Ecommerce major Snapdeal has acquired online luxury fashion store Exclusively.com (formerly Exclusively.in) for an undisclosed amount. Note that Exclusively.in was acquired by rival Myntra in 2012. But it seems that Myntra has sold back its entire stake in the company back to founder Sunjay Guleria in second half of 2013 and the company has been operating independently ever since, reports the Economic Times.
Exclusively.in started as a flash sales site but pivoted to a standard e-commerce model offering designer apparel and accessories in 2011. The company used to ship products only to the US and UK catering to but now ships to destinations in India and other global destinations too. Under the partnership with Snapdeal, Exclusively will continue to function as an independent site and all aspects of the online shopping experience will remain the same with new collections and service capabilities. Snapdeal with its nationwide reach will help Exclusively scale up and expand its current business and reach.
Exclusively had raised $16 million in a Series-B funding round led by Tiger Global Management, with additional capital from existing investors Accel Partners India and Helion Venture Partners in 2011. It had previously raised $2.8 million from Accel Partners and Helion Venture Partners in November 2010.
Exclusively claims to retail products premium and luxury designers like, Anita Dongre, JJ Valaya, Kavita Bhartia, Outhouse, Pankaj & Nidhi, Payal Singhal, Ritu Kumar, Satya Paul, Shantanu & Nikhil, Shivan & Narresh, Urvashi Kaur, Varun Bahl, Nida Mahmood and Hemant and Nandita among others. Exclusively also powers e-commerce initiatives for Manish Malhotra, Tarun Tahiliani, Manish Arora, Gaurav Gupta, AM:PM and Rohit Bal. The company has offices in New Delhi and New York City.
Snapdeal probably hopes to catch up on its competitors like Flipkart, Amazon and Jabong in the fast-growing fashion segment. Myntra has tie-ups with brands like Guess, Raised on Denim, Desigual and Scotch & Soda among others while Jabong has tie-ups with brands like Dorothy Perkins, River Island and Mango among others.