra for an estimated Rs 2,000 crore deal.
Snapdeal.com was started in February 2010.
It was founded by Kunal Bahl and Rohit Bansal, an alumnus of IIT Delhi.
Since its formation Snapdeal has grown to become the largest online marketplace in India. At present it offers an assortment of 4 million+ products across diverse categories from over 50,000 sellers, shipping to 4,000 towns and cities in India.
Categories: Business & Economy Current Affairs 2017