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Snapdeal closes fashion portal 1 yr after acquisition

Online marketplace Snapdeal has shut – 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, 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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