Myntra, one of India’s largest ecommerce players for fashion, has acquired Exclusively.In, a members-only niche flash sales site for fashion, jewelry and home decor from Indian artisans and designers. Financial terms of the deal, which consists of cash and equity, were not disclosed. Exclusively.In had raised $18.6 million in funding from Tiger Global Management, Accel Partners India, Helion Venture Partners and others.
As we’ve written in the past, the site features high-end traditional Indian apparel as well as scarves, jewelry, handbags, crafts, paintings, photography and other home goods made by Indian designers. And Exclusively.In also launched travel and wedding verticals.
The deal also included the acquisition of SherSingh.com, a private label sports-inspired apparel brand for men and women.
Founder Sonny Caberwal said of the acquisition: We felt that collectively, this acquisition was a great move for both organizations, where we can add our strengths in fashion design, brand marketing, and product to Myntra’s market-leading customer base, scale, and operational efficiency. Given their desire to add a strong private label segment to their business, we felt that it was an opportunity to do something really special together.
Exclusively.In doesn’t actually sell product in India (only the US and UK), but it’s safe to assume that Myntra will offer these products to its customers soon as part of a new private label vertical. Exclusively.In will continue to operate as is.
The entire Exclusively.IN staff will join Myntra’s team.
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