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FashionAndYou Shuts Down UrbanTouch.com; CEO Abhishek Goyal Quits

(By Vikas SN & Nikhil Pahwa) Online fashion and beauty retailer Urban Touch, which was acquired by FashionAndYou.com last August for a reported $30 million, has shut shop, and UrbanTouch founder Abhishek Goyal, who had joined FashionAndYou as CEO following the acquisition, has quit the company, MediaNama has learned from reliable sources. We've also heard from sources that several members of the UrbanTouch team who had joined FashionAndYou are currently looking for jobs. At the time of the acquisition, it was reported that around 200 people had joined FashionAndYou from UrbanTouch. Our sources say that there was clear disagreements between the UrbanTouch and FashionAndYou teams following the acquisition, and that this is an e-commerce acquisition that didn't quite work out. Note that we haven't been able to confirm these developments from Smile Group founder Harish Bahl has also declined to comment on the…

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