Fab.com aims to get more fabulous with FashionStake buy
The design-focused e-commerce site bought the online fashion marketplace for an undisclosed sum.
Fab.com, a design-focused e-commerce site that's growing by leaps and bounds, acquired online independent fashion marketplace FashionStake for an undisclosed sum.
FashionStake carved out a niche for itself in the e-commerce world by allowing independent fashion designers to sell their goods on the site, rather than gambling on getting products into name-brand stores can be difficult to crack. According to FashionStake's Web site, it offers products from 240 designers in 16 countries around the world.
Fab.com was one of the more surprising Web standouts last year. Since launching its site in June 2011, the company has attracted 1.65 million users and sold 750,000 products, including home decor, jewelry, art, gifts, and even gadgets. According to Fab.com, which sells products in flash sales that typically last 72 hours, it added 350,000 new members to its site in the last 30 days alone.
The company's growth hasn't gone unnoticed. Just last month, the prominent venture-capital firm Andreessen Horowitz led a $40 million funding round for the company. Reports at the time suggested the company was valued at $200 million during its last funding round, but its founder and CEO Jason Goldberg told CNET that figure "is not correct."
As of this writing, FashionStake is no longer in operation. A message on its homepage says the service will be relaunching as part of Fab.com.