FashionAndYou.com has Acquired UrbanTouch.com

Aug. 30, 2012 - PRLog -- FashionAndYou an online shopping portal owned by Smile Group based in Delhi has acquired fashion and beauty retailer UrbanTouch for a whooping amount of $30 million approx. Rs160 crore. The CEO and Chairman of Smile Group Mr. Harsh Bahl has expressed his views on the Deal by stating “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 Mr. Abhishek Goyal 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”.

Mr. Abhishek Goyal added on the by saying “With Fashion and You and UrbanTouch 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." Smile Group founded Fashion and You in the year 2010 and claims to have over 3 million members. This has helped the company raising multiple rounds of risk capital totaling over a humongous $50million. Fashion and you raised its funding by $40million in November 2011 by joining hands by various investors.