Megan Dickey/Business InsiderEcommerce design site Fab has become a hot topic lately.
Earlier this month, rumors surfaced of Fab raising a massive round at a $1 billion valuation. Meanwhile, Fab sent out a curious press invite a couple of weeks ago with the word "Pivot" in big, bold type.
At the press event last night in New York at Fab HQ, Fab CEO Jason Goldberg wouldn't specifically comment on the financing rumors, but did say that he would like to raise another round in the next few months as Fab continues to grow its offerings.
This morning, Fab launched a major redesign and new product offerings as it gears up to become the world's number one design store.
FabFab's totally reimagined website and mobile apps now offer better search, discovery, social features, and sorting tools for consumers.
As part of the redesign, designers will be able to create and maintain their own presence on custom pages.
Fab has become an incredible resource for small-scale designers to reach a large audience.
Fab has 12 million members across 28 countries, and is launching in France today to reach 99% of the European Union. Six million unique users visit Fab every month to check out the thousands of products offered on the site.
To date, Fab has worked with more than 12,000 designers from more than 50 countries. But that number will surely grow with the launch of Exclusively Fab, products you can only buy on Fab.
There are three parts to it. Fab's team of about 10 designers will offer thousands of products built in-house called Designed by Fab. Designer Collabs are products made by outside designers exclusively for Fab. And Found by Fab is exactly how it sounds. Fab co-founder Bradford Shellhammer travels all around the world and carefully selects products to bring on to Fab.
To further grow its product offerings, Fab also just acquired MassivKonzept, an online custom furniture company from Hamburg, Germany. Based on how much revenue the acquisition brings to Fab, Goldberg estimates the deal could be valued between $20- and $30 million.
The acquisition marks the launch of a new product line, Designed by You, for customizing furniture. Fab is also creating an in-person experience for Designed by You in Hamburg, Germany at its first-ever retail store.
And Hamburg is just the beginning for Fab. Goldberg says it plans to test a number of different retail environments in both small and large environments.
More From Business Insider
- The Most Well-Read Cities In America, According To Amazon
- Amazon Is Planning To Release A Set-Top Box Like Apple TV
- Fab, 'The World's Alternative To Amazon And Walmart,' Could Now Be A Billion-Dollar Company
- Personal Investing Ideas & Strategies