Snapdeal closes fashion portal 1 yr after acquisition

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Online marketplace Snapdeal has shut Exclusively.com - a premium online fashion and accessories platform it had acquired in February last year. The development marks continuous efforts made by the SoftBank-backed company to rationalise costs amid a funding slowdown. According to sources, Exclusively.com had a team of about 40 people who will now be merged with Snapdeal and focus on the overall fashion business of the company. Business daily Mint reported earlier on Wednesday about the closure of the portal.
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