Fab (website)

Fab.com, Fab
Type of site
 design, e-commerce
Available in English, German
Created by Jason Goldberg and Bradford Shellhammer
Website fab.com
Alexa rank Negative increase 3,213 (April 2014)[1]
Registration Required
Launched June 9, 2011 (2011-06-09)
Current status Online

Fab is an e-commerce company founded in 2010. Once estimated at a worth of over $1 billion, in November 2014, the company was rumored to be in talks to sell for as little as $15 million.[2] In March 2015, the digital and ecommerce assets of Fab were acquired by PCH International for an undisclosed sum and has since been relaunched as a new entity with no interaction from the original founders.[3]

It grew from 175,000 members in June 2011, to over 10 million as of December 2012.[4][5][6] As of April 30, 2013, Fab disclosed it received 6 million unique visitors per month and had sold over 7 million products since launch.[7] Fab was originally headquartered in Manhattan and operated a warehouse in Keasbey, New Jersey. The company once had office locations in Pune (India), and Berlin.

History

Fab was founded in February 2010 by Jason Goldberg (entrepreneur) (formerly of XING AG and Jobster) and chief designer Bradford Shellhammer. The site was originally created as a social network for gay men and their friends before pivoting on June 9, 2011 into its model of daily design inspirations and sales.[8][9] In November 2011, five months after re-launching, Fab reached 1 million members. The company reached this number faster than Facebook, Twitter and Groupon.[10][11] In September 2012, Fab removed the membership requirements to browse the site.[12] In December 2012, Fab passed 10 million members, up from 7.5 million members in September. Fab also announced it had sold more than 4.3 million products since its launch, averaging 5.4 products sold per minute.[13] In July 2013, fab eliminated 100 positions at its Berlin office as a profit-building measure. Fab laid off 101 more staff, primarily at its New York City office in October 2013, further reducing their workforce by 19 percent.[14]

On September, 2014, Fab launched a sister website Hem, a design site offering customized furniture designs.[15]

In 2014, Bradford Shellhammer left his role as chief design officer to create his own curated design marketplace, Bezar.[16]

Acquisitions

Fab made its first acquisition in January 2012 when it purchased independent fashion retailer FashionStake.[17] In February 2012, Fab purchased German flash sales website Casacanda.[18] Four months later they acquired UK company Llustre.[19]

Social commerce

Fab promoted social commerce.[20] The company maintained an Inspiration Wall where members could upload and share design inspirations.[21] In December 2011, Fab introduced its “Live Feed”, which enables users to share what they are buying, liking, and tweeting on Fab.com.[22] In January 2012, Fab was among Facebook’s initial partners as part of its integration of social tools through the Facebook Timeline.[23] The company also employed a mobile first strategy with its digital products, with an emphasis on iPad and iPhone, and released a custom mobile app in October 2012.[24]

Funding

Less than two months after launching in June 2011 Fab secured an $8 million funding round led by Menlo Ventures with existing investors including First Round Capital, Baroda Ventures, The Washington Post, Founder and CEO Jason Goldberg (entrepreneur), SoftTech VC, SV Angel, Ashton Kutcher, Guy Oseary and A-Grade Investments, and Zelkova Ventures also participating.[25][26] In December 2011, Fab.com raised a $40 million round of funding led by investment firm Andreessen Horowitz, bringing its total funding to over $51 million.[27]

Fab's largest round of funding, $105 million, occurred shortly after its 1-year anniversary in July 2012. The Series C round was led by Atomico with the following previous investors also participating: Andreessen Horowitz, Menlo Ventures, First Round Capital, Baroda Ventures, ru-Net Technology Partners (RTP), Pinnacle Ventures, Izurium Capital, Docomo Capital, and Mayfield Fund.[28][29]

