The Chinese e-commerce giant will have $8 billion in cash after its IPO as well as valuable stock it can use for acquisitions. The ...
Fab.com used e-mail and Facebook ads to build up interest before its first sale.
Fab.com will feature products from some 175 designers that reflect the retailer’s “good design” theme; items for sale include furniture, home accessories, technology, lighting, art and personal accessories. New sales will post each day of the week and sales will last 72 hours. Membership is free but the retailer says it is also by invitation only.
The site has an Inspiration Wall, which enables members to upload and share images of their own design inspirations. Members can display colors, silhouettes and objects they have integrated into their living spaces and wardrobes.
“We’re humbled by the fantastic pre-launch reaction to Fab.com from consumers and suppliers alike,” says founder and CEO Jason Goldberg. “We never in our wildest dreams imaged that we would launch with 200,000 members on day one.”
Today the site features bright-colored chairs from designer Emeco made entirely of recycled Coca-Cola bottles and the classic heart-emblem “I Love NY” posters signed by graphic designer Milton Glaser. Shoppers can also purchase $99 energy saving light bulbs from designer Plumen and a selection of items from New York’s Museum of Art & Design.
By mid-afternoon, Fab.com had nearly 16,000 Facebook fans and the bulbs were selling like “hot cakes,” according to a blog post from Fab.com staff.