Exclusively.in will be merged with Snapdeal, website to be shutdown
After acquiring online luxury fashion store Exclusively in February last year, Snapdeal is merging the entire catalogue of products under Exclusively with its Fashion and Apparel category. All team members at Exclusively will continue with their existing business responsibilities, the company said in a statement, while the delivery of products under the Exclusively will be fulfilled by Snapdeal post the merger.
The Exclusively.in website will soon cease to exist as a standalone website and will neither continue to accept orders from users, while the brand itself will be retained by Snapdeal, the company told MediaNama. Snapdeal however mentioned that the “integration will ensure a wider access for the fashion and lifestyle products available on Exclusively,” since all Snapdeal users will be directly buying from the inventory of products listed on Exclusively.
A Mint report said that Snapdeal is currently reviewing acquisitions and related investments it made in the past years, while it looks to cut costs in a scenario where funding has slowed down. The Exclusively.in website had been processing around 150-200 orders per day with an average purchase size of about Rs 12,000-20,000, the report added.
Expansion of logistics: After rival Amazon announced that it is building six fulfillment centres, Snapdeal said that it opened six logistics centres in Delhi-NCR, Lucknow, Hyderabad and Kolkata, in this month.
Funding: In February, Snapdeal raised $200 million in funding from Ontario Teachers’ Pension Plan, with participation from Iron Pillar and others. It had also raised $500 millionin August last year and $627 million in October 2014.
Previous developments of Exclusively.in
Exclusively.in was previously acquired by rival Myntra in 2012. But Myntra had sold back its entire stake in the company back to founder Sunjay Guleria in second half of 2013 and it has been operating independently ever since, according to an Economic Times report. Currently it sells wide range of fashion and lifestyle products from Indian designers and international luxury brands like DKNY, Armani, Michael Kors, Porsche Design, Marc Jacobs among others.
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 latter shipped to destinations in India and other global destinations.
The company had raised $16 million in a Series-B funding round led by Tiger Global Management, with participation from 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.
Elsewhere in the fashion e-commerce segment
Last month, Snapdeal’s rival company Flipkart had acquired fashion commerce company Jabong via Myntra for $70 million in cash. In reality, Rocket Internet, which holds a majority stake in Jabong sold the company to Myntra through its fashion commerce arm Global Fashion Group (GFG). Flipkart had earlier acquired Myntra in 2014. Jabong’s major investors including AB Kinnevik and Rocket Internet were in talks with players since September 2015 to sell the company.
The Jabong acquisition comes after reports suggested that Snapdeal and Aditya Birla Group-backed abof.com expressed interests to buy the company. Economic Timesreported that the Jabong’s initial asking price for the sale was $250-300 million; but the final deal size came down to just $70 million with Flipkart. In November 2014, Amazon was reportedly in talks to buy Jabong for around $1.2 billion. However, the deal fell through following disagreements between the companies over valuation, according to a VCCircle report.
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