Fashionandyou.com, online fashion and lifestyle retail company has acquired Urbantouch.com in a cash plus stock deal.
Fashionandyou.com, online fashion and lifestyle retail company has acquired Urbantouch.com in a cash plus stock deal.
As per the deal, Abhishek Goyal will be the new CEO of Fashionandyou.com, after the departure of Pearl Uppal, former CEO of the e-commerce company. The existing shareholders of Urbantouch.com will exit now.
Abhishek Goyal, who is an alumnus of IIT Kanpur established UrbanTouch.com, e-retailer in the beauty and fashion for women in January 2011.
“With FashionAndYou.com and UrbanTouch.com joining hands, we are now the largest online retailer of Women Fashion in India. Both businesses are complementary and together we can offer very wide selection to women consumers in India.” said Goyal in a press statement.
Fashionandyou.com has 3.6million members. The new acquisition will add to current portfolio of products lines of fashion apparels, designer wear and accessories.
“This acquisition is a strategic move for fashionandyou.com to further strengthen its market leadership in fashion and lifestyle e-retailing. UrbanTouch.com will help us in expanding our product offering in personal and beauty care segment. We are very excited with Abhishek joining as the new CEO of Fashionandyou.com, he is a passionate entrepreneur and we have immense faith in his leadership style and the team that he has built at Urbantouch.com. With his strong operational expertise fashionandyou.com will continue to scale new heights,” said Harish Bahl, CEO Smile Group & Chairman Fashionandyou.com.
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