Online fashion and lifestyle e-commerce company Fashionandyou.com, has acquired Urbantouch.com in a cash-plus-stock deal.
As part of the deal Abhishek Goyal, founder UrbanTouch.com will join Fashionandyou.com as the new CEO. 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," the companies said in a press statement.
Harish Bahl, CEO, 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."
Fashionandyou.com is a members only fashion and lifestyle e-commerce company with 36 million members and is one of the fastest growing e-commerce companies in India.
"The new acquisition will add to current portfolio of products lines of fashion apparels, designer wear, accessories, footwear, watches, jewellery and home décor products among other lifestyle products," the press statement said.
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.
