Fab, A Design Site That Raised $156 Million To Compete With Ikea, Now Has 10 Million Members

jason goldberg, fab, fab.com, december 2011, bi, dngFab CEO, Jason Goldberg

Fab’s CEO and co-founder, Jason Goldberg, put together a year-end review of the design sale site.

Fab now has 10 million members and its products are sold in 26 countries. Goldberg also says that 4,320,000 products have been sold to date, and the site had numerous $1 million sale days in 2012. Products sold on Fab range from inexpensive jewelry to art and furniture worth thousands of dollars. 90% of Fab’s products aren’t sold on Amazon, or any other website.

Two-thirds of its sales came from repeat customers, and total sales have grown 600% from 2011 to 2012.While the site is still a long way from profitability, it did smash its 2012 revenue goal. Fab generated $50 million last year after being in business for six months. This year, it exceeded $100 million in sales and generated about $150 million total. Of course, Ikea leads the design category with $30 billion in annual sales, so Goldberg’s team still has a ways to go. Fab recently raised $120 million, which will aid the growth effort.

Here’s what Fab accomplished in 2012, and what it wants to tackle in 2013.

18 Months Of Fab from Jason Goldberg

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.

Tagged In

fab sai-us