Online fashion retailer FashionandYou.com today said it has acquired etailing firm UrbanTouch in a cash and stock deal.
The total deal value was however not disclosed. 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, FashionandYou said in a statement.
Abhishek Goyal, who started UrbanTouch.com in January 2011, will continue to contribute to the growth of the new entity as the new CEO, it added.
"This acquisition is a strategic move for fashionandyou to further strengthen its market leadership in fashion and lifestyle e-retailing. UrbanTouch will help us in expanding our product offering in personal and beauty care segment," FashionAndYou.com Chairman Harish Bahl said.
Fashionandyou.com has 3.6 million members and retails fashion apparels, designer wear, accessories, footwear, watches, jewellery and home decor products among other lifestyle products.
Earlier this year, one the country's largest online retailers Flipkart had acquired smaller rival Letsbuy in a cash and stock deal.
Urbantouch.com, an online destination for beauty and fashion product, offers more than 300 brands and over 15,000 unique products. It currently employs 200 people.
No comments:
Post a Comment