Fashionandyou.com, an online fashion eCommerce site, has acquired online fashion and beauty retailer Urban Touch for $30 million, reports The Economic Times. Citing a person with direct knowledge on the transaction, the report states that Fashion and You paid Urban Touch in cash and stocks and Abhishek Goyal, Founder and Chief Executive Officer, Urban Touch will take over as the chief executive officer of Fashion and You. However, it notes that Harish Bahl, founder of Smile Group has declined to confirm the financial details of this acquisition. MediaNama had earlier reported about the possible acquisition of Urban Touch by Fashion and You based on discussion (now cancelled post) on Therodinhoods, a discussion portal run by Alok Kejriwal. CEO search for Fashion And You: Fashion And You had been looking for a CEO since its co-founder Pearl Uppal left in June this year, shortly after her husband, Gaurav Kachru, quit as the CEO of another Smile Group company Deals And You. Pearl Uppal however continues to be a shareholder in the company. The acquisition will provide an exit for Urban Touch's investors - Tiger Global and Accel Partners who invested over Rs 20 crore in the company. Urban Touch Co-Founder and now CEO of Fashion and You, informed the publication that both the portals will continue to operate as two distinct websites but will have cross linkages. Urban Touch's over 200 employees will join the 750-member Fashion and You team. Urban Touch's leadership team will hold stock in the combined entity. Fashion And You, a flash sales site, has raised $8 Million…
