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Snapdeal.com, India’s largest online marketplace, has acquired online retailer of designer clothes Exclusively.com (formerly Exclusively.in). The financial terms of the acquisition were not disclosed.
With this acquisition, Snapdeal.com looks to further strengthen its fashion business and achieve $2 billion in gross merchandise value in the fashion category this year, the company said in a statement.
“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 demand from consumers across the country for premium and luxury products. However, given that access to luxury brands is limited in our country, we have brought Exclusively into our family to provide our 40 million users access to the widest range of aspirational, high-end products and services,” said Kunal Bahl, co-Founder & CEO of Snapdeal.com.
Exclusively retails the country’s leading designers on its site including Manish Malhotra, Tarun Tahiliani, Manish Arora, Anita Dongre, Rohit Bal, and Ritu Kumar, among others.
Luxury products and services is a $14-billion market in India, growing at 30 per cent year-on-year, according to a recent KPMG-Assocham study. More than 70 per cent of consumers want to shop for luxury products in India rather than abroad.
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