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.
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