Smile Group backed fashion ecommerce portal
FashionAndYou has acquired online fashion and beauty retailer UrbanTouch. According
to an Economic Times report, Smile Group has paid $30 million (Rs. 160 crore) in cash and stock
for the acquisition, though Harish Bahl, CEO, Smile Group has denied to comment
on the details of the deal.
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 ecommerce portals operating across persistent and flash sales model.
Harish Bahl, CEO, Smile Group and 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
Abhishek Goyal, Founder and CEO, 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 possibilitiesof the combined entity
scaling to new heights and becoming the most sought after lifestyle destination
Fashion and You, which was founded in 2010, claims to have 3.6 million members and the company has
raised multiple rounds of risk capital, totalling above $50 million. It last
raised funds of $40 million in November 2011 in a round led by Norwest Venture
Partners and Intel Capital. Its other investors include Sequoia Capital India
and Nokia Growth Partners.