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, ET Bureau |
Updated: Aug 18, 2016, 10.01 AM IST
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According to data from Forrester Research, the online apparel, footwear and accessories category is expected to cross $5 billion in 2016.
NEW DELHI: Online marketplace Snapdeal has shut down a company it acquired last year and has moved the entire catalogue of the luxury and premium fashion portal onto its own platform.

The merchandise will now be available under the umbrella of Snapdeal Fashion with orders being fulfilled by the Delhi-based company’s own logistics network according to the company.

Snapdeal declined to specify if it had shut down the premium and luxury portal, in a statement issued on Wednesday, only stating that it has "completed the integration of,”

At Snapdeal, we are in the process of executing a massive build up for Snapdeal Fashion, with an investment outlay exceeding $100 million," a Snapdeal spokesperson said in an email.

Snapdeal has been looking to streamline its fashion category for some time now, by bringing it under a common umbrella. The decision to shut also comes barely weeks after it was out-maneuvered by rival Flipkart-owned Myntra, which snapped up Smoke Carmakoma Rose Carshiela shirt Print Only T xgzw4qSqY for a mere $70 million last month.

Post the acquisition, the Myntra-Jabong combine is estimated to hold a market share of 70 per cent of the high-margin Indian online fashion category. According to a report released by Google and AT Kearney in June, the broader lifestyle category will contribute 35 per cent to overall online spends in the country, thereby overtaking consumer electronics as the largest online category by 2020.

According to data sourced from Forrester Research, the online apparel, footwear and accessories category is expected to cross $5 billion in 2016. However, premium and luxury fashion goods account for less than 5 per cent of the overall segment.

"It is now a fight between Flipkart, which owns Myntra and Jabong, and Amazon. The rest have a small share, and I don't think there was much benefit in continuing to operate a business like," Satish Meena, forecast analyst at Forrester Research.

"Also, the orders for hadn't really picked up," Meena added.

Snapdeal had announced in acquisition of in February last year for an undisclosed sum, as it looked to further strengthen its fashion business.

In July last year, Snapdeal had named Amit Maheshwari as the new chief executive of Prior to this appointment, Maheshwari served as senior vice president of fashion at Snapdeal, and played a critical role in growing the online marketplace's lifestyle and fashion category.

Additionally, the SoftBank Corp, Foxconn and Alibaba Group-backed company is also believed to be undertaking a strategic review of its investments, including acquisitions, which it has undertaken over the last 24 months, according to sources.

When contacted by ET, Snapdeal spokespersons did not comment on the subject.

Earlier this month, ET reported that the founders of RupeePower, the digital financial services platform in which Snapdeal had picked up a majority stake for about Rs 15 crore in April last year, took back control of the company, as both look to pursue independent strategy in the financial technology space.

Separately, Snapdeal also walked away from acquiring third-party logistics venture GoJavasMore Black One Coat Classic Story vq11Xwd, which was also its largest delivery partner, and a company in which it had invested Rs 273 crore to acquire a 42 per cent stake.

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