Design-focused flash sales site Fab.com has acquired NYC-based FasionStake. Terms of the deal were not released, though the company said that FashionStake founders Vivian Weng and Daniel Gulati will join Fab.com. FashionStake is an online marketplace for independent designers. Fab.com is backed by more than $50 million from investors including Andreessen Horowitz, Menlo Ventures, First Round Capital, Baroda Ventures, SoftTech VC, and A-Grade Investments, an angel fund co-founded by actor Ashton Kutcher and friends Guy Oseary and Ron Burkle.
We’re on a mission here at Fab to be the world’s most valuable design resource.
In June 2011 we opened our doors and took big strides towards achieving that goal. 7 months later 1.65 million people have now joined Fab. 350,000 new design enthusiasts have signed up in the last 30 days alone. They’ve purchased 750,000 products from us so far. And, it’s just the start.
We have some core beliefs here at Fab:
Fab.com is design
Everyone, everywhere can benefit from good design
Exceptional customer experience is our most valuable design
Behind every great design is an even greater story
Our team is designed for success
We’re on a mission to be the world’s most valuable design resource
Smile (you’re designed to)
Very quickly, we’ve established Fab as the world’s leading platform for design. We’ve taken a highly fragmented market with thousands of suppliers and married that with a consumer model that values product more than brand, price more than luxury, exciting more than generic, color more than bland, and where witty and humor and stories to be told bring products to life.
Along the way we’ve learned that our members love independent fashion. Scattered here and there in our sales the past few months, alongside lots of home decor, jewelry, art, gifts, and gadgets, we’ve also sold a lot of fashion. From shirts to skirts to hats to gloves to street wear to shoes to belts and more, we’ve sold them all on Fab and our members have roundly responded with “more please!”
So, today, we’re doubling down on fashion. We’re going to do the exact same thing we’ve done with design products to fashion. Make no mistake, we’re keenly aware that there are plenty of sites that sell high-end fashion for a discount. That’s not Fab. We’re doing fashion the Fab way; designed to make you smile.
To get there we are announcing our first acquisition. Fab has acquired NYC-based FashionStake, the leading online marketplace for independent fashion.
FashionStake Cofounders Vivian Weng and Daniel Gulati will be joining our team and focusing on expanding our fashion presence.
We’re thrilled to have Vivian and Daniel join the Fab team. At FashionStake, they built a vibrant community of indie fashion lovers from all around the world.