FnY acquires Urbantouch.com
The acquisition will further consolidate the dominance in fashion and lifestyle e retailing.August 29, 2012 | comments ( 0 ) |
Fashionandyou.com 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-retailer in the beauty and fashion 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 portals operating across persistent and flash sales model.
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.”
Abhishek Goyal, Founder and CEO of Urbantouch.com said, “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 possibilities of the combined entity scaling to new heights and becoming the most sought after lifestyle destination online.”
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