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Counterfeit apps impersonate existing popular apps in attempts to misguide users to install them for various reasons such as collecting personal information or spreading malware. Many counterfeits can be identified once installed, however even a tech-savvy user may struggle to detect them before installation. To this end, this paper proposes to leverage the recent advances in deep learning methods to create image and text embeddings so that counterfeit apps can be efficiently identified when they are submitted for publication. We show that a novel approach of combining content embeddings and style embeddings outperforms the baseline methods for image similarity such as SIFT, SURF, and various image hashing methods. We first evaluate the performance of the proposed method on two well-known datasets for evaluating image similarity methods and show that content, style, and combined embeddings increase precision@k and recall@k by 10%-15% and 12%-25%, respectively when retrieving five nearest neighbours. Second, specifically for the app counterfeit detection problem, combined content and style embeddings achieve 12% and 14% increase in precision@k and recall@k, respectively compared to the baseline methods. Third, we present an analysis of approximately 1.2 million apps from Google Play Store and identify a set of potential counterfeits for top-10,000 popular apps. Under a conservative assumption, we were able to find 2,040 potential counterfeits that contain malware in a set of 49,608 apps that showed high similarity to one of the top-10,000 popular apps in Google Play Store. We also find 1,565 potential counterfeits asking for at least five additional dangerous permissions than the original app and 1,407 potential counterfeits having at least five extra third party advertisement libraries.