Merging talks explored by Snapdeal, Flipkart, Amazon
According to sources aware of the development, Snapdeal has initiated preliminary talks with rivals Flipkart and Amazon with regards to probing a potential merger. Co-founder of Snapdeal Kunal Bahl apparently met with top executives of Tiger Global Management, the largest investor of Flipkart. Reports are highly speculative as Snapdeal, Flipkart and Amazon all denied to comment on the same.
Exclusively.com was an online fashion portal founded in June 2010, opening up to Indian consumers in 2012. Designers like Manish Malhotra, Tarun Tahiliani, Manish Arora, Anita Dongre, Ritu Kumar, Neeta Lulla and more displayed their designs through this website. Exclusively.com also offered luxury brands such as DKNY, Armani, Michael Kors, Porsche Design, Marc Jacobs etc.
In February 2015, Snapdeal acquired Exclusively.com for an undisclosed amount.
Snapdeal has pulled the shutters down on Exclusively.com, a high-end online fashion and accessories platform. The catalogue of the luxury and premium fashion portal will be moved onto Snapdeal's website. In a few weeks, Exclusively.com will stop functioning as an independent website and orders from users will be rejected. This move comes during Snapdeal's cost-cutting operations and an increased focus on profitability.
Exclusively.com's catalogue of fashion and lifestyle products, footwear, accessories will be available on Snapdeal's website. Orders will be fulfilled through Snapdeal's logistics network, according to an official statement. A spokesperson from Snapdeal stated that employees of Exclusively.com too, have been integrated with employees of Snapdeal and will continue performing the same responsibilities. In parallel, Snapdeal is in the process of building Snapdeal Fashion.
Alibaba, the Chinese e-commerce giant, looking to enter the Indian e-commerce market space by early 2017, has held discussions for acquiring ShopClues, which is currently valued over $1 billion. ShopClues is the most targeted Indian e-commerce organisation when it comes to takeovers, with a revenue run-rate of $750 million. Alibaba hopes to challenge Amazon and is already seen as a threat to Flipkart.
