FashionAndYou Acquires UrbanTouch for $30 Million; Abhishek Goyal New CEO
Fashionandyou.com, online fashion and lifestyle E-commerce company has acquired Urbantouch.com in a cash plus stock deal (approximately $30 million). The management and founderwill continue to contribute to the growth of the new entity. Abhishek Goyal, an alumnus of IIT Kanpur started UrbanTouch.com in January 2011. The portal since then has emerged as one of the prominent e-retailer in the beauty and fashion for women.
As part of the deal Abhishek Goyal will join Fashionandyou.com as the new CEO, the place which was recently vacated by Pearl Uppal. Fashionandyou.com and Urbantouch.com will co-exist as independent identities and will focus on emerging as a leading lifestyle e-commerce portals operating across persistent and flash sales model.
Said Mr. Harish Bahl, CEO Smile Group& Chairman FashionAndYou.com, “This acquisition is a strategic move for fashionandyou.comto 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 members only fashion and lifestyle e-commerce company. Today fashionandyou.com has 3.6million members and is one of the fastest growing e-commerce companies in India. The company has recently launched its new and improved user interface to make the navigation much simpler for its members and shoppers. 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.
Said Mr. Abhishek Goyal, Founder and CEO of Urbantouch.com,“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. We are very excited about the possibilitiesof the combined entity scaling to new heights and becoming the most sought after lifestyle destination online”.
The acquisition also provides an exit for private equity investors Tiger Global and Accel Partners who had invested over Rs 20 crore in Urban Touch in two rounds.
FashionAndYou and UrbanTouch are on Yourstory Pages.