Myntra, an e-commerce company which calls itself “India’s biggest player for fashion and lifestyle products,” has just acquired Exclusively.in, which sells Indian designer-made clothes, jewelry and home decor for the US and UK market. With this deal, Myntra is also acquiring Exclusively.in‘s sports-inspired clothing brand Sher Singh.
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While the terms of the acquisition have yet to be disclosed, we do know that it consists of cash and equity, and that Exclusively.in’s management and employees will be “folded into” Myntra. Myntra explains that it also has plans to maintain Exclusively.in’s NY-based design studio.
From Myntra Co-Founder & CEO Mukesh Bansal (emphasis: TNW):
We are very excited about this acquisition. Exclusively.in’s team has built a niche offering of high-end traditional Indian brands which speaks to the global marketplace. We are very confident that this acquisition will significantly enhance Myntra’s fashion and design expertise and create inroads for global expansion.
With this acquisition, Myntra is growing its portfolio within India, while expanding further into the US and UK. Without a doubt, it’s a sign that there’s quite a bit more expansion to come.