Mumbai, Feb. 18: Snapdeal today acquired luxury fashion portal Exclusively.com for an undisclosed amount.

The online marketplace is looking to ramp up its presence in the fashion business through the acquisition. Rival Flipkart had stirred up the segment last year with the purchase of fashion retailer Myntra for an estimated Rs 2,000 crore in May.

Snapdeal today said there was good potential for online sales of luxury products and services and the total size of the market was $14 billion in the country.

Quoting a KPMG-Assocham report, the company said it had been growing at 30 per cent year-on-year, with more than 70 per cent consumers willing to shop for luxury products in India than abroad.

'With this acquisition, Snapdeal looks to further strengthen its fashion business and reach $2 billion in gross merchandise value (GMV), or total value of goods sold, in the fashion category this year,' the company said in a statement.

At present, Snapdeal's GMV reportedly stands at $2 billion, with the fashion business accounting for over 60 per cent of the total volume.

Snapdeal co-founder and chief executive officer Kunal Bahl said access to such brands was severely limited.

The company expects to enable its 40-million users to access various high-end products and services through Exclusively.com.

'Under this partnership, Exclusively will complement Snapdeal's existing ecosystem and will provide a consolidated offering for the luxury and lifestyle shopper, making it India's first online luxury mall. Luxury and premium fashion brands from across the world can now open stores in Exclusively's online luxury mall,' Bahl said.

Exclusively will continue to function as an independent site and all aspects of its online shopping experience will remain intact.

Exclusively retails the products of some of the country's leading designers and plans to launch international luxury brands and designers this year.

Snapdeal has so far raised over $ 1.5 billion from various investors, including Japan's Softbank and Ratan Tata.