Wednesday 18 February 2015

Snapdeal buys luxury fashion site

Snapdeal, one of the country's largest e-tailers, announced on Wednesday that it has acquired Exclusively, which sells designer wear by Indian designers on its site, for an undisclosed sum. With this acquisition, Snapdeal looks to bolster its fashion business and keep pace with rival Flipkart, which had acquired fashion and lifestyle e-tailer Myntra last year.

Exclusively has a plan to add international labels to its portfolio soon. Kunal Bahl, co-founder & CEO, Snapdeal said, "We have witnessed a surge in the demand from consumers across the country for premium and luxury products." Luxury products and services market in India is pegged $14 billion. It is growing at 30% year-on-year, according to a recent KPMG-ASSOCHAM report.

Exclusively will continue to function as an independent site and all aspects of its online shopping will remain intact, Snapdeal said.

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