The announcement was made just 18 months after Snapdeal acquired the site, and comes at the same time the company begins looking at multiple ways to cut back on costs and conserve cash as their funding continues to slow. The company is closely examining the investments it has made during the last three to four years.
While Exclusively will cease to exist, Snapdeal has complete intentions to keep the fashion category in its portfolio. Most of Exclusively’s employees will be absorbed by Snapdeal, reports indicated.
Exclusively recently launched its mobile app and just revamped its website a month ago, which will remain live for a maximum of two more months. However, all purchases made will be sent through Snapdeal’s platform.
Founded by Indian American Sunjay Guleria and his wife Mohini Boparai Guleria in 2010, the founders bought and sold Exclusively twice over since its inception.
Retailer Myntra bought Exclusively with its subsidiary SherSingh.com in November 2012. The following year, with the help of angel investors, the Gulerias bought the company back. Two years later in February 2015, Snapdeal completed its acquisition for an undisclosed amount of money — the transaction was believed to be an all-stock sale. After the deal, the name of the company was changed from Exclusively.in to Exclusively.com.
Exclusively was being run by Amit Maheshwari, who before joining Exclusively as its chief executive used to head Snapdeal’s fashion category.
