Snapdeal.com plans to acquire Exclusively.in, a site that sells designer brands, to strengthen its fashion business.
As reported by the ET, Snapdeal is expected to take over Exclusively.in as part of its acquisition plans, following the October 2014 funding of $627 million raised from Japanese telecom and internet giant ,Softbank. The deal is likely to come through, as Exclusively.in Founder Sunjay Guleria has agreed to the valuation. However, both Snapdeal and Exclusively refused to disclose the deal amount.
In 2012, Guleria and other co-founders of Exclusively.in had sold the apparel brand Sher Singh to Myntra. Snapdeal’s acquisition of Exclusively.in will shore up its fashion offerings besides extending the list of its luxury brand products.
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A similar acquisition was observed during May 2014, when Flipkart had acquired Myntra to boost its fashion vertical, with Snapdeal taking the same road, the competition between the two might intensify.