References

  1. ↑ "Fab.com Site Info". Alexa Internet. Retrieved 2014-04-01.
  2. ↑ http://qz.com/300825/how-fab-com-went-from-a-1-billion-valuation-to-a-15-million-fire-sale/
  3. ↑ Howarth, Dan (2015-03-03). "Fab acquired by PCH to create "the Netflix of design"". Dezeen. Retrieved 2015-03-03.
  4. ↑ John Furrier (2012-04-18). "How Fab.com Brainwashed Me Into Broadcasting What I Buy". Forbes. Retrieved 2012-08-19.
  5. ↑ "Fab Promotes Maria Molland to Chief European Officer". betashop. Retrieved 2012-08-19.
  6. ↑ Bruning, Sarah (2012-07-31). "Cool NYC companies: Behind-the-scenes office tour of Fab". Timeout.com. Retrieved 2012-08-19.
  7. ↑ "5 Big Fab Announcements". Jason Goldberg. Retrieved 2013-06-18.
  8. ↑ Penenberg, Adam L. (2012-05-16). "Fab.com: Ready, Set, Reset!". Fast Company. Retrieved 2012-08-19.
  9. ↑ Ankeny, Jason (2011-10-18). "Fab Forward: How Fab.com Found a Niche in a Design Deal Social Hub". Entrepreneur.com. Retrieved 2012-08-19.
  10. ↑ Courtney Boyd Myers (2011-11-14). "In just 5 months, Fab snags 1 million members". The Next Web. Retrieved 2012-08-19.
  11. ↑ "Fab.com's fabulous pivot". The Wall Street Journal.
  12. ↑ Duryee, Adam L. (2012-09-13). "Fab.com No Longer for Members Only, as It Opens Up Site to All Visitors!". All Things D. Retrieved 2012-08-19.
  13. ↑ Template:Cite web last=Fiegerman
  14. ↑ Frier, Sarah. "Fab.com Cuts 101 Jobs as E-Commerce Site Aims to Turn Profit". Bloomberg. Retrieved 5 October 2013.
  15. ↑ "Exclusive: All About Hem, Fab's New Home Store". Racked.com. 2014-09-29. Retrieved 2015-01-13.
  16. ↑ “Fab Cofounder Bradford Shellhammer is Launching Design Sales Site Bezar” Fast Company.
  17. ↑ Lydia Dishman (2012-04-18). "Absolutely Fab: Fab.com Buys FashionStake". Forbes. Retrieved 2012-08-19.
  18. ↑ Monday, February 20th, 2012 (2012-02-20). "Fab Buys Casacanda For $11M To Fight The Samwers In Europe". TechCrunch. Retrieved 2012-08-19.
  19. ↑ "Fab.com Enters UK Market with Llustre Acquisition". Inc.com. 2012-06-19. Retrieved 2012-08-19.
  20. ↑ Aug 16, 2011 - 5:00AM PT (2011-08-16). "500,000 users in 10 weeks: what worked for Fab.com — Tech News and Analysis". Gigaom.com. Retrieved 2012-08-19.
  21. ↑ "Fab.com Further Integrates Social Commerce With Inspiration Wall V2". betashop. Retrieved 2012-08-19.
  22. ↑ Alicia Eler (2011-12-16). "Fab.com: The Social Shopping Experiment That Actually Works". Readwriteweb.com. Retrieved 2012-08-19.
  23. ↑ Delo, Cotton (2012-01-19). "Facebook Branches Out Past 'Likes' with 60 New Lifestyle Apps | Digital - Advertising Age". Adage.com. Retrieved 2012-08-19.
  24. ↑ Leena Rao (2012-10-11). "Fab Reinvents iPhone And iPad Apps With Social Commerce, Streamlined UI, Search And More". techcrunch.com. Retrieved 2012-08-19.
  25. ↑ "Design Sales Site Fab.com Hits 350,000 Members, Raises $8M To Celebrate". TechCrunch. July 26, 2011.
  26. ↑ "Fab.com, profitable at 6 weeks old, nabs an $8M Series A". VentureBeat. Retrieved 2012-08-19.
  27. ↑ Furman, Phyllis (December 8, 2011). "Fab.com scores $40 million in funding". New York Daily News.
  28. ↑ "Fab Just Raised $105 Million of New Financing to Help People Better Their Lives With Design". betashop. Retrieved 2012-08-19.
  29. ↑ Monastyrsky, Zyuba, Stepanov & Partners Law Firm

External links

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