Fashionandyou.com, online fashion and lifestyle E-commerce company, has acquired Urbantouch.com in a cash plus stock deal.
The management and founder will 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-retailers in the beauty and fashion segment for women.
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 leading lifestyle e-commerce portal operating across persistent and flash sales model.
“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, Chairman, Fashionandyou.com.