Fashionandyou.com, online fashion and lifestyle E-commerce Company has acquired Urbantouch.com in a cash plus stock deal (approx US $30 million).
UrbanTouch.com was started by Abhishek Goyal in January 2011. As part of the deal Abhishek Goyal will join Fashionandyou.com as the new CEO and the existing shareholders of Urbantouch.com will be exiting. Fashionandyou.com and Urbantouch.com will co-exist as independent identities and will focus on emerging as a lifestyle e-commerce portals operating across persistent and flash sales model.
Commenting about the acquisition Harish Bahl, CEO Smile Group & Chairman FashionAndYou.com said,“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”.
Fashionandyou.com is a member’s only fashion and lifestyle e-commerce company. Today fashionandyou.com has 3.6 million members, the company has recently launched its new user interface to make the navigation easier. The new acquisition will add to current portfolio of products lines of fashion apparels, designer wear, accessories, footwear’s, watches, jewelry and home décor products among other lifestyle products.
Since its inception, FnY has delivered to over 1100 locations pan India and employs more than 750 people spread across offices and distribution centers in Gurgaon, Mumbai & Bangalore.
Urbantouch.com is an online destination for women for beauty brands. It offers more than 300 brands and over 15000 unique products. Since its inception in January 2011, UrbanTouch.com has grown to 200 people team and serves all the orders from its center in Gurgaon.