Exclusively.com, an online marketplace which specialises in selling premium luxury goods, has been acquired by Snapdeal.com for an undisclosed amount, as a part of latter’s diversification process and fight against Flipkart’s growing dominance in the Indian e-com market.
The terms of the deal haven’t been disclosed, with Snapdeal founder Kunal Bahl saying,
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 severely limited in our country, we have brought Exclusively into our family to give our 40 million plus users access to the widest range of aspirational, high end products and services
Exclusively, which has so far raised $18 Million in different funding rounds from Accel Partners and Helion Partners, was earlier acquired by Myntra in 2012. However, before Myntra got acquired by Flipkart, it sold off the company back to founders and exited completely. Exclusively has been functioning as an independent entity since then.
Under the terms of the deal, Exclusively will continue to function as an independent platform – with its existing team — including co-founders Sunjay Guleria and Mohini Boparai-Guleria, remaining in charge of the platform.
Exclusively’s product platform currently includes designer wear and products from top-notch Indian designers like Manish Malhotra, Tarun Tahiliani, Manish Arora, Anita Dongre, Rohit Bal, Gaurav Gupta, JJ Valaya, Ritu Kumar, Varun Bahl, Shivan & Narresh and Neeta Lulla. The company is also responsible for standalone stores for numerous designers like Manish Malhotra ,Ritu Kumar, Varun Bahl among others.
While this acquisition will add a USP to snapdeal’s business over its rivals like Amazon or Flipkart, this will immensely help Snapdeal in revenues, as margins from high-end luxury items is pretty much on the higher side.
This is Snapdeal’s second acquisition in past two months. It earlier acquired Wishpicker, a smart gift recommendation platform, which has also been functioning independently post its acquisition.